New York, Mar, 2022: Axiom Market Research & Consulting™ added a report on global shape memory polymers market which includes study on material, application, end use across various countries of key regions across the globe. The global Shape memory polymers market was projected to grow at a CAGR of 18.61% for the forecast period 2022 to 2028. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the shape memory polymers market.    

The factors such as increasing applications in healthcare and growing construction industry across the globe helps shape memory polymer market to grow in the forecast period. As SMPs are used to manufacture catheters in the biomedical industry. Catheters are thin tubes, which are inserted in the body to treat diseases or perform a surgical procedure. Moreover, increasing shape memory polymer demand in the automotive and aerospace sector also helping the market to globally. 

The report analyses the global Shape memory polymers industry based on material, application, end use, and geography. The material studied in the global shape memory polymers market are polyurethane (PU), polyvinyl chloride (PVC), acrylic, epoxy and other. Several applications of the industry are segmented into R&D and commercial. The major end use of Shape memory polymers is in biomedical, automotive, aerospace, and textiles. The global Shape memory polymers market is studied across various key countries of regions such as, North America, Europe, Asia Pacific and Rest of the World.

The Polyurethane (PU) segment is estimated to dominate the market during the forecast period.

Polyurethane is one of the most preferred materials for shape memory polymer due to its superior properties. Its mechanical properties can be easily altered using creative chemistry. Polyurethane has excellent hardness and high load bearing capacity as well as good flexibility, abrasion and impact resistance, and tear resistance. The Polyurethane also possesses high resistance against water, oil, grease, and harsh environments.

The R&D application segment is expected to dominate the shape memory polymers market during the forecast period

The rising product innovation in various end user industries is also boosting growth of R&D segment in the upcoming year. The shape memory polymer additionally utilized for assembling orthopaedic support and braces. An alluring component of SMPs which will support its biomedical applications is the capacity to tailor its glass progress temperature for shape reclamation or self-sending of clinical gadgets when embedded or reached in the human body. 

In 2021, biochemical end user accounted for the major market share

Shape memory polymers are used to make a few kinds of catheters which will be remotely firm for simpler control by a doctor while staying delicate inside the human body. These factors along with mechanical headway fit as a fiddle memory innovation will drive the demand for the biomedical end user segment in the global shape memory polymer market in the upcoming years. 

North America dominated shape memory polymers market in 2021 and is expected to witness the fastest growth in upcoming years

North America is a major SMP market characterized by the presence of several product manufacturers and potential end-users. A highly mature healthcare industry in the U.S. coupled with increasing research in the biomedical field will propel the shape memory polymer market sales over the forecast period.

Key Players: 

The key competitor of the market includes SMP Technologies (Japan), Composite Technology Development Inc. (United States), DJO global. (United States), Shape Memory Medical Inc. (United States), Covestro (Germany), Dow (United States), Lubrizol Corporation. (United States), Spintech Holdings (United States), Nanoshel. LLC (United States), Nissan Chemical Corporation (Japan), Nature Works (United States), Stitcher Radio (United States), among others.

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