According to a recently released report by Future Market Insights, the global shape memory polymer market is expected to grow at a compound annual growth rate (CAGR) of 23% between 2022 and 2032. The market is anticipated to be worth USD 450.4 million in 2022. The market is predicted to be valued at USD 3.5 billion by the end of the estimated period, which spans 2022 to 2032.
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
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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