According to a new research report by Global Market Insights Inc., Shape Memory Polymer Market size to reach USD 3.5 billion by 2030.
Several innovative uses of Shape Memory Polymers (SMPs) in the construction industry have come to the forefront in the last few years. These uses are mostly limited to shape memory polymer usage as self-healing materials and sealants in sensors or actuators for structural health monitors and vibration control systems. Moreover, opportunities for shape memory polymer usage in kinetic buildings will also be a major growth enabler in the industry. Several governments in the developed and developing economies are trying to promote green & energy-efficient buildings to lower their energy costs and protect the environment.
COVID-19 influenced the shape memory polymer market at each stage. Raw material suppliers faced challenges including disruptions in the supply chain and restrictions on trade activities from countries such as China. Shape memory polymer manufacturers faced the unavailability of raw materials and regulations for the workforce. After streamlining and removing hiccups from supply chain operations, material manufacturers witnessed a brief bump in profit margins owing to the extremely low oil prices making polyurethane and PVC production cheaper. Large-scale companies stocked raw material supplies and filled their strategic reserves potentially to increase profit margins.
Browse key industry insights spread across 200 pages with 132 market data tables & 25 figures & charts from the report, “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, 2022 - 2030”, in detail along with the table of contents:
Applications of SMPs in the building & construction industry will be a major growth
SMP material usage as envelopes in kinetic buildings will be a major application in the coming years. The impact of building envelope systems on building energy usage and the indoor environment is substantial. SMPs will enable building envelope systems to change their optical and thermal behavior in terms of building energy savings. These envelope systems will be able to respond to various external environmental stimuli to initiate small structural changes in the buildings. These changes will regulate the building’s internal environment, lowering energy losses.
Other materials segment will dominate the business demand during the forecast period
The others segment from shape memory polymer market will witness over 20% CAGR over the forecast timeframe. Other shape memory polymer materials include PEEK, polyethylene, 1,3-propanediol, and many more. These items are widely used for various purposes. They are designed for use in the healthcare, aerospace, textiles, and automotive manufacturing industries. With the growth in R&D investments by manufacturers to acquire SMP novels, these resources will be increasingly marketed and used by consumer industries.
The biomedical end-user from shape memory polymer market will generate over USD 2.5 billion by 2030. The major applications of SMPs in biomedical are surgery and diagnosis. Moreover, extensive research is conducted by market participants to identify new applications of SMPs in the biomedical industry. This has led to the development of many SMP-based medical devices such as stents, catheters, cannulas, and sutures as well as parts for pacemakers and artificial hearts.
Ongoing research related to the use of SMPs as dental foundations, splinters, and other bone structures will improve the industry during the forecast period. Substituting alloys with shape memory alloys in healthcare applications will also augment the shape memory polymer market growth over the forecast period.
Latin America shape memory polymer market will witness over 10% CAGR through 2030 driven by the steady increase in the automotive production rates of Brazil and Mexico. Mexico is transforming into a hub for contract manufacturing activities for the major automotive manufacturers across the globe. Brazil has also witnessed stable production growth in the automotive industry for the last few years. The biomedical industry development in the Latin American region is also likely to augment the SMP market. Increase of commercialization rates of SMP products by the end of the forecast period will have a positive effect on the Latin American market.
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