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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, 2022 - 2030

  • Report ID: GMI3355
  • Published Date: Jul 2022
  • Report Format: PDF

Industry Overview

Shape Memory Polymer Market size was USD 450.4 million in 2021 and will grow at a CAGR of 26.9% from 2022 to 2030 driven by the growing product demand in the automotive and aerospace sectors.
 

shape memory polymers market outlook

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Shape Memory Polymers are smart materials that can change their shape in response to an external stimulus. These materials are developed for a wide range of applications in the biomedical, aerospace, automotive, and many other industries. The biomedical industry is a key end-user of SMPs, as they are used to produce a range of diagnostic & surgical devices such as catheters, sutures, stents, braces & splints, prosthetics, and grafts.
 

The global healthcare sector is flourishing rapidly with increasing investments in evolving medical facilities in developing & low-income economies and was valued at over USD 8.3 trillion in 2018, representing 10% of global GDP. These positive trends in the global healthcare industry will result in rapid advancement in surgical and diagnostic techniques & devices.
 

Several mutagenicity & cytotoxicity tests were conducted on the material, which gave excellent results. Catheters are thin tubes used to treat diseases or perform surgical procedures. Catheters that are manufactured with the help of SMPs remain stiff externally, which gives the physician the accuracy to manipulate the tubes.
 

The global catheter market is also expected to grow gradually, supporting product demand. Further, these are used to fabricate surgical sutures that are used to join tissues or close a wound due to injury or surgery. Economic growth in the poor & middle-income countries coupled with improving healthcare facilities will drive the surgical sutures demand.
 

Exceptional flexibility abrasion, tear resistance, and impact resistance to drive polyurethane demand

shape memory polymers market by material

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Polyurethane material segment will hold over 40% revenue share in shape memory polymer market by 2030 owing to its superior properties. Using creative chemistry its mechanical properties can be easily altered. Polyurethane has a wide range of high load-bearing capacity and hardness along with good abrasion, flexibility, tear resistance, and impact resistance. It possesses high resistance to oil, water, grease, and harsh environments. It also has good electrical properties.
 

Furthermore, polyurethane can be manufactured economically with shorter production & lead time. It can also be produced in different colors. PU-based SMPs are used in structures that are deployable in the aerospace & biomedical industries and also used in building sensor systems. Moreover, the research & development in the end-user industries and the beneficial properties of the product will drive the demand for shape memory polymer production in the coming years.
 

Automotive applications to witness steady growth over the forecast timeframe

Automotive end use industry segment will witness over 25% CAGR over the forecast timeframe. SMPs are being used in the automotive industry to manufacture actuators, sensors and other applications such as seat assemblies, energy absorbing assemblies, reconfigurable storage bins, tunable vehicle structures, releasable fastener systems, hood assemblies, adaptive lens assemblies, airflow control devices, and morphable automotive body molding. The product has a high chance of substituting other metallic and polymer components in automobiles owing to its lightweight characteristic and low cost. With the increasing importance being given to lightweight vehicle and increasing fuel economy.
 

Expenditure in R&D activities will drive growth in medical and aerospace applications

shape memory polymers market by application

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Research & Development applications will generate over USD 2 billion by 2030. The application includes exploring various aspects of the shape memory effect, improving SMP material properties, and discovering new product applications. Manufacturers, research laboratories, and universities are at the forefront of shape memory polymer R&D programs. Many shape memory polymer R&D activities are related to biomedical applications.
 

Multiple vascular and coronary connections made by shape memory polymers & skeletal and artificial skin are also under development by a few market participants. The aerospace industry uses a significant number of SMPs in its R&D systems. Lockheed Martin designed an airplane with flexible structures using SMPs. Other aerospace companies also build different parts of their aircraft using SMPs.
 

Rising developments in the U.S. biomedical, automotive, and aerospace industries to drive growth across North America

shape memory polymers market by region

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In 2021, North America held around 45% revenue share in shape memory polymer market and is estimated to hold over 60% by 2030. Such a high share can be attributed to the presence of several SMP manufacturers in the region coupled with developments in the U.S. biomedical, automotive, and aerospace industries.
 

North America is a large shape memory polymer industry characterized by the presence of several key end-users and product manufacturers. The mature healthcare industry in the U.S. is accompanied by growing research in the biomedical field, which will improve product demand during the forecast period. The introduction of various regulations and programs, such as NAFTA and USMCA, have also contributed to the development of various industries in the region.
 

Growth in the U.S. aerospace & defense sector will further boost the shape memory polymer market growth during the forecast period. The presence of aircraft manufacturers including Lockheed Martin and Boeing in the U.S. will drive the need for SMPs. NASA's spacecraft operations are also expected to improve SMP's need for aerospace during the forecast period.
 

Joint ventures, partnerships, and acquisitions to drive competition in the industry

The manufacturers are constantly investing in geographic expansion through joint ventures, partnerships, and mergers & acquisitions to attain a competitive edge in the industry. The shape memory polymer industry participants include Nanoshel LLC, Asahi Kasei Corporation, The Lubrizol Corporation, Cornerstone Research Group (CRG), MedShape, Inc., and Covestro AG, among others
 

The Shape Memory Polymer Market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2022 to 2030 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

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The global shape memory polymer (SMP) industry had crossed USD 450.4 million in 2021 and is poised to record a CAGR of over 26.9% through 2030 owing to the increasing product demand across the automotive and aerospace sectors.

The SMP market share from the automotive end use industry segment is poised to record a 25% CAGR through 2030 owing to the increasing production of actuators, and sensors.

The polyurethane material segment is expected to account for over 40% of the SMP industry revenue share by 2030 due to its advantages such as good abrasion, tear resistance, flexibility, and impact resistance.

The shape memory polymer market share from research & development applications is expected to generate over USD 2 billion by 2030 owing to the higher need for improving the material properties and discovering new product applications.

North America held close to 45% of the shape memory polymer industry revenue share in 2021 and is projected to account for around 60% by 2030 due to the strong presence of several manufacturers and the rising biomedical, automotive, and aerospace developments mainly in the U.S.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 12
  • Tables & Figures: 157
  • Countries covered: 14
  • Pages: 200

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