Selbyville, Delaware, April 08, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the Shape Memory Polymer Market was estimated at $392.4 million in 2020 and is slated to exceed $1 billion by 2025, registering a CAGR of 21.5% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The potential applications of shape memory polymers in biomedical and construction industries coupled with increasing the shape memory polymer market demand in the automotive and aerospace sectors will prosper product usage in the near future. The biomedical end-use segment will dominate the market.
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Polyurethane will be the fastest-growing material type owing to its ease of manufacturing, availability, good resistance, and excellent tensile strength
Acrylic SMP materials will witness around 24% CAGR and are used for both research and commercial purposes. Acrylic has advantages such as good optical clarity, excellent weather ability, and resistance to sunlight. It has good rigidity and impact strength, enabling its usage for damping applications. It also exhibits good dimensional stability and chemical resistance.
Acrylic SMPs have been used for applications in healthcare, construction, aerospace, and automotive industries. They have also been used for manufacturing household goods. Significant amount of shape memory polymer demand across the globe is for its R&D activities. Manufacturers, research foundations, universities, and laboratories are trying to develop new applications for the product.
The aerospace industry uses shape memory polymers for manufacturing deployable structures such as radars, antennas, solar arrays, and support structures. They are also being used to develop morphing structures for aircraft. These morphing structures are developed so that the aircraft body can change its shape according to the external activation signals to lower fuel usage, increase speed, and maneuverability.
Outer space applications hold tremendous scope for the product market growth. Overall growth in the aircraft manufacturing industry, rising space exploration activities, and rising expenditure in the defense industry will propel the shape memory polymer market share for aerospace applications over the forecast timeframe.
Asia Pacific shape memory polymer market will witness over 15% CAGR owing to high economic growth and increasing income level of consumer. The Asia Pacific automotive industry will be a major growth enabler for the SMP business. China, India, South Korea, and Japan are some of the largest automotive manufacturing countries in the world.
The Asia Pacific region has been witnessing an increasing demand for automobiles in recent years. Increasing defense spending by Southeast Asian countries including India, China, Thailand, South Korea, Japan, Indonesia, and Malaysia will create new opportunities for market growth in the aerospace industry. The proliferating healthcare expenditure in the Asia Pacific will also prosper the regional shape memory polymer market growth in the near future.
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Prominent shape memory polymer industry players include Nanoshel LLC; SMP Technologies Inc.; Asahi Kasei Corporation; Composite Technology Development, Inc.; Cornerstone Research Group (CRG); MedShape, Inc.; Shape Memory Medical, Inc.; EndoShape, Inc.; Dupont De Nemours, Inc.; The Lubrizol Corporation; Covestro AG, and Guangzhou Manborui Materials Technology Co., Ltd.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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