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 (U.S., Canada, Germany, UK, France, China, Taiwan, South Korea, Japan, India, Brazil, Mexico, Saudi Arabia, Israel), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Published Date: May 2019 | Report ID: GMI3355 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Shape Memory Polymer Market size surpassed USD 300 million in 2018 and will grow at a CAGR of more than 25% from 2019 to 2025.
U.S. Shape Memory Polymer Market Size, By End-user, 2014 – 2025 (USD Million)
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Shape memory polymer is a polymeric smart material that can return from a deformed temporary state to its original permanent state when induced by an external stimulus such as temperature, electricity, magnetic field, light, chemicals, etc. The polymer is first manufactured into a permanent shape by conventional approaches, after which it is deformed into the required temporary shape using a process called programming. The product has many advantages such as low density, light weight, good shape recovery, and are ease of processing. Shape memory polymers can be specifically tailored for use in a wide range of applications including biomedical, automotive, aerospace, construction, textiles, etc.
One of the key application areas for shape memory polymer market which will witness significant growth in the future is the biomedical industry. The product has been found to be non-toxic, biocompatible, and non-mutagenic in nature, which enables its usage in different clinical devices that are inserted in a human body. Shape memory polymers are used to manufacture several types of catheters which will be externally stiff for easier manipulation by a physician while remaining soft inside the human body. The product is also used for manufacturing orthopedic braces and splints. They are being used to manufacture intravenous cannula, surgical cast, surgical sutures and stents. An attractive feature of SMPs that will boost its biomedical applications is the ability to tailor its glass transition temperature for shape restoration or seIf-deployment of clinical devices when inserted or contacted in the human body. These features coupled with technological advancement in shape memory technology will drive product demand for biomedical applications and will propel the overall market during the forecast period.
Shape Memory Polymer Market, By Material
Based on material, the global shape memory polymer market size has been segmented into polyurethane (PU), polyvinyl chloride (PVC), acrylic, epoxy, and other materials such as PEEK, polyethylene (PE), Bio-PDO, etc. Polyurethane is the largest material segment which will grow by a CAGR of around 25% from 2019 to 2025. Increasing development of polyurethane based shape memory polymers along with their extensive usage in biomedical applications will be a major factor behind this segment’s growth and larger market share.
Acrylic based SMP materials have also been under development for several years and are being used for a wide range of applications. This segment accounted a share of close to 10% of the overall market in 2018. Other material types including PEEK, PE, etc. will also witness a significant increase in their demand by the end of the forecast period owing to increasing research by market players and scientific organizations on developing these shape memory polymer types.
Shape Memory Polymer Industry, By Application
Based on application, the shape memory polymer market size has been segmented into research & development and commercial. Research & development will have a substantial share of the overall market in the initial phase of the forecast period. However, the segment will lose its market share by 2025 owing to several of the materials under research stage getting commercialized. Commercial application segment will grow by a CAGR of around 40% during the forecast period. Increasing investment by market participants to develop and commercialize SMPs will drive this segments growth rate from 2019 to 2025.
Shape Memory Polymer Market, By End-user
Based on end-users, the market has been segmented into biomedical, automotive, aerospace, textile, and others. Other end-user industries include construction, household goods, toys, etc. Biomedical is the largest end-user segment in the market. The number of SMP based medical products available commercially will increase substantially in coming years, propelling the overall market during the forecast timeframe.
Automotive industry uses shape memory polymer-based actuators and automatic chokes for engines during the manufacturing and assembly of vehicles. The product is also used as a protective cover for automotive assembly lines and damping material. Rising demand for lightweight and smart vehicles across the globe will propel the automotive end-user segment’s growth during the forecast period.
Shape Memory Polymer Industry, By Region
North America is a key shape memory polymer market which will grow by a CAGR of more than 26% from 2019 to 2025. The presence of several SMP manufacturers and researchers in the U.S. along with a large number of patents filed in the country will be a major reason behind the region’s dominant position. The use of SMP in aerospace and space technology will also provide ample opportunities for the product market growth in North America during the forecast period.
Asia Pacific will also be an important market by the end of forecast period. The region will witness a growth of around 20% CAGR from 2019 to 2025. Increasing automotive production rates in China, India and other Asian countries coupled with rising investment in aerospace and space exploration activities will drive this demand. Biomedical device manufacturing in China and South Korea will also be a key reason behind the Asia Pacific market growth in coming years.
Competitive Market Share
Companies that are involved in shape memory polymer manufacturing and research includes Nanoshel, SMP Technologies, Asahi Kasei Corporation, Composite Technology Development, Cornerstone Research Group, MedShape, Shape Memory Medical, EndoShape, DowDuPont, Lubrizol, Guangzhou Manborui Materials Technology Company and Changchun Foliaplast Bio-Tech. Most of these players are investing significantly on the development of SMPs for a wide range of applications. Market participants enter into partnerships with universities and research foundations to develop these shape memory polymer products and then markets them commercially to end-user industries.
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First commercial usage of shape memory polymer was in the 1960s when covalently cross-linked polyethylene was used as packaging films and heat shrinkable tubing. However, other polymeric materials began substituting polyethylene SMPs for these applications. The period between 1980 till 2010 witnessed a lot patents and research activities to develop SMPs for applications ranging from doll hairs, to spectacle frames, utensils for handicapped people, smart textiles and even sportswear. Research and development of SMP materials for industrial usage has also gathered momentum in the last three decades. These development activities will have a deep impact on the shape memory polymer industry as a lot of materials are likely to get commercialized in the near future, driving product demand for myriad applications.
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