Home > Chemicals & Materials > Polymers > Industrial Polymers > Shape Memory Polymer Market
Shape Memory Polymer Market Analysis
- Report ID: GMI3355
- Published Date: Jan 2023
- Report Format: PDF
Shape Memory Polymer Market Analysis
SMP market valuation from the polyurethane material segment is set to surpass USD 2.2 billion by 2032. Polyurethane (PU) is one of the most commonly used materials for SMPs owing to its mechanical strength, high load-bearing capacity, tear resistance, flexibility, hardness, and abrasion & impact resistance. PU-based SMPs have shorter production lead times and therefore ensure a more economical manufacturing process. They are resistant to water, grease, oil, and harsh conditions with excellent electrical properties. These SMPs are also gaining a notable rise in demand across biomedical applications in the construction of sensor systems, and in aerospace deployable structures.
Asia Pacific shape memory polymer market valuation is poised to reach USD 750 million by 2032. APAC is home to an expanding healthcare and biomedical sector and is witnessing the rapid influx of foreign investments, new clinical research initiatives, and product development efforts. For instance, in June 2022, the U.S. announced a fund worth more than USD 122 million in the top 3 research institutes of India to the t the early detection of disease threats, prevent avoidable epidemics and enhance rapid & effective response. Similar initiatives fostering the development of the biomedical sector will also represent the significant scope for SMP applications.
In addition, APAC countries such as China have one of the largest automotive sectors in the world, further increasing demand for SMP materials. China led the global automotive sector with the highest sales of more than 21 million cars. China is also at the top of the EV race with massive sales of electric cars and the largest number of publicly available chargers. According to the International Energy Agency (IEA), China’s electric car sales tripled in 2021 to 3.3 million, accounting for nearly half of the global estimates.
The shape memory polymer market from R&D applications is projected to record over 23.5% CAGR between 2023 and 2032. SMPs have a broad spectrum of R&D applications in the assessment of different materials for shape memory effect, the discovery of novel applications, and the modification of existing SMP properties. Moreover, the significant efforts placed by prominent key players to accelerate R&D initiatives will complement the segment growth.
The biomedical sector is expected to exhibit gains at nearly 28% up to 2032. The increasing use of SMPs to manufacture biomedical devices can be credited to their biocompatibility and affordability. SMPs are widely used to make stents, cannulas, catheters, and sutures along with components for artificial hearts and pacemakers. The rising prevalence of chronic heart diseases will also escalate the demand for SMP-based medical devices. Additionally, SMPs are also increasingly used as dental braces, splints, and other orthopedic structures, propelling biomedical applications of smart materials.
Frequently Asked Questions (FAQ) :
Shape Memory Polymer Market Scope
