Shape Memory Polymer Market Size, Share & Trends Analysis Report By Material (Epoxy, PU, PLA), By End-use (Medical, Automotive, Textile, Aerospace, Construction), By Region, And Segment Forecasts, 2023 - 2030

Shape Memory Polymer Market Size, Share & Trends Analysis Report By Material (Epoxy, PU, PLA), By End-use (Medical, Automotive, Textile, Aerospace, Construction), By Region, And Segment Forecasts, 2023 - 2030

Shape Memory Polymer Market Growth & Trends

The global shape memory polymer market size is expected to reach USD 4.77 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to grow at a CAGR of 23.35% from 2023 to 2030. The usage of shape memory polymers (SMPs) is expected to increase owing to their unique features, adaptability, and potential for usage in a wide range of applications. The growing demand for smart materials in industries, such as aerospace, automotive, medical, and textiles, is a major driver of the market growth. Increased R&D investments and technical improvements are projected to create growth opportunities for market players. Growing product demand in the aerospace and car segments is expected to boost the market expansion.

Moreover, SMPs are utilized in a variety of medical devices, including stents, catheters, sutures, and orthopedic implants. The increasing application of SMPs for effective drug delivery in cardiovascular stents, medical devices, splints, orthopedic braces, catheters, and orthodontics is expected to drive market growth during the forecast period. A rise in the level of technological experience required for the production of SMPs is expected to restrict the growth of the market. Moreover, changing raw material prices and strict regulations imposed by governments in various countries regulating the use of these polymers are other factors that may hinder global market growth.

Shape Memory Polymer Market Report Highlights

• Asia Pacific dominated the market, in terms of revenue. The expansion of the construction sector in countries, such as India and China, has contributed to regional market growth. The product demand in the region is expected to grow exponentially owing to its use in end-user sectors, such as automotive and healthcare
• Polyurethane (PU) dominated the application segment owing to the growing awareness about the unique attributes of polyurethane-based shape memory polymers, such as flexibility, high strength, and chemical & heat resistance
• The medical segment dominated the market with a revenue share of over 34.0%.SMPs are used for developing advanced medical devices, such as stents, catheters, and embolic protection devices
• In February 2023, Natureworks LLC established its new IngeoTM PLA manufacturing site in Thailand. The new manufacturing factory, located in Nakhon Sawan Province, Thailand
• It is designed to be fully integrated, with lactide, lactic acid, and polymer manufacturing sites. The facility, which is expected to be finished in the second half of 2024, will have an annual capacity of 75,000 tons of the entire range of Ingeo biopolymer grades

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