Shape Memory Polymer Market

Shape Memory Polymer Market Outlook (2022-2032)

[309 Pages Report] The global shape memory polymer market is expected to be valued at US$ 450.4 Million in 2021. With a continued preference for shape memory polymer products in end-user industries such as healthcare, biomedical, construction, automotive textile and aerospace, for changing contours in implementing various high-end objectives and a spate of lesser-known applications, the product is poised to achieve compelling market share in the forthcoming years. Overall demand for shape memory polymers is projected to grow at a CAGR of 23% between 2022 and 2032, totaling around US$ 3.5 Billion by 2032.

Factors accelerating the global shape memory polymer demand:

• The biomedical business is increasingly securing the adoption of shape memory polymer. This is attributed to its non-mutagenic, non-dangerous, and biocompatibility which makes it ideal for its utilization in various clinical gadgets that are embedded in the human body.
• The automotive industry is progressively deploying shape memory polymer-based actuators and automatic chokes for engines during the production and assembly of cars. Vehicle execution, component estimation, and mileage are boosted by adopting form memory polymer-based actuators.
• Another use of shape memory polymers is to assemble orthopedic braces and supports. They are essentially being applied to make a careful cast, intravenous cannula, stents, and careful sutures. This is a pivotal aspect that is expected to drive the global shape memory polymer market growth.
• The automotive assembly lines further utilize this substance as a protective cover and a damping material. Moreover, the capacity to tailor shape memory polymer’s glass progress temperature for shape reclamation or self-sending of clinical gadgets when reached or embedded in the human body is an alluring component that supports its biomedical applications.

Although the shape memory polymer market share is likely to experience substantial growth, factors such as the relatively high cost to produce and operate, as well as low fatigue properties, are major hindrances that are expected to curb the global market size.

Data Points	Key Statistics
Shape memory polymer Market Value 2022	US$ 450.4 Million
Shape memory polymer Market Projected Value (2032)	US$ 3.5 Billion
Shape memory polymer Market CAGR (2022 to 2032)	23%

Proliferating Healthcare & Construction Industry Penetrating Shape Memory Polymer in Different Regions

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. Furthermore, the U.S. houses a proliferating healthcare industry which is accompanied by growing research in the biomedical field. These factors are estimated to bolster the global shape memory polymer market growth. In addition, the development of various verticals in the region is attributed to the introduction of several regulations and programs, such as NAFTA and USMCA. Furthermore, the presence of aircraft manufacturers in the U.S, as well as the growth of the aerospace and defense sectors, are further likely to propel the market growth.

The Asia Pacific is a growing shape memory polymer market owing to the increasing demand for this product from countries such as China, India and Japan, especially from the expanding construction industry. Likewise, the biomedical device manufacturing industry in China and South Korea is also gradually adopting shape memory polymers.

Scopes of Shape Memory Polymer being Offered by Key Providers

The shape memory polymer market share is likely to spearhead growth, especially in the biomedical industry owing to aspects such as flame retardation, favorable chemical and mechanical properties, and high dielectric strength together coupled with excellent insulation. Key providers in the shape memory polymer market are aiming to reshape the end user’s view of clinical success through the science of smart polymer.

Manufacturers are further concentrating on generating new healing possibilities. For instance, the regenerative smart polymer is growing in popularity within the biomedical industry since it stimulates the immune response and healing process to promote healthy new cellular growth as the material slowly “bioabsorbs” without chronic inflammation. Moreover, the dynamic smart polymer conforms to the anatomy and yields to the patient’s anatomy, providing stable occlusion and fill without unnecessary force. It further returns clarity as radiolucent material restores unprecedented visibility during and after the procedure.

These polymers deliver unmatched volume, which is essentially unparalleled volumes of porous material that promotes rapid clot formation, stable occlusion and durable seal. Certain brands are offering shape memory polymers that can be stabilized in a different form and then restored to their original shape on command. It is already improving its countless applications, as the secret to this smart material lies in its network structure. Researchers have recently tuned shape memory polymer formulations and pore sizes to create materials with differing cross-link densities, glass transition temperatures, and moisture plasticization and expansion rates.

