The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Hydrogel Market.
It was estimated prior to this unanticipated outbreak that the Hydrogel Market was expected to grow at a CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Hydrogel is a three-dimensional network of hydrophilic polymers that can hold a large amount of water while maintaining the structure due to chemical or physical cross-linking of individual polymer chain. They have the ability to swell in water. There must be at least 10% water content of the total weight/volume for a material to be a hydrogel. Hydrogen undergo a volume phase transition in response to physical and chemical stimuli such as temperature, electric and magnetic fields, solvent composition, light intensity, and pressure, pH, ions, and specific chemical compositions and are capable of returning to their initial state after a reaction as soon as the trigger is removed.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the raw material type, the market is segmented as natural, synthetic, and hybrid. The synthetic segment accounted for the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Rise in the demand for hydrogel with synthetic raw material in the field of drug delivery, medicine, biotechnology, and tissue engineering to drive the market.
Based on the composition type, the hydrogel market is segmented as polyacrylate, polyacrylamide, silicone, and others. Polyacrylate dominated the hydrogel market with the increased use of personal care & hygiene products in 2019, and is expected to maintain its leading position during the forecast period.
In terms of regions, North America is estimated to remain the largest market during the forecast period with the largest consumption in biotechnology and drug delivery from countries such as the USA and Canada. Europe and Asia-Pacific are also likely to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major hydrogel manufacturers are-