Shape Memory Polymer Market to exceed $1 billion by 2027
Published Date: April 8, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights, Inc., the Shape Memory Polymer (SMP) Market size is estimated to surpass USD 1 billion by 2027. Increasing SMP demand in automotive and aerospace sectors is anticipated to prosper the growth of shape memory polymer market in the coming years.
Shape memory polymers are increasingly being used in automotive and aerospace industries owing to their shape-changing characteristics. In the aerospace industry, SMPs are used as deployable structures and components such as trusses, hinges, antennas, booms, optical reflectors, and morphing skins.
SMPs are also being developed to be used as morphing structures in aircraft. Researchers are developing aircraft, which can change its shape during flight with the use of SMPs, in order to maintain performance and efficiency when an aircraft changes its flight envelop. This will open new opportunities for SMP usage in the aerospace industry.
SMPs are being used in the automotive industry to manufacture actuators and sensors. They are also being used for other automotive 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 shape memory polymer 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, SMP materials are likely to be extensively used in automotive manufacturing.
Browse key industry insights spread across 160 pages with 131 market data tables & 25 figures & charts from the report, “Shape Memory Polymer Market 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” in detail along with the table of contents:
Other SMP materials include polyethylene, PEEK, 1,3-propanediol, and will witness significant growth. These materials are being used for various applications. They are developed for use in the healthcare industry, for aerospace applications, textiles, and for manufacturing automotive components. With increasing R&D investments by the manufacturers to discover novel SMPs, these materials will be increasingly commercialized and used by the end-user industries.
Commercial applications of SMPs are on the rise and will witness over 25% CAGR over forecast period. SMP-based fibers are already being used to manufacture smart textiles. Sensors and actuators based on SMPs are also being used in industries such as automotive and aerospace. Other commercial SMP usage includes household goods such as cutlery, doll hairs, and nose guards for eyewear.
The automotive end-user segment will hold over 15% share by 2027 in shape memory polymer market. SMPs are used in the automotive industry mostly as actuators and sensors. Additionally, they are also used in hood assemblies, storage bins, seat assemblies, and morphing structures. SMPs respond to external activation signal and alter the deflection angle of the air flow, accordingly, resulting in lower air resistance to the vehicle movement, which, in turn, reduces fuel consumption. The increasing demand for lightweight vehicles will result in extensive usage of SMPs in reducing vehicle weight by substituting metal components and will propel the growth of the shape memory polymer industry.
Europe held over 25% share in shape memory polymer market in 2020. The European healthcare industry is a major growth enabler for the regional SMP consumption. Western European countries are characterized by excellent healthcare facilities and technology-driven medical care to its population. There are ample opportunities for SMP-based products to penetrate the European biomedical industry in the future. The rising healthcare expenditure by the developing countries in Europe will also provide opportunities for the SMP market.
Aircraft manufacturing activities in Europe will increase the product demand as more innovative SMP applications are likely to come into force in the next few years. Airbus, BAE Systems, Airbus, and Dassault are the major aircraft manufacturers based in Europe. Increasing production and research activities by these companies will be beneficial for the SMP market growth. The automotive industry growth in the East European countries driven by a steady economic development in the region will also propel the product demand by the end of the forecast period.
Some of the prominent players in shape memory polymer industry are SMP Technologies Inc.; Nanoshel LLC; Asahi Kasei Corporation; Cornerstone Research Group (CRG); Composite Technology Development, Inc.; MedShape, Inc.; EndoShape, Inc.; Shape Memory Medical, Inc.; Dupont De Nemours, Inc.; Covestro AG; The Lubrizol Corporation, and Guangzhou Manborui Materials Technology Co., Ltd.