North America holds the largest share of the shape memory polymer market, which is attributed to the presence of several product manufacturers and key end-users.
In a recently published report, Future Market Insights predicted that between 2022 and 2032, the global shape memory polymer market will grow at a CAGR of 23%. In 2022, the market is expected to be valued US$ 450.4 million. By the end of the projected period, which runs from 2022 to 2032, it is expected that the market would be worth US$ 3.5 billion.
Shape memory polymers are smart materials that can change their shape in response to external stimuli. The materials find extensive use in automotive, biomedical and aerospace industry. Biomedical industry is a key end-user of SMPs as they are employed in producing a plethora of diagnostic and surgical devices such as catheters, sutures, stents, braces, splints, prosthetics and grafts. Thus shape memory polymers (SMPs), as stimuli-responsive materials, have garnered worldwide fame.
Shape memory polymers are also intensively found in the construction industry and find use as self-healing materials in sensors or actuators or structural health monitors and vibration control systems. Their use in kinetic buildings will also hold significance to the industry. This, more so when the government is promoting an eco-friendly zone and green buildings to lower the carbon footprint and protect the environment.
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Key Takeaways from the Market Study
“With continued attraction for shape memory polymer product in end-user industries such as healthcare, biomedical, construction, automotive textile and aerospace, for changing contours dictated by random needs, and in a spate of lesser known applications, the product is poised to achieve growing market share in forthcoming years”, remarks the FMI Analyst.
Competitive Landscape
The global shape-memory polymer market is fairly consolidated as the majority of the market share is divided among few players.
Some of the key players in the market include
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Key Segments Covered in the Shape Memory Polymer Industry Report
Shape Memory Polymer Market by Material:
Shape Memory Polymer Market by Application:
Shape Memory Polymer Market by End Use:
Shape Memory Polymer Market by Region:
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 12, 2024