According to Stratistics MRC, the Global Smart Polymers market is expected to grow from €1.27 billion in 2016 to reach €3.33 billion by 2023 with a CAGR of 14.7%. Application of shape memory polymer in automotive industry, requirement of efficient technologies over existing ones, beneficial property of phase transition and the usage of smart polymers for controlled drug delivery are the crucial factors that fuel the growth of the market. On the contrary, high cost associated with the use of smart polymers and changes over in the industry of healthcare are the key factors to hamper the growth of the market in the forthcoming years.
North America, according to the report, leads the global market with largest share. The region is likely to remain in the leading position throughout the forecast period due to technological advancements.
Asia-Pacific is, however, expected to witness the fastest growth as a result of the rapid industrialisation of the main product end-users primarily automotive, textile, and electrical & electronics sector.
Some of the key players in global Smart Polymers Market include The Dow Chemical Company, Sigma-Aldrich Corporation, SABIC, Nissan Chemical Industries Ltd., Nippon Shokubai, Nexgenia Corporation, Natureworks LLC, MacDermid Autotype Ltd., Lubrizol Corporation, Huntsman International LLC, High Impact Technology, FMC Corporation, DuPont, Covestro AG, BASF SE, Autonomic Materials, Akzo Nobel, Advanced Polymer Materials Inc, Advanced Biopolymers AS, Acros Organics.
"Smart polymers" market to grow 15%