In a recently published report, Future Market Insights predicted that between 2022 and 2032, the global shape memory polymer market will grow at a CAGR of 23%. In 2022, the market is expected to be valued US$ 450.4 million. By the end of the projected period, which runs from 2022 to 2032, it is expected that the market would be worth US$ 3.5 billion.
Shape memory polymers are smart materials that can change their shape in response to external stimuli. The materials find extensive use in automotive, biomedical and aerospace industry. Biomedical industry is a key end-user of SMPs as they are employed in producing a plethora of diagnostic and surgical devices such as catheters, sutures, stents, braces, splints, prosthetics and grafts. Thus shape memory polymers (SMPs), as stimuli-responsive materials, have garnered worldwide fame.
Shape memory polymers are also intensively found in the construction industry and find use as self-healing materials in sensors or actuators or structural health monitors and vibration control systems. Their use in kinetic buildings will also hold significance to the industry. This, more so when the government is promoting an eco-friendly zone and green buildings to lower the carbon footprint and protect the environment.
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Key Takeaways from the Market Study
By application, research & development to be dominant category, reaching US$ 2 Billion by 2032
Shape memory polymers to be used extensively by automotive manufacturers, registering a 21% CAGR
By material, polyurethane shape memory polymers to accumulate 38% revenue in 2022
North America to emerge as the fastest growing market, clocking a CAGR of 26%
Latin America market is likely to experience a growth rate of over 10% by 2032
Asia Pacific to attract considerable investments, reaching a value of US$ 540 Million by 2032
“With continued attraction for shape memory polymer product in end-user industries such as healthcare, biomedical, construction, automotive textile and aerospace, for changing contours dictated by random needs, and in a spate of lesser known applications, the product is poised to achieve growing market share in forthcoming years”, remarks the FMI Analyst.
Competitive Landscape
The global shape-memory polymer market is fairly consolidated as the majority of the market share is divided among few players.
Asahi Kasei Corp. produces fiber products, chemicals, and electronic related materialsbased on its core discipline of chemistry, and globally pursues growth opportunities in the areas where they can leverage their technological expertise.
Covestro AG is a German company which produces a variety of polyurethane and polycarbonate based raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, and polyurethane based additives used in the formulation of coatings and adhesives. It is a Bayer offshoot formed in the fall of 2015 and was formerly called Bayer Material Science, Bayer’s materials science division.
Some of the key players in the market include
Nanoshell LLC
Asahi Kasei Corporation
Lubrizol Corporation
Cornerstone Research Group
MedShape Inc.
Covestro AG
Key Segments Covered in the Shape Memory Polymer Industry Report
Shape Memory Polymer Market by Material:
Polyurethane (PU) Shape Memory Polymer
Polyvinyl Chloride (PVC) Shape Memory Polymer
Acrylic Shape Memory Polymer
Epoxy Shape Memory Polymer
Other Shape Memory Polymer Material
Shape Memory Polymer Market by Application:
Research & Development
Commercial Applications
Shape Memory Polymer Market by End Use:
Biomedical Use
Automotive
Aerospace
Textile
Other End Uses
Shape Memory Polymer Market by Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa