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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Apr 2021  |  Report ID: GMI3355  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 160   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Shape Memory Polymer (SMP) Market size was valued at USD 392.4 million in 2020 and is estimated to exhibit 21.5% CAGR from 2021 to 2027. Increasing SMP demand in automotive and aerospace sectors to augment shape memory polymer consumption.
 

Shape memory polymer (SMP) is a smart material that can change its shape in response to the external stimuli such as temperature, electricity, chemicals, and light. These materials are being developed for a wide range of applications in aerospace, biomedical, automotive, and many other industries.
 

Shape Memory Polymer Market Outlook

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Potential product application in the biomedical industry is one of the chief factors augmenting the growth of shape memory polymer market. SMPs are being used in the medical industry owing to their biocompatible nature. Several cytotoxicity and mutagenicity tests conducted on the material have yielded excellent results. These materials are also being increasingly preferred for biomedical applications as the material’s glass transition temperature can be specifically tailored for deployment when it comes into human contact.
 

SMPs are used to manufacture catheters in the biomedical industry. Catheters are thin tubes, which are inserted in the body to treat diseases or perform a surgical procedure. Catheters made from SMPs remain stiff externally so that the physician can accurately manipulate the tubes. Although, most of these catheters will continue to be made from commonly used materials, there are ample opportunities for SMP-based catheters substituting other materials in this application. This will drive the shape memory polymer market share during the forecast period.
 

SMP materials are also used to manufacture surgical sutures. Sutures are used by surgeons to join tissues or close a wound that has been severed by an injury or due to surgery. SMP-based sutures will provide easier application and securing. They can also be programmed to tighten over time and to ensure ideal tissue approximation. SMPs are used as coronary stents in the biomedical industry.
 

Apart from the aforementioned applications, SMPs are also used for other biomedical applications such as SMP-based orthopedic braces and splints. Increasing research & development activities related to SMP uses in the biomedical industry will result in more applications being discovered, driving the SMP demand across the globe. However, high-level of technological know-how required for SMP production might pose a challenge to the growth of product consumption in near future.
 

Shape Memory Polymer Market Report Coverage
Report Coverage Details
Base Year:2020Historical Data for:2017 to 2020
Market Size in 2020:392.4 Million (USD)Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:21.5%No. of Pages:160
2027 Value Projection:1,449.3 Million (USD) Tables, Charts & Figures:156
Geographies covered (17):U.S., Canada, Germany, UK, France, Italy, Spain, Netherlands, China, Taiwan, South Korea, Japan, India, Brazil, Mexico, Saudi Arabia, Israel
Segments covered:Material, Application, End-use and Region
Growth Drivers:
  • Potential applications of SMPs in the biomedical industry
  • Increasing SMP demand in the automotive and aerospace sector
  • Potential SMP application in construction industry
Pitfalls & Challenges:
  • High level of technological know-how required for SMP production

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Polyurethane will be the fastest growing material type

Shape Memory Polymer Market by Material

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In 2020, polyurethane is likely to witness over 25% CAGR in shape memory polymer market. Polyurethane is one of the most preferred materials for SMPs owing to its superior properties. Its mechanical properties can be easily altered using creative chemistry. Polyurethane has excellent hardness and high load bearing capacity along with good flexibility, abrasion & impact resistance, and tear resistance.
 

Polyurethane also possesses high resistance against water, oil, grease, and harsh environments. It also has good electrical property, has an economical manufacturing process, shorter production lead time, and can be produced in different colors. PU-based SMPs are used in the biomedical industry, in aerospace deployable structures, and to build sensor systems. Developments in the end-user industries and the beneficial properties of the product will drive its demand for SMP production in the coming years.
 

R&D will be the leading application

R&D is the leading application segment in shape memory polymer market and held around 70% share in 2020. R&D applications of shape memory polymer include experimenting different materials for shape memory effect, improving the properties of SMP materials, and finding new novel applications for the product. Manufacturers, research laboratories, and universities are at the forefront of SMP R&D applications. Most R&D activities for SMPs are related to biomedical applications.
 

Many vascular and coronary grafts made from SMPs along with orthopedic braces and artificial skin are also under development by several market participants. The aerospace industry also uses a significant amount of SMPs for R&D applications. Lockheed Martin is developing aircraft with morphable structures using shape memory polymers. Other aerospace companies are also developing different aircraft components using SMPs. These trends will drive the shape memory polymer market share for R&D applications over the forecast time period.
 

Biomedical will be the most popular end-user

Shape Memory Polymer Market by End User

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The biomedical end-user segment dominated the shape memory polymer market with a share of around 65% in 2020. Biomedical applications of SMPs include devices that are used for diagnosis and surgery.
 

Extensive research is being done by market participants to find new innovative applications of SMPs in the biomedical industry. This has led to the development of many SMP-based medical devices such as catheters, sutures, stents, and cannulas. They are also being used as components for pacemakers and artificial hearts. The ongoing research related to SMP usage as dental braces, splints, and other orthopedic structures will augment the industry over the forecast timeframe. Substitution of shape memory alloys for healthcare applications by shape memory polymers will also help the market to grow.
 

North America will be the leading market

Shape Memory Polymer Market by Region

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The North America generated approximately USD 180 million in 2020. North America is a major SMP market characterized by the presence of several product manufacturers and potential end-users. A highly mature healthcare industry in the U.S. coupled with increasing research in the biomedical field will propel the shape memory polymer market sales over the forecast period.
 

The automotive market growth in North America will also augment the shape memory polymer market revenue as the product is used to manufacture various automotive components. The aerospace and defense sector growth in the U.S. will further drive the market growth over the forecast timeframe. The presence of aircraft manufacturers, such as Boeing and Lockheed Martin, in the U.S. will drive the SMP demand. Space exploration activities by NASA are also expected to drive the SMP demand for aerospace application over the forecast period.
 

Focused research & development, production capacity expansion to augment the industry foothold

The prominent industry players have adopted several aggressive strategies, such as focused research & development, production capacity expansion, and new product development, to further strengthen their competitive advantage in the shape memory polymer industry. In December 2019, Shape Memory Medical, Inc. received an approval from the Japanese pharmaceutical and Medical Devices Agency (PMDA) to use its IMPEDE Embolization plugs, expanding its product presence. This new product has solidified the company’s portfolio in the industry.
 

Some of key product manufacturers in the shape memory polymer industry are Nanoshel LLC; SMP Technologies Inc.; Asahi Kasei Corporation; Composite Technology Development, Inc.; Cornerstone Research Group (CRG); MedShape, Inc.; Shape Memory Medical, Inc.; EndoShape, Inc.; Dupont De Nemours, Inc.; The Lubrizol Corporation; Covestro AG, and Guangzhou Manborui Materials Technology Co., Ltd.
 

Shape memory polymer industry report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2017 to 2027 for the following segments:

By Material

  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)
  • Acrylic
  • Epoxy
  • Other

By Application

  • R&D
  • Commercial

By End-user

  • Biomedical
  • Automotive
  • Aerospace
  • Textile
  • Others

The above information is provided on a regional and country basis for the following:

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

 

Frequently Asked Questions (FAQ) :

The global market for SMPs had reached USD 392.4 million in 2020 and is expected to grow further at nearly 21.5% CAGR over the forecast period 2021-2027.
The SMP industry share from polyurethane segment is anticipated to record around 25% CAGR up to 2027 with enhanced mechanical properties, enhanced hardness and high load bearing capacity.
Research and development applications accounted for 70% of global SMP market share during 2020 owing to increased efforts for experimenting materials for improving SMP material properties.
The biomedical end-users held nearly 65% of global SMP market share in 2020 and will expand with the demand for devices needed for surgeries and diagnosis.

Premium Report Details

  • Published Date: Apr 2021
  • Pages: 160
  • Tables: 131
  • Charts / Figures: 25
  • Companies covered: 12
  • Countries covered: 17

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