Description
According to the report published by Zion Market Research, the global Shape Memory Polymer Market size was valued at USD 980.46 Million in 2022 and is predicted to reach USD 5,354.29 Million by the end of 2030. The market is expected to grow with a CAGR of 23.64% during the forecast period. The report analyzes the global Shape Memory Polymer Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Shape Memory Polymer Market industry.
Global Shape Memory Polymer Market: Overview
The product is the polymeric smart material that has the capability to come back to its original shape after temporary deformation that is triggered as a result of some external conditions like change in the weather or temperature. Shape memory polymers can maintain nearly two to three shapes, while the transition between these shapes can be caused due to temperature. The shape of the product can also be altered through either magnetic or electric field or a solution. Shape memory polymers include thermosets and thermoplastics.
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Global Shape Memory Polymer Market: Growth Factors
The massive use of the product for efficient drug delivery in cardiovascular stents, healthcare, splints, orthopedic braces, catheters, and orthodontic braces will steer the growth of shape memory polymer industry over the years ahead. Apart from this, the market is likely to gain traction during the estimated timeline due to the massive product demand across the aerospace and automobile sectors. Furthermore, the product is also used in the construction of self-repairing concrete material, window sealants, and foams for insulating substances.
With shape memory ceramics & alloys gaining immense popularity across the globe, the industry is going to create lucrative growth opportunities for the key participants to expand their business as well as regional presence. Due to the non-toxic, non-mutagenic, and biocompatible nature of the product, the market is slated to gain prominence in the near future.
Global Shape Memory Polymer Market: Segmentation
The shape memory polymer market can be sectored into the material, application, and end-user. Based on the material, the industry is segmented into polyurethane, epoxy, and polyvinyl chloride. Application wise, the shape memory polymer market is divided into commercial and research & development. On the basis of end-user, the industry is divided into textile, automotive, aerospace, and biomedical sectors.
Global Shape Memory Polymer Market: Regional Analysis
Region wise, the shape memory polymer market can be divided into five main regions: Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Asia Pacific market is anticipated to make notable contributions toward shape memory polymer market size, owing to large-scale use of the product in the construction & healthcare activities in the countries such as India and China. With massive product applications in reconfigurable storage bins, airflow control systems, and seat assemblies and thriving vehicle manufacturing sector in countries such as Indonesia, Malaysia, South Korea, Thailand, India, and China, the industry is projected to witness lucrative growth during the upcoming years. Massive investments in aerospace & space exploration events along with large-scale biomedical equipment production will culminate in greater demand for the product across the region.
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Moreover, the presence of several product manufacturers in the countries such as the U.S. and Canada is predicted to contribute notably towards North American shape memory polymer market earnings. Furthermore, Europe and Latin American markets have huge growth potential and will contribute remarkably towards the overall market size in the coming years.
Global Shape Memory Polymer Market: Competitive Players
Some of the key participants in shape memory polymer market are:
- Cornerstone Research Group
- EndoShape
- Shape Memory Medical
- Composite Technology Development
- Manborui Materials Technology Company
- Nanoshel
- SMP Technologies
- DowDuPont
- Asahi Kasei Corporation
- MedShape
- Lubrizol
- Guangzhou
- Changchun Foliaplast Bio-Tech.
The Global Shape Memory Polymer Market is segmented as follows:
By Material
- polyurethane
- epoxy
- polyvinyl chloride
By Application
- commercial
- research & development
By End-user
- textile
- automotive
- aerospace
- biomedical sectors
Global Shape Memory Polymer Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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