The SMP was chemically created in its primary expanded shape, and then small holes were made in the pore membranes to maximize blood flow through the structure, and promote clotting and subsequent connective tissue deposition, in order to test a promising formulation. These factors are involved in the future prospects of the global shape memory polymer market growth.

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 utilized 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.

Shape Memory Polymer Demand Analysis (2017-2021) vs Market Outlook (2022-2032)

Shape memory polymers adoption in kinetic buildings as an envelope is of paramount significance with it responding to external stimuli to make do with minute structural changes in the buildings. This will optimize the building indoors, lowering energy roll-backs. From 2017 to 2021, sales of shape memory polymers inclined at a CAGR of 18.5%.

Shape memory polymer materials include PEEK, polyethylene, 1,3-propanediol, and many more. These items are widely used for various purposes. They are designed for use in the healthcare, aerospace, textiles, and automotive manufacturing industries. With the growth in R&D investments by manufacturers to acquire SMP novels, these resources will be increasingly marketed and used by consumer industries.

The biomedical end-user from shape memory polymer market will generate substantial market revenue over the period of assessment. The major applications of shape memory polymers in biomedical are surgery and diagnosis. Moreover, extensive research is conducted by market participants to identify new applications of SMPs in the biomedical industry. This has led to the development of many SMP-based medical devices such as stents, catheters, cannulas, and sutures as well as parts for pacemakers and artificial hearts.

Key Drivers Influencing Shape Memory Polymer Uptake

Shape Memory Polymer Alloys replacing Traditional Materials in Healthcare Applications

Ongoing research related to the use of SMPs as dental foundations, splinters, and other bone structures will enhance the industry during the forecast period. With shape memory alloys replacing traditional materials in healthcare applications, this will increment the shape memory polymer market growth over the forecast period.

By material, polyurethane (PU) is the material of choice in shape memory polymer market and it has 40% revenue in shape polymer market by 2030 owing to its supreme properties. Polyurethane is home to several robust features which include good electrical properties. PU based SMPs are ideally deployed in aerospace & biomedical industries and in sensor systems. Furthermore, the R&D efforts in the end-user industries coupled with the beneficial properties of the product will be impactful in driving the industry to high growth.

The global healthcare sector is flourishing rapidly with increasing investments in evolving medical facilities in developing & low-income economies. This will automatically stake rising claim in shape memory polymer market.

Shape Memory Polymer Market spearheading growth in Biomedical Industry

Catheters manufactured with the help of SMPs remain stiff externally, which benefits the physician in plenty, by providing the accuracy to manipulate the tubes, hence its growth is well tabulated.

The global catheter market is also expected to grow gradually, supporting product demand. Further, these are used to fabricate surgical sutures that are used to join tissues or close a wound due to injury or surgery. Economic growth in the poor & middle-income countries coupled with improving healthcare facilities will drive the surgical sutures demand, in turn driving growth in shape memory polymer market.

The properties supporting growth of shape memory polymer market includes favourable mechanical and chemical properties, flame retardation, excellent insulation together coupled with high dielectric strength.

Segmental Analysis of Shape Memory Polymers

By Application, which Category is likely to make Maximum Use of Shape Memory Polymers?

Research & Development to widen Growth Opportunities in the Long-Run

By application, shape memory polymers for research & development applications is expected to emerge as the dominant category, likely gather over US$ 2 Billion by 2032. Some research & development applications include exploring various aspects of the shape memory effect, improving SMP material properties, and generating new product ideas and discovering applications.

Manufacturers, research laboratories, and universities are at the forefront of shape memory polymer R&D programs. Many shape memory polymer R&D activities are related to biomedical applications.

Which End Use is likely to generate Profitable Growth Opportunities for Shape Memory Polymers?

Shape Memory Polymers uptake to be significant in the Automotive Industry

According to Future Market Insights, the automotive industry is expected to generate major revenue streams for shape memory polymer manufacturers. The segment is expected to witness a growth rate exceeding 21% CAGR over the forecast period.

