Multifunctional polymers are group of compounds that perform basic functions and additionally play a key role in product design. Multifunctional polymeric technology help to produce polymers with different functionality in a single polymer. This can be done with the addition of monomers or polymers to the base polymer to enhance performance. Multifunctionality in a polymer can be achieved by means of copolymerisation. Multifunctional polymeric technology has wider applications that includes communications, energy industry, paints, colours, pharmaceutical formulations, medical devices and personal care products. In health care industry multifunctional polymers technologies have got pivotal role owing to its multiple functions such as mucoadhesion, targeted drug delivery, sustained or delayed release preparations.
Global multifunctional polymeric technology market has robust growth prospects due to increased demand for newer technologies which can offer different products to the consumers.Global multifunctional polymeric technology market is continue to grow at a healthy CAGR owing to increase in demand for sophisticated materials, especially for polymers with more number and type of functionalities. This market has become a most attractive research for academia and industry, this in turn increases the research and development investment. Moreover increased house hold income, increased spending capacity, growing population, demographic changes, and changing lifestyle may impact this market positively. However increased cost, potential long term effects, biocompatibility issues may restrain this market growth over forecasted period.
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Global multifunctional polymeric technology market has been segmented on the basis of technology type, application, end user and region.
Based on the technology type, the global multifunctional polymeric technology market is segmented into the following:
- Physical Mixing
- Particle Surface Functionalization
- Hydrophobically Modified Ethoxylate Urethanes (HEUR)
Based on the application, the global multifunctional polymeric technology market, is segmented into the following:
- Personal Care Products
- Hair Care
- Oral Care
- Skin care
- Pharmaceutical Formulations
- Medical Devices
Based on the end user, the global multifunctional polymeric technology market is segmented into the following:
- Pharmaceutical Companies
- Medical Device Manufacturers
- Fast Moving Consumer Goods Manufacturers (FMCG)
Global multifunctional polymeric technology market has robust growth prospects owing to increased research and development in the polymer technology. This market is under continues quest for novel technological polymers for differential offering to the market. Moreover, increased demand for targeted formulations and newer medical devices makes this market more lucrative and innovative one. In healthcare and medical devices industry, this market has tremendous growth potential owing to newer formulations and devices in the market.
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Geographically, global multifunctional polymeric technology market is classified into following regions viz. North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America and Europe will remain key markets for global multifunctional polymeric technology market over the forecast period due to availability of large pool of consumer base, improved awareness about personal hygiene and increased usage of personal care and pharmaceutical products. Asia-Pacific market is estimated to have good opportunity mainly due to rising disposable income, improved lifestyle, increasing consumer awareness towards healthy and hygiene lifestyle and rapid urbanization.
Some of the key players in the global multifunctional polymeric technology market are:
- Lubrizol Corporation
- Dow Chemical Company
- Eastman Chemical Company