Why Is Healthcare Industry Using Smart Polymers?
The burgeoning demand for lightweight vehicles, on account of the surging shift toward fuel efficiency, will create a huge requirement for polymers in the automotive industry in the foreseeable future. The large-scale consumption of polymers can be credited to their exceptional chemical, mechanical, and electrical properties, such as high strength-to-weight ratio and elasticity, and excellent optical and insulating features. The adoption of polymers in vehicle production helps in reducing the overall vehicle weight by 10%, which results in reducing the fuel consumption by a significant margin. Apart from this, the surging use of smart polymers in the healthcare industry, owing to the mounting demand for artificial body parts, biosensors, and hydrogels for targeted drug delivery, will drive the polymer market at a CAGR of 5.1% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will grow from $533.6 billion in 2019 to $838.5 billion by 2030. Sm...