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Shape Memory Polymer Market - by Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), Application (Research & Development, Commercial), and End-user (Biomedical, Automotive, Aerospace, Textile) & Global Forecast, 2023-2032

  • Report ID: GMI3355
  • Published Date: Jan 2023
  • Report Format: PDF

Shape Memory Polymer Market Size

Shape Memory Polymer Market size valued at USD 520 million in 2022 and is anticipated to expand at 26.5% CAGR from 2023 to 2032. Increasing application in the biomedical sector will accelerate industry growth.

shape memory polymers market

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The rising need for urinary catheterization led by the increasing prevalence of acute urinary retention, and trauma or injury will propel the demand for advanced catheterization techniques. Furthermore, the growing concerns associated with hospital-acquired infections (HAIs) and indwelling catheters are necessitating the use of smart materials to prevent infections.

Significant innovation and development in the biomedical application of shape memory polymers (SMPs) will positively influence the shape memory polymer market outlook. SMPs showcase favorable biocompatibility with excellent cytotoxicity and mutagenicity behavior. The rising biomedical use of SMPs can be attributed to low-cost, low-density, biodegradability, and high-elastic deformation properties. These smart materials have diverse medical and clinical applications, particularly in advanced catheters. Several studies and R&D initiatives have also been implemented for the advancement of SMP-based catheters and medical devices with shape-shifting capabilities.

Need for robust technical expertise & investments could hamper business growth

The increasing requirement for technological awareness and knowledge for SMP production could restrain the overall industry performance. SMP manufacturing is a technology-intensive process and requires a high level of technical expertise. Hence the majority of leading industry players are conducting extensive research and development activities as well as investing heavily in training. Hefty capital influx to augment new product developments and applications pertaining to SMPs is also a major roadblock for new small-scale manufacturers in underdeveloped and developing regions.

Shape Memory Polymer Market Analysis

Shape Memory Polymer By Material

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SMP market valuation from the polyurethane material segment is set to surpass USD 2.2 billion by 2032. Polyurethane (PU) is one of the most commonly used materials for SMPs owing to its mechanical strength, high load-bearing capacity, tear resistance, flexibility, hardness, and abrasion & impact resistance. PU-based SMPs have shorter production lead times and therefore ensure a more economical manufacturing process. They are resistant to water, grease, oil, and harsh conditions with excellent electrical properties. These SMPs are also gaining a notable rise in demand across biomedical applications in the construction of sensor systems, and in aerospace deployable structures.

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The market size of shape memory polymer exceeded USD 520 million in 2022 and is anticipated to exhibit over 26.5% CAGR from 2023 to 2032.

The polyurethane material is set to surpass USD 2.2 billion by 2032 driven by increasing use in SMP production due to its excellent mechanical and chemical properties.

Asia Pacific market to cross USD 750 million by 2032 owing to expanding automotive and biomedical applications.

Nanoshel LLC, SMP Technologies Inc., Asahi Kasei Corporation, MedShape, Inc., EndoShape, DowDuPont Inc., Lubrizol, and Covestro AG are some of the prominent manufacturers of across the world.

Shape Memory Polymer Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 264
  • Countries covered: 15
  • Pages: 200
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