Driven by increasing adoption of smart materials across several end-use sectors, shape memory polymer market has been observing remarkable growth in the overall polymer and advanced material industry. The ability of SMPs to respond to external stimuli comprising stress, pressure, and temperature has been driving their demand across automotive, textile, healthcare, and aerospace applications. Shifting focus of industry players to develop materials possessing properties including super-elasticity, high damping, air permeability, and adaptive responses is poised to propel SMP market size over the coming years.
U.S. Shape Memory Polymer Market Size, By End-user, 2014 – 2025 (USD Million)
Based on the material spectrum, shape memory polymer (SMP) market is segmented into polyurethane (PU), polyvinyl chloride (PVC), acrylic and epoxy. Owing to their excellent thermomechanical property and superior processability , epoxy-based SMPs have been preferred on a large as an engineering materials. For the record, the epoxy-based shape memory polymer industry is expected register a CAGR of more than 20% between 2019 to 2025.
Growing awareness among the automakers to increase efficacy of vehicles and reduce emission of hazardous gases will increase SMP industry share over the years ahead. Automobile manufacturers have been looking forward to reducing the overall weight of vehicle by eliminating hydraulic components with sensor-based actuators. Surging use of shape memory polymers to manufacture actuators will further enhance shape memory polymers market outlook.
High deformability, strength, and light weight are some of the prominent requirements of the aerospace industry, which is experiencing a remarkable change over the last few years in terms of product design flexibility. Indeed, many aircraft manufacturers have been investing heavily in research and development activities to come up with innovative and environment friendly products. For instance, the NASA Langley Research Center has developed a technology to improve adhesive strength between SMP composites and metal alloys. On account of their unique shape memory capability, SMPs have been gaining popularity across aerospace and aircraft applications, which will impel shape memory polymer industry outlook.
In addition to aerospace and automotive applications, SMPs play a significant role in the biomedical and textile industry. SMP meets the requirement of the biomedical applications including biological sutures, tissue engineering, stents and bladder sensors. The shape memory effect of the material will allow it to manufacture medical devices that can be implanted in minimally invasive surgeries in a folded state. Increasing popularity of non-invasive surgeries to avoid stretch marks and undergo faster recovery is slated to accelerate shape memory polymer market trends.
Emergence of smart textiles and clothing is one of the primary factors encouraging industry biggies in shape memory polymer market to undertake new product developments. Shape memory garment products can respond effectively to surrounding temperature changes. Equipped with a variety of chemical and mechanical compositions, smart polymeric materials such as SMPs are being used in numerous research activities to improve the functional diversity of smart fabric, which will help to expand SMP industry trends over the forecast timeframe.
With automobile and aerospace companies looking forward to incorporating shape memory polymers in their future products to enhance their design and functionality, the industry is likely to gain substantial acclaim in the years ahead. Ongoing innovations across the biomedical and textile sectors will also create opportunities for shape memory polymer market players to expand their regional reach.
Some of the major players of shape memory polymers market share include, Nanoshel, Asahi Kasei Corporation, MedShape, Composite Technology Development, Cornerstone Research Group, DowDuPont, Lubrizol, Shape Memory Medical, SMP Technologies, Changchun Foliaplast Bio-Tech, Guangzhou Manborui Materials Technology Company, and EndoShape. According to a report by Global Market Insights, Inc., shape memory polymer market is likely to surpass revenue collection of USD 1.4 billion by 2025.