Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Asia Pacific shape memory polymers market. In addition, complete analysis of changes on the Asia Pacific shape memory polymers market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Asia Pacific 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.
Asia-Pacific to expected to witness major growth in the demand for shape memory polymer (SMP) owing to the increasing demand from countries like China and Japan. The growing construction industry in countries like India and China is a major driver for the increasing demand for SMP in the region. Additionally, there has been significant growth in the demand for SMP in the southeast Asian countries for usage in end-user industries like construction, automotive, healthcare, etc. Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to witness the highest growth during the forecast period.
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.
The major restraining factor for the Asia Pacific 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 Asia Pacific 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 Asia Pacific impacts of the COVID-19 are already there, significantly affecting the shape memory polymer market in 2020.
The report provides in-depth analysis of Asia Pacific 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 Asia Pacific shape memory polymer market comprises of different market segment like Material, End User, Application and Country.
The material studied in the Asia Pacific 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 also possesses high resistance against water, oil, grease, and harsh environments. It also has good electrical property, has an economical manufacturing process, shorter production lead time, and can be produced in different colors. PU-based SMPs are used in the biomedical industry, in aerospace deployable structures, and to build sensor systems. Developments in the end-user industries and the beneficial properties of the product will drive its demand for SMP production in the coming years.
The Asia Pacific 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. R&D applications of shape memory polymer include experimenting different materials for shape memory effect, improving the properties of SMP materials, and finding new novel applications for the product. Manufacturers, research laboratories, and universities are at the forefront of SMP R&D applications. Most R&D activities for SMPs are related to biomedical applications.
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. Biomedical applications of SMPs include devices that are used for diagnosis and surgery. Extensive research is being done by market participants to find new innovative applications of SMPs in the biomedical industry. This has led to the development of many SMP-based medical devices such as catheters, sutures, stents, and cannulas. They are also being used as components for pacemaker and artificial hearts. The ongoing research related to SMP usage as dental braces, splints, and other orthopaedic structures will augment the industry over the forecast timeframe.
Geographically, the Asia Pacific shape memory polymer market is studied across the countries of the India, China, Japan, and Rest of Asia Pacific. China dominates the Asia Pacific shape memory polymer market, followed by India. The growing construction industry in countries like India and China is a major driver for the increasing demand for SMP. Additionally, there has been significant growth in the demand for SMP in the southeast Asian countries for usage in end-user industries like construction, automotive, healthcare, etc. Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to witness the highest growth during 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 Asia Pacific, 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: Nature Works 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.
Asia Pacific 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 Asia Pacific shape memory polymer market comprises of different market segment like material, end user, application and country. The material studied in the Asia Pacific 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 Asia Pacific 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 Asia Pacific shape memory polymer market is studied across the countries of the India, China, Japan, and Rest of Asia Pacific. China dominates the Asia Pacific shape memory polymer market, followed by India.
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)?
China is expected to gain major market share during the forecast period (2022-2028), followed by India.
