The global shape memory polymer market is projected to grow at a CAGR of 26.9% between 2022 and 2032, according to a recently published study by Future Market Insights. As of 2022, the market is slated to be valued at US$ 450.4 Million.
By the end of the 2022-2032 forecast period, the market is expected to be valued at 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 the automotive, biomedical, and aerospace industries.
The 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. These 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 is 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 a 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%
- The 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 a few players. Some of the key players in the market include BASF SE, COVESTRO AG, Evonik Industries AG, SMP Technologies Inc., and Spintech Holdings Inc., among others.
- Asahi Kasei Corp. produces fiber products, chemicals, and electronic-related materials based on its core discipline of chemistry, and globally pursues growth opportunities in the areas where it can leverage its technological expertise.
- Covestro AG is a German company that 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.
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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:
- Shape Memory Polymer for Research & Development
- Shape Memory Polymer for Commercial Applications
Shape Memory Polymer Market by End Use:
- Shape Memory Polymer for Biomedical Use
- Shape Memory Polymer for Automotive
- Shape Memory Polymer for Aerospace
- Shape Memory Polymer for Textile
- Shape Memory Polymer for Other End Uses
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More Insights Available
FMI in its new offering presents an unbiased analysis of the global shape memory polymer market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032. The study provides an in-depth analysis of the market on the basis of material, Application, and End-User across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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