The smart polymers market is projected to reach USD 2,071.1 Million by 2022, at a CAGR of 21.9% between 2017 and 2022. Smart polymers are materials that significantly change their properties and undergo conformational or phase changes in response to specific environmental stimuli, such as temperature, pH value, UV light, pressure, electric field, and magnetic field. Smart polymers are also known as stimuli-responsive polymers and environment-sensitive polymers. The design of smart polymers is mostly based on their applications, such as drug delivery, tissue engineering, bio-separation, composite manufacture, and textile engineering. There has been growing demand for smart polymers from end-use industries, such as biomedical & biotechnology, automotive, textile, electrical & electronics, food packaging, footwear, consumer goods, and aerospace & defense.
Expansions, acquisitions, and collaborations are the key strategies adopted by the major players to achieve growth in the global smart polymers market between 2014 and 2017. The major players in the smart polymers market are BASF (Germany), Lubrizol (US), Dow Chemical (US), Evonik (Germany), Advanced Polymer Materials (Canada), Spintech (US), Merck (Germany), Akina (US), SMP Technologies (Japan), Reactive Surfaces (US), and NEI Corporation (US).
Dow Chemical used collaborations as its major strategy to increase its market share in the smart polymers market. In May 2015, Dow Microbial Control, a business unit of Dow Chemical collaborated with Strategic Partners, Inc. (US), to develop the next generation medical scrubs and lab coats that will feature SILVADUR antimicrobial (SILVADUR antimicrobial is a microbial control technology). Strategic Partners, Inc. is a designer, manufacturer, and distributor of comfortable, functional, and fashionable medical apparel and lab wear. With this collaboration, the company expects to increase its customer base in the smart polymers market.
Lubrizol used expansions as its major strategy to increase its production capacities. In June 2017, Lubrizol LifeSciences, a subsidiary of Lubrizol, invested USD 60 million in its key capabilities of new product solutions, capacity expansion and additional cGMP manufacturing. This investment is expected to strengthen and expand the company's global capacities for excipients, polymers, drug formulations, and medical device contract manufacture.
Smart Polymers Market by Type (Physical Stimuli, Chemical Stimuli, and Biological Stimuli Responsive Polymers), End-Use Industry (Biomedical & Biotechnology, Textile, Electrical & Electronics, Automotive), and Region - Global Forecast to 2022
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