The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the North America shape memory polymers market. In addition, complete analysis of changes on the North America shape memory polymers market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on North America economies, international trade, business investments, GDP and marketing strategies of key players present in the market. On the other hand, some other factors in scenarios for economic impact of COVID-19 crisis for shape memory polymer market is improper supply chain attributing to stoppage of transportation and shipping services and declining demand for various sector in applications, budgetary constraints to adopting new technology and regularity models are likely to cause the fluctuation in the market growth and demand.
The key factor driving the market growth are increasing application in healthcare industry. 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. Catheters made from SMPs remain stiff externally so that the physicians can accurately manipulates the tubes. Although, most of these catheters will continue to be made from commonly used materials, there are ample opportunities for SMP-based catheters substituting other materials in this application. This will drive the shape memory polymer market share during the forecast period 2022-2028.
The North America shape memory polymers market is expected to witness increasing new growth opportunities for market with growing construction industry. The structure’s ease of assembly, compact storage, transportability and configurable properties offer promising applications in emergency and disaster relief shelters. Lightweight recreational structures and a variety of other applications in the temporary construction and aerospace industry. Moreover, construction is a major contributor to the U.S. economy. The industry has more than 733,000 employers with over 7 million employees and creates nearly $1.4 trillion worth of structures each year. Construction is one of the largest customers for manufacturing, mining and a variety of series.
The major restraining factor for the North America shape memory polymers market is relatively slow stiffness value. Shape memory polymers (SMPs) are considered as variable stiffness materials, SMPs are stiff like plastic in their glassy state. When heated above the transition temperature, they become soft and rubbery with large strain capacity. Further following a cooling process, they become glassy again. Owing to that, SMP skins could be used to withstand aerodynamic loads in their glassy state with high modulus and later their shape in the rubbery state with low modulus.
The major growth challenge for the market is COVID-19 pandemic. Since the COVID-19 virus outbreak in December 2019, the World Health Organization declared it a public health emergency. The disease has spread to over 100 countries and caused huge losses of lives across the globe. Especially the North America manufacturing, tourism and financial markets have been hit hard. The downward pressure on the world economy that once showed sign of recovery in the previous period has raised again. The outbreak of this pandemic has added risk factors to the already weak growth of the world economy. Many international organizations have pointed out that the world economy is in the most severe period since the financial crisis. The negative North America impacts of the COVID-19 are already there, significantly affecting the shape memory polymer market in 2020.
The report provides in-depth analysis of North America shape memory polymers market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various shape memory polymers in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The North America shape memory polymer market comprises of different market segment like Material, End User, Application and Country.
The material studied in the North America shape memory polymers market are polyurethane (PU), polyvinyl chloride (PVC), acrylic, epoxy and other. 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 North America shape memory polymers market finds its major application in R&D and commercial. The R&D segment is likely to dominate the market during the estimated period. The key drivers propelling growth of segment is increasing applications in the healthcare and growing demand from the construction industry in the emerging economies. The rising product innovation in various end user industries is also boosting growth of R&D segment in the upcoming year.
The various end users comprise biomedical, automotive, aerospace, textile and others. The biomedical end user segment is likely to dominate the market during the forecast period. The primary factors propelling growth of biomedical end user segment in North America shape memory polymer market is that the products are seen to be non-lethal, biocompatible, and non-mutagenic in nature, which empowers its utilization in various clinical gadgets which are implanted in a human body.
Geographically, the North America shape memory polymer market is studied across the countries of the US, Canada, and Mexico. The US dominates the North America shape memory polymer market. The US 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.
The competitive landscape analysis of shape memory polymers market is certainly based range of market players operating in the chemical and material market with increasing demand for production of shape memory polymers. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are SMP Technologies, Composite Technology Development Inc., DJO North America, Shape Memory Medical Inc., Covestro, Dow, Lubrizol Corporation., Spintech Holdings, Nanoshel. LLC, Nissan Chemical Corporation, Nature Works, Stitcher Radio, among others.
April 2020: SMP has launched Shape Memory Mask. This mask is made up of SMP filament for 3D printers. It is hygienic and can be reused.
August 2019: Composite Technology Development launched its Compact Lightweight Array with Shape-memory Polymer CLASP, solar wing for small satellite. This solution provides the highest specific power for small satellite solar wings on the market.
October 2021: Lubrizol Corporation launched halogen-free ESTANE ZHF thermoplastic polyurethane (TPU). ESTANE ZHF TPU polymers applied in, including thinner or colored cables in the market and for commercial use.
June 2021: NatureWorks has announced manufacturing expansion plan for a new integrated Ingeo PLA production facility that is anticipated to open in Thailand by 2024, operational the new plant will have an annual capacity of 75,000 tons of Ingeo biopolymer.
North America Shape memory polymer (SMP) is a smart material that can change its shape in response to the external stimuli such as temperature, electricity, chemicals, and light. These materials are being developed for a wide range of applications in aerospace, biomedical, automotive, and many other industries. The North America shape memory polymer market comprises of different market segment like material, end user, application and geography. The material studied in the North America shape memory polymers market are polyurethane (PU), polyvinyl chloride (PVC), acrylic, epoxy and other. The Polyurethane (PU) segment is estimated to dominate the market during the forecast period. The North America shape memory polymers market finds its major application in R&D and commercial. The R&D segment is likely to dominate the market during the estimated period. The various end users comprise biomedical, automotive, aerospace, textile and others. The biomedical end user segment is likely to dominate the market during the forecast period. Geographically, the North America shape memory polymer market is studied across the countries of the US, Canada, and Mexico. The US dominates the North America shape memory polymer market.
1) What are the drivers for shape memory polymer market?
The key driving factors of the market are increasing application in healthcare and increasing SMP demand in automotive and aerospace sector
2) Which is the leading application segment for shape memory polymers market?
R&D has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which country is gaining majority of market share during the forecast period (2022-2028)?
United States is expected to gain major market share during the forecast period (2022-2028).