Shape-memory Polymer Market

The global shape-memory polymer market size was valued at USD 392.4 million in 2020 and is expanding at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing applications in the healthcare industry.
 

Shape memory polymer is a polymeric brilliant material that, when triggered by an external stimulus such as temperature, power, attractive field, light, synthetic chemicals, and so on, may return from a distorted transitory form to its unique changeless state. The polymer is first shaped into a permanent shape using conventional methods, then warped into the desired temporary shape using a technique known as programming.

Textiles combined with these SMPs can aid in the creation of various 3D shapes in clothing. Under the impact of heat, window curtains or films containing temperature-induced SMPs can also act, changing the microstructure and macrostructure characteristics of smart clothing. As a result of the foregoing, temperature-induced SMPs are expected to account for the majority of market share during the period.

With a market share of about 65 per cent in 2020, the biomedical end-user sector led the shape memory polymer market. Devices for diagnostics and surgery are among the biomedical uses of SMPs. Market participants are conducting extensive research to discover new creative uses of SMPs in the biomedical industry. Many SMP-based medical devices, such as catheters, sutures, stents, and cannulas, have resulted as a result of this. They're also utilized in pacemakers and artificial hearts as components.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing use of shape memory polymers for effective medication administration in cardiovascular stents, healthcare, splints, orthopaedic braces, catheters, and orthodontic is projected to boost the market growth during the forecast period.
• Rising demand for aerospace and automobile segments is expected to fuel market growth in the coming years.
• Relatively low stiffness values are estimated to impede market growth.
• Rapid growth of the shape memory ceramics and alloys throughout the world are major factors pushing the market expansion during the forecast period/in the coming years.
• Surge in R&D investments and technological advancements are expected to create opportunities for the market players.

Scope of the Report

The report on the global shape-memory polymer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Temperature-induced segment is projected to constitute a key market share
On the basis of stimulus types, the global shape-memory polymer market is divided into temperature-induced, light-induced, electricity-induced, and other stimulus types. The temperature-induced segment is expected to represent a key share of the market during the forecast period owing to the potential opportunities in the textile segment.

Biomedical segment to expand at a robust pace
In terms of end-user industry, the global shape-memory polymer market is segmented into biomedical, automotive, aerospace, textile, and others. The biomedical segment is expected to account for a key share of the market in the coming years due to continuous research into the use of SMP as dental braces, splints, and other orthopaedic constructions. Shape memory polymers will help the industry develop by replacing shape memory metals in healthcare applications.
 

Asia Pacific is anticipated to dominate the market
On the basis of regions, the global shape-memory polymer market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to expanding the construction sector in nations like India and China. In addition, demand for SMP in Southeast Asian nations has increased significantly for application in end-user sectors such as construction, automotive, and healthcare.
 

Segments

Segments Covered in the Report
The global shape-memory polymer market has been segmented on the basis of

Stimulus Types

• Temperature-induced
• Light-induced
• Electricity-induced
• Other Stimulus Types

End-user Industries

• Biomedical
• Automotive
• Aerospace
• Textile
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• 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

Competitive Landscape

Key players competing in the global shape-memory polymer market include Cornerstone Research Group, EndoShape, Shape Memory Medical, Composite Technology Development, Manborui Materials Technology Company, Nanoshel, SMP Technologies, DowDuPont, Asahi Kasei Corporation, MedShape, Lubrizol, Guangzhou, and Changchun Foliaplast Bio-Tech.