U.S. Smart Polymers Market Size, Share & COVID-19 Impact Analysis, By Type (Physical, Chemical, Biological, and Others), By Application (Biotechnology & Medicine, Textile, Automotive, Electrical & Electronics, and Others), and Country Forecast, 2023-2030

The U.S. smart polymers market was worth USD 1.18 billion in 2022 and is projected to grow at a CAGR of 13.6% during the forecast period.

Smart polymers are responsive to stimuli such as light, humidity, pH, and temperature. The increasing preference for advanced and high-performance smart materials in the U.S., such as smart polymers, photoactive materials, and piezoelectric materials, is driving market growth. Furthermore, industries such as automotive, and electrical & electronics have a strong presence with key players in the country. Smart polymers provide the desired structural and chemical properties to these industries. Therefore, increasing demand from several sectors will drive market growth.

The COVID-19 pandemic impacted the country's plastic industry owing to trade restrictions, lockdowns, workforce shortages, and the drastic downfall in end-use industries. Moreover, the pandemic caused an interruption in the demand-supply chain owing to the restriction in logistics activities.  Necessities such as food and medicine became the priority for consumers during this time.

U.S. Smart Polymers Market Trends

Increasing Consumption of Smart Polymers from the Automotive Industry is the Prominent Trend in the Country

The demand for high-performance materials is high in the country owing to the high per capita income. Consumers prefer high-quality materials for their usage. Additionally, the government has set limitations on the raw materials to meet the production standards for various end-use applications, such as automotive components and medical equipment. Shape memory polymers are an appropriate choice for these applications owing to their stimulus-response, memory response, optical, magnetic, and physicochemical properties, and extensive durability. Thus, automotive manufacturers have started adopting such products in components such as the dashboard, composite tires, fluid shock systems, and airbag sensors. As a result, the U.S. market share has increased in the global market.

U.S. Smart Polymers Market Growth Factors

Expansion of the Biotechnology & Medicine Industry in the Country to Boost Market Growth

The end-user industries, such as biotechnology & medicine, are expanding rapidly in the country. In the past few years, the number of clinical trials and investments in pharmaceutical research has increased owing to the presence of key healthcare companies in the U.S., such as the UnitedHealth Group, CVS Health, and AmerisourceBergen. Such polymers are used in these end-use industries owing to their responsiveness to stimulus. They can be chemically formulated and sense biological changes. Such properties make them suitable for the metabolic control mechanism and target drug delivery. Hence, all these factors are expected to boost the growth of the U.S. smart polymers market.

RESTRAINING FACTORS

Prominent Regulations on the Plastic Products to Hinder Market Growth

Even though smart polymers deliver significant benefits to end-use applications, imposed regulations may hamper market growth in the U.S. The U.S. government issued statewide bans on single-use plastics. Most of the polymers are designed for one-time use in end-products. Therefore, these limitations are expected to hinder the consumption of the product in end-use applications.

U.S. Smart Polymers Market Segmentation Analysis

By Type Analysis

Based on the type, the market is segmented into physical, chemical, biological, and others.

The physical segment held the largest share of the U.S. market in 2022. The rise in demand for 3D printing materials and the growing preference for memory-based forms are anticipated to boost the consumption of physical smart polymers. These polymers deliver desired properties such as massive durability and viscoelastic nature, which are expected to boost the segment’s growth during the forecast period.

The growth of the chemical, biological, and other segments is associated with the significant properties for biotechnology & medicine applications. These types are used in drug delivery, cell therapy, protein purification, and memory-based foams owing to their responsive nature to enzymes and biomolecules. Thus, increasing demand for these physical, chemical, and biological polymers is expected to drive the market.

By Application Analysis

Based on application, the market is segmented into biotechnology & medicine, textile, automotive, electrical & electronics, and others.

The biotechnology & medicine segment accounted for the largest U.S. smart polymers market share in 2022. The growth of biotechnology & medicine is associated with the increasing number of diseases in the country. As a result, this has surged the massive demand for advanced treatment and medical devices. Hence, these factors are expected to boost the segment’s growth during the forecast period.

The rise in the demand for colour-changing design self-healing monitoring textiles is expected to boost the product demand from the textile segment. On the other side, the growth of the electrical & electronics segment is related to the rise in technological advancements worldwide. Smart polymers, providing electric and heat insulation, are highly consumed in the manufacturing of electronic and electrical goods.

List of Key Companies in the U.S. Smart Polymers Market

In terms of the competitive landscape, the market depicts the presence of established companies. Some of the key players in the market are The Lubrizol Corporation, Spintech, Autonomic Materials, Huntsman International LLC, DuPont, and Dow Chemical. Industry players compete primarily based on the price and application characteristics of the product. Companies are emphasizing product innovation, social marketing, acquisition, and collaborations.

LIST OF KEY COMPANIES PROFILED:

• The Lubrizol Corporation (U.S.)


• Spintech (U.S.)


• BASF SE (Germany)


• Autonomic Materials (U.S.)


• Huntsman International LLC (U.S.)


• DuPont (U.S.)


• Nouryon (Netherlands)


• Covestro AG (Germany)


• Evonik Industries AG (Germany)


• Dow Chemicals (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2022: DuPont announced its agreement with Celanese Corporation for the engineering polymer business. The purpose of the agreement was revenue maximization.


• August 2022: Nouryon announced an agreement with Brenntag Specialties for the distribution of polymers in the U.S. and Canada.

REPORT COVERAGE

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Based on market analysis, the study report thoroughly examines key factors such as leading companies, applications, and products. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at the country level.

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