Shape-memory Polymer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global shape-memory polymer (SMP) market is expected to grow with a CAGR greater than 10% during the forecast period. One of the major factors driving the market is the increasing applications of shape-memory polymers in the Healthcare Industry. However, relatively low stiffness values are hindering the growth of the market studied.

Key Highlights

• Growing demand from the construction industry in Asia-Pacific is another major driver for the market studied
• Asia-Pacific is expected to witness the highest growth rate during the forecast period.
• Among the stimulus type-based segments, temperature-induced SMP is expected to dominate over the others during the forecast period.

Key Market Trends

Temperature-induced Segment to Dominate the Market

• Among the stimulus type-based segments, temperature-induced SMP is expected to witness major growth in demand in the coming years.
• There are numerous opportunities in the textile industry, which can drive the demand for temperature-induced smart polymers market.
• Textiles integrated with these SMPs can help in achieving different 3D forms in garments.
• Window curtains or films with temperature-induced SMPs can also act under the influence of heat, which changes the microstructure and macrostructure properties of smart clothing.
• Hence, owing to the above-mentioned reasons, temperature-induced SMPs are likely to account for the major market share during the forecast period.

Asia-pacific to Witness the Highest Growth Rate

• Asia-Pacific to expected to witness major growth in the demand for Shape-memory Polymer (SMP) owing to the increasing demand from countries like China and Japan.
• The growing construction industry in countries like India and China is a major driver for the increasing demand for SMP in the region.
• Additionally, there has been significant growth in the demand for SMP in the southeast Asian countries for usage in end-user industries like construction, automotive, healthcare, etc..
• Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to witness the highest growth during the forecast period.

Competitive Landscape

The global shape-memory polymer market is moderately consolidated as the majority of the market share is divided among few players. Some of the key players in the market include BASF SE, COVESTRO AG, Evonik Industries AG, SMP Technologies Inc., and Spintech Holdings Inc., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support