Feb 02, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Shape Memory Polymer Market.
It was estimated prior to this unanticipated outbreak that the Shape Memory Polymer Market is likely to witness a significant CAGR of 24.5% during the forecast period. The prime factor contributing to the demand for shape memory polymers is the increasing demand from the biomedical industry. Being non-toxic, biocompatible, and non-mutagenic they are used in clinical devices that are inserted to human body. They are also used to manufacture catheter, orthopedic braces, splints, intravenous cannula, surgical cast, surgical sutures, and stents.
Shape memory polymer is a polymeric smart material that can return to its original permanent state when subjected to external stimulus such as magnetic field, light, temperature, electricity, and chemical external. It possesses properties such as light weight, low density, good shape recovery, and ease of processing.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the material type, the market is segmented as polyurethane, polyvinyl chloride, acrylic, epoxy, and others. Polyurethane to remain the largest material type during the forecast period with extensive usage in biomedical application. Other materials include PEEK, polyethylene, bio-PDO, etc.
Based on the application type, the market is segmented as research & development and commercial. Research & development to dominate the market during the forecast period, whereas commercial application to register the fastest growth with the commercialization of materials under development.
Based on the end-use industry type, the market is segmented as biomedical, automotive, aerospace, textile, and others. Biomedical to remain the dominant end-use industry during the forecast period. Shape memory polymers are used in automotive industry for manufacturing actuators and automatic chokes for engines. They are also used as protective covers for automotive assembly lines and damping materials.
In terms of regions, North America is estimated to be the largest shape memory polymer market during the forecast period. The region has a larger number of manufacturers, researchers and filed patents. Asia-Pacific to depict gradual adoption of shape memory polymers in China and South Korea’s biomedical device manufacturing industry.
Key players operating in the global Shape Memory Polymer market are-
Asahi Kasei Corporation
Composite Technology Development Inc.
Cornerstone Research Group
Lubrizol MedShape, Inc.
Shape Memory Medical Inc.
SMP Technologies Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Shape Memory Polymer analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors