Market Size of Smart Polymers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Polymers Market Analysis
The smart polymers market is projected to register a CAGR of over 15% during the forecast period (2022-2027).
The COVID-19 outbreak caused nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, and production halts, all of which had a negative impact on the market in 2020. However, conditions began to improve in 2021-2022, which is expected to boost market growth during the forecast period.
- Over the short term, the major factor driving the Smart Polymers market include the increasing application of shape memory polymers in the textile industry, increasing the need for efficient drug delivery systems, and the development of smart biopolymers.
- On the flip side, the high cost of technology and the development of smart polymers are hampering the growth of the market studied.
- The increasing awareness about smart polymers in Latin America and Middle-East & Africa, incorporation of smart polymers in 3D printing, and use of self-healing polymers for soft robots are likely to provide opportunities for the market studied, during the forecast period.
- North America dominated the global market, owing to the huge demand for smart polymers for application in healthcare, textile, and other industries.
