The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Europe shape memory polymers market. In addition, complete analysis of changes on the Europe shape memory polymers market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Europe 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. Moreover, expanding automotive generation rates in Germany, France, and other European nations combined with a rising interest in aviation and space investigation exercises will drive this demand. Biomedical gadget producing in UK and Italy will likewise be a key explanation for the Europe market development in the coming years.
The Europe 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 Europe 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 Europe 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 Europe impacts of the COVID-19 are already there, significantly affecting the shape memory polymer market in 2020.
The report provides in-depth analysis of Europe 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 Europe shape memory polymer market comprises of different market segment like Material, End User, Application and Country.
The material studied in the Europe 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 key factors propelling growth of polyurethane in Europe shape memory polymer market are key applications for shape memory polymer, which will observe huge development in the coming future is the biomedical business. It is observed to be non-hazardous, biocompatible, and non-mutagenic in nature, which empowers its utilization in various medical devices which are implanted in a human body.
The Europe 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 research and development segment is growing demand for products innovations in healthcare industry. The growing demand of shape memory products from the construction industry is also refueling growth of research and development segment in the global shape memory polymer market.
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. SMPs are being used in the medical industry owing to its biocompatible nature. SMP materials are also used to manufacture surgical sutures. Sutures are used by surgeons to join tissue or close a wound that has been severed by an injury or owing to surgery. SMP-based sutures will provide easier application ad securing. They can also be programmed to tighten over time and to ensure ideal tissue approximation. SMPs are used as coronary stents in the biomedical industry.
Geographically, the Europe shape memory polymer market is studied across the countries of the UK, Spain, Germany, Italy, France, and Rest of Europe. The Germany dominates the Europe shape memory polymer market. The automotive is the main end user of shape memory polymer market, in Germany. The automotive industry is the largest industry sector in Germany. In 2020, the auto sector listed turnover of EUR 379.3 billion i.e., around 20 percent of total German industry revenue.
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 Europe, 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.
The Europe shape memory polymer is a polymeric brilliant material that can come back from a distorted transitory state to its unique changeless state when initiated by an outside boost, for instance, temperature, power, attractive field, light, synthetic compounds, and so forth. The polymer is first made into a lasting shape by methodologies, after which it is distorted into the required impermanent shape utilizing a procedure called programming. The Europe shape memory polymer market comprises of different market segment like material, end user, application and country. The material studied in the Europe 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 Europe 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 Europe shape memory polymer market is studied across the countries of the UK, Spain, Germany, Italy, France, and Rest of Europe. The Germany dominates the Europe 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)?
Germany is expected to gain major market share during the forecast period (2022-2028).