Shape memory polymers are used for manufacturing actuators, sensors, seat assemblies, energy absorbing assemblies, reconfigurable storage bins, tunable vehicle structures, releasable fastener systems, hood assemblies, adaptive lens assemblies, airflow control devices, and morphable automotive body molding. Furthermore, shape memory polymers are effective substitutes for other metallic and polymer components, owing to its lightweight characteristics and low cost.

Which Shape Memory Polymer Material is likely to be Most Preferred?

Polyurethane Shape Memory Polymers to see Maximum Light of the Day

Based on material, polyurethane shape memory polymers are anticipated to experience maximum sales, clocking a value CAGR worth 24% from 2022 to 2032. As of 2022, the segment is forecast to accumulate 38% market revenue. Polyurethane has a high load-bearing capacity, extensive hardness, good abrasion, flexibility, tear resistance, and impact resistance.

Furthermore, it offers high resistance to oil, water, grease, and harsh environments. It also has good electrical properties. Furthermore,polyurethane can be manufactured economically with shorter production & lead time. PU-based SMPs are used in structures that are deployable in the aerospace & biomedical industries and also used in building sensor systems.

Region-wise Analysis of Shape Memory Polymers Demand

Will North America retain dominance in Shape Memory Polymer Market?

Expansion of Healthcare Infrastructure and Biomedical Research increasing SMP adoption across North America

North America is expected to emerge as a major shape memory polymer industry hub, characterized by the presence of several key end-users and product manufacturers. Besides, presence of a proliferating healthcare industry in the U.S., accompanied by growing research in the biomedical field will enhance demand during the forecast period. The introduction of various regulations and programs, such as NAFTA and USMCA, have also contributed to the development of various industries in the region.

Growth in the U.S. aerospace & defense sector will further propel the shape memory polymer market growth during the forecast period. The presence of aircraft manufacturers including Lockheed Martin and Boeing in the U.S. will drive the need for SMPs. NASA's spacecraft exploratory quests are also expected to improve SMP's need for aerospace during the forecast period. According to Future Market Insights, the North American shape memory polymer market is expected to surge at a 26% value CAGR from 2022 to 2032.

How is Latin America expected to contribute to Shape Memory Polymer Market Growth?

Multiple End Use Applications opening frontiers for Investments

The Latin America shape memory polymer market will observe over 10% CAGR through 2030 driven by a steadfast rise in the automotive production rates of Brazil and Mexico. Mexico is turning into a nerve centre for contract manufacturing activities for the premier automotive manufacturers across the globe.

Brazil has also witnessed stable production growth in the automotive industry for the last couple of years. The biomedical industry development in the Latin American region is also likely to increase the SMP market. Increase of commercialization prices of SMP products by the end of the forecast period will have a positive effect on the Latin American market.

How opportunistic will the Shape Memory Polymer Industry emerge across Asia Pacific?

As per Future Market Insights, the Asia Pacific shape memory polymer industry is poised to attract a valuation of about US$ 540 Million by the end of 2032. On account of soaring income levels of consumers and rapid economic growth, automotive ownership is on the incline. Hence, shape memory polymers for manufacturing various automotive parts and components is rising significantly across the region.

Furthermore, due to the strong presence of automotive giants attributed to soaring consumer passion for fast cars in the Asia Pacific, the SMP industry is projected 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.

Start-up Ecosystem: How key players are Opening Frontiers for Future Growth

Given their high degree of flexibility, shape memory polymers are finding extensive applications across a wide range of industries. From healthcare to automotive, numerous shape memory polymer start-ups are taking root across multiple regions. Some of these players are as follows:

• Shape Memory Medical
• NSL Comm
• VenoStent
• Conerstone Research Group
• MedShape
• Mnemoscience
• Danimer Scientific
• Solugen
• Notpla
• Novomer

• In August 2021, Shape Memory Medical Inc. announced the initiation of AAA-SHAPE Netherlands, its prospective multicentre early feasibility study of the IMPEDE FX RapidFill® Device when used for abdominal aortic aneurysm sac management during elective endovascular aneurysm repair. This high volume platform incorporates the novel Shape Memory Polymer, a porous, embolic scaffold that is crimped for catheter delivery and self-expands upon contact with blood for rapid conversion to organized thrombus.
• In May 2022, NSL Comm announced that ARQUIMEA has announced a US$ 15 Million investment in the company. The investment is part of the latter’s international expansion plans, and permits NSL Comm to deploy its BeetleSat antenna which is highly flexible made from shape memory polymers
• VenoStent Inc. is a prominent face in the shape memory polymer landscape, developing shape memory polymer wraps to help haemodialysis patients experience higher recovery rates and less painful post-operative lives.

Competitive Landscape

Who are the leading players in the Shape Memory Polymer Market?

The shape memory polymer industry players include Nanoshel LLC, Asahi Kasei Corporation, The Lubrizol Corporation, Cornerstone Research Group (CRG), MedShape, Inc., and Covestro AG, among others.

• Asahi Kasei Corp. produces fiber products, chemicals, and electronic related materials based on its core discipline of chemistry, and globally pursues growth opportunities in the areas where they can leverage their technological expertise.
• Covestro AG is a German company which produces a variety of polyurethane and polycarbonate based raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, and polyurethane based additives used in the formulation of coatings and adhesives. It is a Bayer offshoot formed in the fall of 2015 and was formerly called Bayer Material Science, Bayer's materials science division.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 23% from 2022-2032
Market Value in 2022	US$ 450.4 Million
Market Value in 2032	US$ 3.5 Billion
Base Year for Estimation	2021
Historical Data	2017 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in US$ Million and CAGR from 2022-2032
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Material, Application, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel
Key Companies Profiled	Nanoshell LLC; Asahi Kasei Corporation; Lubrizol Corporation; Cornerstone Research Group; MedShape Inc.; Covestro AG

Key Segments Covered in the Shape Memory Polymer Industry Report

Shape Memory Polymer Market by Material:

• Polyurethane (PU) Shape Memory Polymer
• Polyvinyl Chloride (PVC) Shape Memory Polymer
• Acrylic Shape Memory Polymer
• Epoxy Shape Memory Polymer
• Other Shape Memory Polymer Material

Shape Memory Polymer Market by Application:

• Shape Memory Polymer for Research & Development
• Shape Memory Polymer for Commercial Applications

Shape Memory Polymer Market by End Use:

• Shape Memory Polymer for Biomedical Use
• Shape Memory Polymer for Automotive
• Shape Memory Polymer for Aerospace
• Shape Memory Polymer for Textile
• Shape Memory Polymer for Other End Uses

Shape Memory Polymer Market by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Frequently Asked Questions

What is the expected market value for shape memory polymer in 2022?

As of 2022, the shape memory polymer market is slated to reach a valuation of US$ 450.4 Million.

At what rate will the shape memory polymer market flourish from 2022-2032?

From 2022-2032, sales of shape memory polymer is expected to grow at a 6.9% CAGR.

What is the expected market value for shape memory polymer in 2032?

By 2032, Future Market Insights expects the shape memory polymer market to reach US$ 3.5 Billion.

At what CAGR did the shape memory polymer market expand from 2017 to 2021?

From 2017 to 2021, the shape memory polymer market expanded at a CAGR of 18.5%.

By end use, which category is expected to be the key end user of shape memory polymers?

According to Future Market Insights, the automotive industry will make maximum use of shape memory polymers, experiencing a 21% CAGR.

Which material is expected to be the most deployed for manufacturing shape memory foams?

Polyurethane shape memory foams will remain highly sought after, accumulating 38% revenue in 2022.

How opportunistic is the market for shape memory foams in North America?

The market for shape memory foams in North America is expected to incline at a 26% CAGR until 2032.

How will Asia Pacific perform in the market for shape memory foams?

The Asia Pacific shape memory foams market is expected to accrue US$ 540 Million by 2032.