February 18, 2020
According to the research report titled ‘Shape Memory Polymer Market Size By Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), By Application (Research & Development, Commercial), By End-user (Biomedical, Automotive, Aerospace, Textile), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, China, Taiwan, South Korea, Japan, India, Brazil, Mexico, Saudi Arabia, Israel), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’ available at MarketStudyReport.com, the global shape memory polymer market is expected to touch USD 1.4 billion mark by the year 2025.
According to the report, booming automobile industry is the major driver for the growth of shape memory polymer (SMP) market. Hydraulic systems and small motors in automobiles are increasingly being replaced by SMP-based sensors & actuators. The deployment of actuators in automobiles improve passenger comfort, fuel economy, and vehicle performance by minimizing the overall component size. Supportive initiatives by various governments towards the expansion of automobile industry, coupled with improving spending power are fueling the demand for automobiles across the globe, thereby fostering the shape memory polymer market growth.
On the basis of material type, shape memory polymer market is segmented into PVC (polyvinyl chloride), acrylic, polyurethane (PU), epoxy, bio-PDO, PEEK, polyethylene, and others. Among all, polyurethane material segment is expected to grow with a CAGR of 25% over 2019-2025. The material is utilized for manufacturing blood-contacting devices, such as artificial veins, arteries, and heart valves. Numerous applications of polyurethane based-SMP in the biomedical industry will foster the segmental growth.
Considering the application landscape, shape memory polymer market from commercial segment is likely to expand with 40% CAGR over the forecast period. The growth can be accredited to the development and launch of several shape memory polymer-based products for a myriad range of applications in the ensuing years.
Speaking of the end-user scope, textile segment is projected to grow modestly over the analysis timeframe, owing to properties such strong response towards heat and moisture changes which are favoring the use of shape memory polymers in textile industry. The product induces smart-controlled drug release, aesthetic appeal, textile soft display, and wound monitoring. Variations in environmental conditions and intensifying demand for protection apparel are propelling the adoption of SMP-based textile products.
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Regionally, Asia Pacific shape memory polymer industry is projected to register a 20% CAGR through 2025. Rising investments in aerospace sector, expanding biomedical equipment manufacturing in China & South Korea, and accelerating automobile production in China, India, and other countries are impelling the regional market share.
Shape memory polymer industry has been experiencing a forward integration due to intensifying competition among leading business participants. Some prominent companies operating in shape memory polymer market are EndoShape, Asahi Kasei, DowDuPont, MedShape, Lubrizol, Nanoshel, and Composite Technology Development among others.
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