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Shape Memory Polymer Market Size, Share, and Industry Analysis Report by Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), Application (Research & Development, Commercial), and End-user (Biomedical, Automotive, Aerospace, Textile), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032
- Report ID: GMI3355
- Published Date: Jan 2023
- Report Format: PDF
Industry Statistics
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.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 520 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 26.5% |
| 2032 Value Projection: | USD 5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 264 |
| Segments covered: | Material, Application By End-user, End-user and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
Rising focus on low-cost manufacturing to fuel production of polyurethane based SMPs
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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.
Robust developments in automotive & biomedical sectors to propel APAC market growth
Asia Pacific shape memory polymer market valuation is poised to reach USD 750 million by 2032. APAC is home to an expanding healthcare and biomedical sector and is witnessing the rapid influx of foreign investments, new clinical research initiatives, and product development efforts. For instance, in June 2022, the U.S. announced a fund worth more than USD 122 million in the top 3 research institutes of India to the t the early detection of disease threats, prevent avoidable epidemics and enhance rapid & effective response. Similar initiatives fostering the development of the biomedical sector will also represent the significant scope for SMP applications.
In addition, APAC countries such as China have one of the largest automotive sectors in the world, further increasing demand for SMP materials. China led the global automotive sector with the highest sales of more than 21 million cars. China is also at the top of the EV race with massive sales of electric cars and the largest number of publicly available chargers. According to the International Energy Agency (IEA), China’s electric car sales tripled in 2021 to 3.3 million, accounting for nearly half of the global estimates.
Surge in R&D initiatives for improved properties to outline industry growth
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The shape memory polymer market from R&D applications is projected to record over 23.5% CAGR between 2023 and 2032. SMPs have a broad spectrum of R&D applications in the assessment of different materials for shape memory effect, the discovery of novel applications, and the modification of existing SMP properties. Moreover, the significant efforts placed by prominent key players to accelerate R&D initiatives will complement the segment growth.
Rising use in biomedical applications for cardiovascular care to boost industry dynamics
The biomedical sector is expected to exhibit gains at nearly 28% up to 2032. The increasing use of SMPs to manufacture biomedical devices can be credited to their biocompatibility and affordability. SMPs are widely used to make stents, cannulas, catheters, and sutures along with components for artificial hearts and pacemakers. The rising prevalence of chronic heart diseases will also escalate the demand for SMP-based medical devices. Additionally, SMPs are also increasingly used as dental braces, splints, and other orthopedic structures, propelling biomedical applications of smart materials.
New product developments to define competitive landscape
Some of the leading companies in the global shape memory polymer market include Nanoshel LLC, SMP Technologies Inc., Asahi Kasei Corporation, Composite Technology Development, Inc., Cornerstone Research Group (CRG), MedShape, Inc., Shape Memory Medical Inc., EndoShape, DowDuPont Inc., Lubrizol, Covestro AG, Guangzhou Manborui Materials Technology Co., Ltd. These participants are focusing on strategic collaborations to support technology integration and distribution.
Impact of the COVID-19 pandemic on the SMP industry
The COVID-19 pandemic had a significant impact on the shape memory polymer industry as it negatively affected production capacity and manufacturing output worldwide due to the continuous lockdown restrictions. However, the increasing focus on advanced technologies such as 4D printing in the medical sector to address COVID-19 will offer lucrative scope for smart material applications. 4D printing technology is enhancing business prospects for the SMP industry due to the increasing use of smart materials to create products capable of changing their shape after some time or the exposure to external environmental temperatures.
The shape memory polymers market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Thousand from 2018 to 2032 for the following segments:
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Market, By Material
- Polyurethane
- Polyvinyl Chloride
- Acrylic
- Epoxy
- Others
Market, Application By End-user
- R&D
- Commercial
Market, By End-user
- Biomedical
- Automotive
- Aerospace
- Textile
- Others
Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Taiwan
- South Korea
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- Israel