Smart Polymers Market: Introduction
The global smart polymers market was valued at US$ 6.53 Bn in 2019 and is anticipated to expand at a CAGR of 14% during the forecast period. In terms of type, the physical stimuli segment accounted for the major share of the global smart polymers market in 2019. The increase in demand for polymers that are highly sensitive to change in temperature, electric potential, ultrasound, UV radiation, and magnetic field is a major factor driving the physical stimuli segment of the global smart polymers market. In terms of application, the biomedical & biotechnology segment held a significant share of the global smart polymers market in 2019. Technological innovation in the biomedical field is a prominent factor driving the biomedical & biotechnology segment of the global smart polymers market.
Major Drivers of Smart Polymers Market
The demand for novel drug delivery systems has been increasing significantly due to the prohibitive cost of developing new drug entities, expiration of existing international patents, discovery of new polymeric materials suitable for prolonging the drug release, and improvement in therapeutic efficiency. Traditionally, drugs have been encapsulated using lactic acid polymers. However, of late, lattice-like matrices have been employed to hold the drug of interest by integrating or trapping it between polymer strands. Smart polymers are gaining traction in drug delivery systems due to modulated or pulsating drug release pattern to mimic the biological demand. These operate fully automatically, without the need of additional sensors, transducers, switches, or pumps.
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Smart polymers are inexpensive, reduce dosing frequency, lower side effects, and provide improved stability. These properties of smart polymers are boosting their adoption in drug delivery systems. Thus, increase in demand for novel drug delivery system is likely to create opportunities for the global smart polymers market during the forecast period.
Key Partnerships and Contracts in Smart Polymers Market
In August 2023, BASF SE announced that it had signed an agreement to acquire Solvay’s polyamide business. The acquisition of Solvay’s polyamide business is estimated to enable BASF to enhance its R&D capabilities in Asia Pacific with new technologies, technical expertise, and upgraded material and part testing services. BASF SE plans to integrate the R&D centers from Solvay into its existing R&D facilities in Shanghai, China, and Seoul, South Korea. Enhanced capabilities are anticipated to consolidate BASF SE’s position as a solution provider to develop advanced material solutions for key industries.
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North America Leads Smart Polymers Market
North America dominated the global smart polymers market in 2019. The U.S. dominated the smart polymers market in North America in 2019. The dominance of the U.S. in the smart polymers market in the region can be ascribed to the surge in demand for stimuli responsive materials in several end-use industries such as biotechnology, electronic, and automotive. The smart polymers market in Asia Pacific is anticipated to expand during the forecast period. China is the leading country in Asia Pacific in terms of consumption of stimuli-responsive polymers. The growth in consumption of smart polymers in China can be ascribed to the increase in focus on adoption of biodegradable packaging materials in the country.
Competition Landscape of Smart Polymers Market
The global smart polymers market is dominated by several local and national players. Thus, the smart polymers market is fragmented. Prominent players operating in the global smart polymers market include BASF SE, The Lubrizol Corporation, Evonik Industries AG, Croda International plc., Clariant AG, Covestro AG, Spintech Holdings Inc., Airex AG, Nanoshel LLC, MedShape, Inc, Autonomic Materials, Inc., and SMP Technologies Inc.