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.
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.
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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
“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.
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