Shape Memory Polymer Market Size, Share and Industry Analysis Report by Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), Application (Research & Development, Commercial) and End-user (Biomedical, Automotive, Aerospace, Textile), Regional Outlo

Shape Memory Polymer Market Size, Share and Industry Analysis Report by Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), Application (Research & Development, Commercial) and End-user (Biomedical, Automotive, Aerospace, Textile), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The shape memory polymer market is speculated to exhibit robust growth by 2030 owing to increasing product demand in the aerospace and automotive industries. In addition, the expanding biomedical industry is likely to further foster market growth over the forecast period.

As shape memory polymers can return to their original shape from deformation caused by exposure to external conditions like changes in temperature and light, they are extensively used in industrial and medical sectors. Notably, widespread adoption of SMPs for actuators and dampeners in aerospace and automotive applications has accelerated research and development for shape memory polymer products.

For instance, in May 2022, a team at the Center for Composite Materials and Structures, Harbin Institute of Technology, conducted a study on 4D printing of shape memory polymer and its nanocomposites to verify the biocompatibility of these materials. The research findings concluded that the 4D printed multiple-SMPs with simultaneously magnetic- and thermo-responsive shape-changing ability showcased superior biocompatibility.

Moreover, key participants in the shape memory polymer market have been actively engaging in product innovation and development, and effective expansion strategies to elevate their market presence. To cite an instance, in March 2021, Shape Memory Medical, Inc., a medical device company, received approval for IMPEDE-FX Embolization Plug from Japan’s Pharmaceutical and Medical Devices Agency (PMDA) to market the product in the country.

The shape memory polymer market has been bifurcated in terms of material, end-user, application, and region.

On the basis of application, the industry has been divided into commercial and R&D. The commercial segment is slated to witness substantial growth at about 30% CAGR through the assessment timeframe attributed to innovation in product lines by manufacturers and growing commercialization rates of SMP-based products across the globe.

From the material point of reference, the shape memory polymer market has been categorized into epoxy, polyurethane, acrylic, polyvinyl chloride, and others. The acrylic segment is primed to depict a CAGR of over 25% through the analysis period. The beneficial qualities of acrylic SMPs, such as clarity, resistance, and dimensional stability, are likely to augment the acrylic segment’s growth. The epoxy segment is foreseen to exhibit solid development over the study timespan. These materials have excellent biocompatibility, which is poised to push the adoption of epoxy SMPs in the biomedical sector.

The shape memory polymer industry has been segregated with regards to end-user into textile, biomedical, aerospace, automotive, and others. The aerospace segment holds a major position in the market and accounted for around 9.5% of the overall market value in 2021. Likewise, the others segment also contributes significantly to the overall market and held more than 5.6% revenue share in 2021.

In the regional framework, the Europe shape memory polymer market accounted for approximately 25% market share in 2021 and is contemplated to progress at a stable pace over the forthcoming years.