The global polymer chameleons market is estimated to garner a sizeable revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing utilization of bio-engineered polymeric materials of high efficiency and durability to manufacture premium quality products, and growing technological advancements in the healthcare sector around the world. Along with these, rising demand for automobiles with light weight and low fuel combustion, coupled with increase in investments to develop hi-tech engineered polymer products are also expected to drive market growth in the upcoming years. In 2010, plastics had no usage in the automotive industries. However, by the end of 2030, plastics use in the industry to manufacture automotive parts is calculated to rise up to 5 percent. Furthermore, the versatility of polymer chameleon makes it highly suitable for several applications, including dynamic configurable parts and reusable custom molds. This is a crucial factor projected to offer profitable growth opportunities to the market in the near future.
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The market is segmented by type into photochromic, thermochromic, solvatochromic, electrochromic, piezorochromic, shape memory, and others, out of which, the shape memory segment is anticipated to hold the largest share in the global polymer chameleons market on account of the rising usage of engineered polymers for drug delivery, and increasing applications of shape memory polymers in as a substitute for petroleum based plastics in the automobile industry. Additionally, on the basis of application, the segment for smart drug delivery systems and implants is assessed to grab the largest share during the forecast period, which can be credited to the increasing focus on longer shelf life of products and smart materials in the healthcare sector, rising use of the polymers for customized prostheses, and growing research activities on chameleon polymer regarding specialized applications in drug delivery products.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global polymer chameleons market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to acquire the largest share over the forecast period on the back of the escalating number of applications of polymer chameleon from the textile industry in countries such as India, Japan and China, and robust growth of the medical sector in the region. According to the World Bank, in 2017, the healthcare spending in India was 3.535 percent of the total GDP share, which rose up to 3.544 percent in the year 2018. In addition, high production of penoxsulam in the Asia Pacific region is also predicted to drive market growth in the future. Moreover, the market in Europe is also evaluated to grab a significant share during the forecast period ascribing to favorable regulatory framework by the European Association of Plastics Recycling and Recovery Organizations and strong presence of large multi-national corporations manufacturing polymer-based materials in the region.
The global polymer chameleons market is further classified on the basis of region as follows:
Our in-depth analysis of the global polymer chameleons market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing advancements in the healthcare sector and growing usage of advanced technologies to manufacture bio-engineered polymeric materials.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
High cost of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the escalating number of applications of polymer chameleon from the textile industry in countries such as India, Japan and China.
The major players in the market are BASF SE, Merck KGaA, Spintech Holdings Inc., Evonik AG, SMP Technologies Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The shape memory segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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