The Global Shape Memory Polymer Market size is expected to reach $4.5 billion by 2030, rising at a market growth of 22.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 281.66 Kilo Tonnes, experiencing a growth of 19.8% (2019-2022).
One of the prominent applications of these in aerospace is in morphing aircraft structures. Therefore, the aerospace segment captured $66.96 million revenue in the market in 2022. SMPs can be used in wing components and other structural elements that can change shape in response to external stimuli. This technology aims to improve aerodynamics, fuel efficiency, and aircraft performance. These factors will help in the expansion of the segment. Some of the factors impacting the market are extensive usage in the biomedical field, rising applications in the aerospace industry, and high manufacturing costs of shape memory polymers.
SMPs are employed in the development of devices used in minimally invasive surgeries. Surgical procedures frequently entail minor incisions; using SMPs enables the development of instruments and tools capable of deforming in response to external stimuli, thereby augmenting procedural precision and maneuverability. The capacity of these polymers to endure reversible shape changes enables the regulation of drug release by particular stimuli, including fluctuations in temperature or alterations in the physiological milieu. Additionally, SMPs are integrated into composite materials used in aircraft structures. These materials can "remember" and revert back to their initial configuration following deformation. In self-healing composites, SMPs play a role in restoring the material to its original form, helping to mitigate damage caused by mechanical stresses, impacts, or fatigue. Moreover, SMPs are employed in the design of deployable structures for aerospace applications. These aspects will pose lucrative growth prospects for the market.
However, these polymers often require specific raw materials with unique chemical compositions to exhibit the desired shape memory properties. The sourcing and production of these materials can be more expensive than conventional polymer materials, contributing to higher material costs. The manufacturing processes for these are often specialized and may involve intricate techniques such as polymerization, cross-linking, and programming. These factors are expected to limit the growth of the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SMP Technologies Inc., Lubrizol Corporation (Berkshire Hathaway, Inc.), Evonik Industries AG (RAG-Stiftung), Spintech Holdings Inc., DJO Global (Enovis Corporation), Nanoshel (UK) Limited, BASF SE, and Covestro AG
One of the prominent applications of these in aerospace is in morphing aircraft structures. Therefore, the aerospace segment captured $66.96 million revenue in the market in 2022. SMPs can be used in wing components and other structural elements that can change shape in response to external stimuli. This technology aims to improve aerodynamics, fuel efficiency, and aircraft performance. These factors will help in the expansion of the segment. Some of the factors impacting the market are extensive usage in the biomedical field, rising applications in the aerospace industry, and high manufacturing costs of shape memory polymers.
SMPs are employed in the development of devices used in minimally invasive surgeries. Surgical procedures frequently entail minor incisions; using SMPs enables the development of instruments and tools capable of deforming in response to external stimuli, thereby augmenting procedural precision and maneuverability. The capacity of these polymers to endure reversible shape changes enables the regulation of drug release by particular stimuli, including fluctuations in temperature or alterations in the physiological milieu. Additionally, SMPs are integrated into composite materials used in aircraft structures. These materials can "remember" and revert back to their initial configuration following deformation. In self-healing composites, SMPs play a role in restoring the material to its original form, helping to mitigate damage caused by mechanical stresses, impacts, or fatigue. Moreover, SMPs are employed in the design of deployable structures for aerospace applications. These aspects will pose lucrative growth prospects for the market.
However, these polymers often require specific raw materials with unique chemical compositions to exhibit the desired shape memory properties. The sourcing and production of these materials can be more expensive than conventional polymer materials, contributing to higher material costs. The manufacturing processes for these are often specialized and may involve intricate techniques such as polymerization, cross-linking, and programming. These factors are expected to limit the growth of the market.
Material Outlook
On the basis of end-use, the market is divided into medical, automotive, textile, aerospace, construction, and others. The construction segment procured a substantial revenue share in the market in 2022. The construction industry is increasingly adopting smart and responsive materials to enhance the durability and functionality of infrastructure. These can return to a predetermined shape under specific stimuli and can be integrated into various construction materials, offering innovative solutions for smart infrastructure. These aspects will pose lucrative growth prospects for the segment.End-Use Outlook
Based on the material, the market is segmented into polyurethane (PU), epoxy, polylactide (PLA), and others. The polyurethane (PU) segment held the largest revenue share in the market in 2022. Polyurethane is known for its versatility and flexibility, making it suitable for their applications. Its ability to be tailored to specific requirements and its durability has contributed to its adoption in various industries. In the medical field, polyurethane-based shape memory polymers have been explored for use in devices such as stents and catheters.Regional Outlook
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment acquired a considerable revenue share in the market. The aerospace and automotive industries are prominent consumers of shape memory polymers. The region has a strong presence in these sectors and adopting these for applications such as adaptive structures, morphing components, and self-healing materials could contribute to growing demand. These factors will boost the demand in the segment.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SMP Technologies Inc., Lubrizol Corporation (Berkshire Hathaway, Inc.), Evonik Industries AG (RAG-Stiftung), Spintech Holdings Inc., DJO Global (Enovis Corporation), Nanoshel (UK) Limited, BASF SE, and Covestro AG
Scope of the Study
Market Segments Covered in the Report:
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Medical
- Textile
- Automotive
- Aerospace
- Construction
- Others
By Material (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Polyurethane (PU)
- Epoxy
- Polylactide (PLA)
- Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- SMP Technologies Inc.
- Lubrizol Corporation (Berkshire Hathaway, Inc.)
- Evonik Industries AG (RAG-Stiftung)
- Spintech Holdings Inc.
- DJO Global (Enovis Corporation)
- Nanoshel (UK) Limited
- BASF SE
- Covestro AG
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Global Shape Memory Polymer Market by End-use
Chapter 5. Global Shape Memory Polymer Market by Material
Chapter 6. Global Shape Memory Polymer Market by Region
Chapter 7. Company Profiles
Companies Mentioned
- SMP Technologies Inc.
- Lubrizol Corporation (Berkshire Hathaway, Inc.)
- Evonik Industries AG (RAG-Stiftung)
- Spintech Holdings Inc.
- DJO Global (Enovis Corporation)
- Nanoshel (UK) Limited
- BASF SE
- Covestro AG
Methodology
LOADING...
