Shape Memory Polymer Market size is projected to surpass USD 5 billion by 2032 according to a new research report by Global Market Insights Inc.
The rising number of construction activities worldwide will have a positive impact on the shape memory polymer (SMP) industry outlook. In the past few years, the construction sector across the developed and developing economies has experienced a significant push with massive investments in infrastructure development. SMPs are widely used in the construction sector as self-healing materials, and sealants as well as in sensors & actuators for structural health monitors and vibration control systems. The increasing focus on the reduction of carbon footprint has encouraged several governments to promote green and sustainable infrastructures with energy-efficient technologies. This scenario is indicating the shape memory polymer market demand in the construction sector.
Get more details on this report - Request Free Sample PDF
Thriving need for advanced performance parameters to drive the adoption of PVC-based SMPs
The polyvinyl chloride material segment is poised to exhibit over 26.5% CAGR between 2023 and 2032. The rising use of polyvinyl chloride (PVC) in shape memory polymers can be attributed to its high dielectric strength, and excellent resistance against chemicals, shock, abrasion, weathering, and corrosion. It also offers cost-performance advantages, flame retardancy properties, and ideal chemical and mechanical parameters. Thus, multiple countries are experiencing a surge in initiatives for PV production. The increasing rate of PVC production will fuel the product development.
Browse key industry insights spread across 200 pages with 232 market data tables and 32 figures & charts from the report, “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, 2023 - 2032” in detail along with the table of contents:
Rising demand in commercial applications to augment SMP industry expansion
The commercial applications exceed USD 2.1 billion by 2032. SMPs are widely used across an array of commercial applications. Rapid industrialization and urbanization have led to a significant upsurge in construction and infrastructure projects, automotive expansion, and developments in the healthcare sector. Due to their easy processing, large deformation, and multi-shape memory, SMPS are increasingly used in robotics, biomedicine, sensors, and smart textiles. Moreover, the growing emphasis on commercial applications of polymers will foster demand for SMPs.
Increasing focus on fuel-efficient automotive systems to propel product demand
Shape memory polymer market valuation from the automotive sector is set to reach USD 725 million by 2032. SMPs play a key role in the automotive sector as sensors and actuators and have a higher application scope ins airflow control systems within vehicles. SMPs are gaining significant traction owing to their ability to induce fuel efficiency. With increasing efforts to curb the carbon footprint of the automotive sector and limit GHG emissions as well as the overall fuel consumption, SMP-based components including morphing structures, hood assemblies, and seat assemblies are witnessing significant demand.
Rising healthcare expenditure to accelerate Europe market
Shape memory polymer market in Europe is slated to depict nearly 23% growth rate from 2023 to 2032. Europe is anticipated to emerge as a prominent hub for SMP manufacturers owing to the growing healthcare sector in the region. The rising biomedical research, healthcare infrastructure investments, and development of advanced medical technologies are offering lucrative scope for SMP applications. Furthermore, the surging healthcare expenditure is expected to foster the demand for SMPs in the region.
New product launches to boost business development
Nanoshel LLC, SMP Technologies Inc., Asahi Kasei Corporation, Composite Technology Development, Inc., Cornerstone Research Group (CRG), MedShape, Inc., Shape Memory Medical Inc., EndoShape, DowDuPont Inc., Lubrizol, Covestro AG, Guangzhou Manborui Materials Technology Co., Ltd are some of the leading companies in the global shape memory polymer market. These market participants are focusing on the development of innovative products for improving their business performance.
Explore More on Related Topics: