The Shape Memory Polymer Market would surpass $3.5 billion by 2030, says Global Market Insights Inc.
The growth of the shape memory polymer market is driven by economic growth in developing countries, expanding construction sector, rapid urbanization, and proliferating biomedical industry, says this report.
SELBYVILLE, Del., July 18, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Shape Memory Polymer Market was estimated at USD 450.4 million in 2021 and is expected to exceed $3.5 billion in revenue by 2030, progressing at a CAGR of 26.9% from 2022 to 2030. The report provides a detailed analysis of the top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size & estimations, and major investment pockets.
Shape memory polymers are produced through a complex process that requires a high level of technological knowledge. SMPs find extensive usage in various end-use sectors. In the aerospace industry, SMPs are used as morphing structures to build aircraft that could potentially alter their shape during flight. SMPs have also gained prominence in the healthcare sphere as a key biomaterial. Subsequently, the broadening scope of application of the product is likely to propel market growth over the forecast period.
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Shape memory polymers are widely used for manufacturing smart textiles, which are fabrics that are responsive to environmental stimuli. They find applications in several industries, including transportation, medical, communication, and construction. They have recently gained traction in body armor, lingerie, sportswear, and bandages, among other applications. Supported by the increased use of smart textiles, the textile end-user segment is primed to capture a substantial market share by the end of the assessment period.
Meanwhile, the shape memory polymer market share from the automotive end-user segment is set to observe solid growth over the review timespan. Escalating fuel economy would boost the usage of SMPs in automotive manufacturing, which is poised to support segmental development in the forthcoming years.
Key reasons for shape memory polymer market growth:
- Rising product penetration in textile sector.
- Mounting utilization in biomedical industry.
- Soaring application in construction activities.
- Increasing product adoption in aerospace industry.
- Growing prominence in automotive manufacturing.
2030 forecasts show the 'polyvinyl chloride' segment retaining its dominance:
In terms of material, the polyvinyl chloride or PVC segment is speculated to witness significant growth at around 25% CAGR through 2030. Numerous benefits of PVC, such as its cost-effectiveness, advantageous chemical & mechanical properties, flame retardancy, excellent insulation with high dielectric strength, and superior resistance against corrosion, chemicals, weathering, and shock & abrasion, are anticipated to elevate product demand, especially in the biomedical and textile end-user industries, over the study timeframe.
Asia Pacific to continue its top status in terms of revenue:
With respect to region, the Asia Pacific shape memory polymer industry is poised to reach a valuation of about $540 million by the end of 2030 on account of surging income levels of consumers and rapid economic growth in the region. Moreover, due to the strong presence of automotive giants attributed to soaring consumer interest in automobiles in APAC, the SMP industry is slated to exhibit considerable progress. Furthermore, increased funding in Southeast Asian countries, including India, China, Indonesia, Thailand, South Korea, Japan, and Malaysia, is foreseen to drive market growth in the aerospace industry.
Impact of COVID-19 pandemic on shape memory polymer market:
Following the onset of COVD-19, the decline in operations in the automotive, construction, and textile end-user industries negatively impacted the SMP market. However, these polymers saw an upsurge in utilization in biomedical applications. Notably, in light of the burgeoning demand for facemasks during COVID-19, the mechanical properties of SMPs were found to be useful in making respirator masks that were sturdy and adaptable to different face shapes as well as offered protection against the coronavirus infection, which has been favorable for business growth.
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Leading market players:
Major firms functioning in the global shape memory polymer market include Nanoshel LLC, The Lubrizol Corporation, Asahi Kasei Corporation, Covestro AG, Cornerstone Research Group (CRG), MedShape, Inc., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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