Shape-memory Polymer Market - Forecast(2021 - 2026)

Report Code: CMR 74459 Report Format: PDF + Excel (Delivery in 48 Hrs)

Shape-memory Polymer Market Overview

Shape-memory polymer market size is forecast to reach $2.1 billion by 2026, after growing at a CAGR of 26.8% during 2021-2026. A shape memory polymer is a polymeric smart material that, when prompted by an external stimulus, can return from a deformed temporary state to its original permanent state. Shape-memory polymers are made with a glass transition temperature (Tg) that can be adjusted between 299 and 322 °C. 

The widespread use of shape-memory polymers including polyvinyl chloride, polyethylene terephthalate, and polyurethane for efficient drug delivery in cardiovascular stents, healthcare, splints, orthopedic braces, catheters, and orthodontic braces will drive the industry's growth in the coming years. The expanding item demand in the automotive and aeronautic industries will be another key development driving factor for the shape memory polymers industry. However, the market's growth will be hampered by the relatively low stiffness values of shape-memory polymers over the forecast period.

COVID-19 Impact

The covid-19 outbreak had a significant effect on the automotive, construction, textile, and aerospace industry. Construction work in various regions came to a standstill owing to the nationwide lockdown to combat the COVID-19 pandemic. Due to this, the demand for construction materials significantly reduced, which affected the market shape-memory polymers. Additionally, the textile industry also faced various problems such as hindrance in production, fluctuating raw material prices, transportation problems, non-availability of skilled workers, sale of textile products, and reduced export/import orders, besides restrictions. 

Furthermore, the production and demand for automobiles fell in various regions owing to the pandemic. For instance, in June 2020, Honda Cars India Ltd (HCIL) reported a 96.7% decline in domestic sales to 375 units in May amid the coronavirus-induced lockdown and operational restrictions. With such hindrance in the automotive, construction, textile, and aerospace industry activities the market of the shape-memory polymer was also hindered in 2020.

Shape-memory Polymer Market Report Coverage

The report: “Shape-memory Polymer Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the shape-memory polymer Industry.

By Polymer Type: Polyurethane (PU), Polyvinyl Chloride (PVC), Acrylic, Polyethylene Terephthalate (PET), Epoxy, Ethylene-Vinyl Acetate (EVA), Polylactide (PLA), Polytetrafluoroethylene (PTFE), and Others
By Stimulus Type: Temperature-Induced, Light-Induced, Electricity-Induced, Magnetism-Induced, and Others
By End-Use Industry: Biomedical (Medical Implants, Medical Devices, Drug Delivery, and Others), Automotive (Passenger Vehicles, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)), Aerospace (Commercial, Military, and Others), Textile (Smart Textiles, Deodorant Fabrics, finishing Fabrics, Damping Fabrics, and Others), Construction (Residential, Commercial, and Industrial), and Others
By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia-Pacific dominates the shape-memory polymer market. Increasing automotive production rates in Asian countries coupled with rising investment in aerospace and space exploration activities will drive the demand. Biomedical device manufacturing in the region will also be a key reason behind the Asia Pacific market growth.
  • The shape-memory polymer has many advantages such as low density, lightweight, good shape recovery, and are ease of processing, owing to which it can be specifically tailored for use in a wide range of applications including biomedical, automotive, textiles, and more.
  • The shape-memory polymers such as polyvinyl chloride and polyurethane have been observed to be non-lethal, biocompatible, and non-mutagenic in nature, which empowers its utilization in various clinical gadgets that are embedded in a human body, further driving the market growth.

Figure: Asia-Pacific Shape-memory Polymer Market Revenue, 2020-2026 (US$ Billion)

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Shape-memory Polymer Market Segment Analysis - By Polymer Type

The polyurethane (PU) segment held the largest share with more than 30% in the shape-memory polymer market in 2020 and is growing at a significant CAGR of 27% during 2021-2026.  The existence of macro domains of soft and hard segments in the bulk of polyurethane gives it intrinsic shape memory, making it a possible candidate for a variety of applications. Electromagnetic insulation, self-healing, pressure bandages, cardiovascular implants, bone tissue engineering, and other applications may all benefit from shape memory. The growing production of polyurethane based shape memory polymers, as well as their widespread use in biomedical applications, is projected to drive this segment's growth and market share.

Shape-memory Polymer Market Segment Analysis - By Stimulus Type

The temperature-induced segment held the largest market share of more than 25% in the shape-memory polymer market in 2020. Textiles integrated with these shape-memory polymers such as polyvinyl chloride, polyethylene terephthalate, and polyurethane can help in achieving different 3D forms in garments. Window curtains or films with temperature-induced shape-memory polymers can also act under the influence of heat, which changes the microstructure and macrostructure properties of smart clothing. Hence, owing to the above-mentioned reasons, temperature-induced shape-memory polymers demand is on an upsurge. And as such there are numerous opportunities in the textile industry, which is driving the demand for temperature-induced smart polymers market. 

Shape-memory Polymer Market Segment Analysis - By End-Use Industry

The biomedical segment held the largest share of more than 25% in the shape-memory polymer market in 2020. Shape-memory polymers (SMPs) such as polyvinyl chloride, polyethylene terephthalate, and polyurethane have generated substantial interest for biomedical applications. Shape-memory polymers (SMP) are stimuli-responsive and can turn from a temporary to a permanent shape when stimulated. 

Form memory polymers are suitable and promising materials for a range of biomedical technological applications, including the fabrication of smart biomedical devices, due to their advanced functionality. Shape-memory polymers can help with minimally invasive surgery, structural support, stabilizing forces, eluting therapeutic agents, and biodegradation. Their biocompatibility and, in some cases, biodegradability makes them ideal candidates for minimally invasive surgery and the production of triggerable biomedical devices, which is a major factor driving their demand in the biomedical industry over the forecast period.

Shape-memory Polymer Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the shape-memory polymer market in 2020 more than 42%, owing to the escalating demand for shape-memory polymers from the bio-medical, automotive, and textiles industries in Asia-Pacific countries. The bio-medical, automotive, and textiles industry in Asia-Pacific is growing at the fastest rate, with China, and India leading the way. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of vehicles to reach 35 million by 2025. 

According to the India Brand Equity Foundation (IBEF), India is one of the top 20 global markets for medical devices, with a 35.4 percent CAGR from Rs. 77,539 crore (US$ 11 billion) in 2020 to Rs. 352,450 crore (US$ 50 billion) in 2025. India's textile and apparel market was valued at USD 108.5 billion in 2015 and is projected to rise to USD 226 billion by 2023, with a compound annual growth rate of 8.7% between 2009 and 2023. With the increasing bio-medical, automotive, and textiles industry in Asia-Pacific, the demand for shape-memory polymers will also increase to manufacture fabrics, automotive components, and medical devices, which will then drive the shape-memory polymer market growth in Asia-Pacific during the forecast period.

Shape-memory Polymer Market Drivers

Increasing Automotive Production

During the production and assembly of cars, the automotive industry uses shape memory polymer-based actuators and automatic chokes for engines. Form memory polymer-based actuators help to boost vehicle execution, mileage, and component estimation. The substance is also used as a damping material and a protective cover for automotive assembly lines. And the production of the automobile is on an upsurge in various regions. 

For instance, according to OICA, the production of passenger cars in Africa was 776,967 in 2018, which then rose to 787,287 in 2019, an increase of 1.3%. Also, governments are launching initiatives to support the growth of the automotive industry. For instance, the Indian government launched Automotive Mission Plan 2016-26 (AMP 2026) to boost the automotive industry in the country. Thus, increasing automation production will require more shape-memory polymers to manufacture car components, which will act as a driver for the shape-memory polymers market.

Flourishing Aerospace Industry 

Shape memory polymer is used in the aerospace industry because of its high soundness, deformability, and lightweight. Shape memory polymer is used in the aviation industry for optical reflectors, receiving wires, brackets, transforming skins, blasts, pivots, and other parts. In the aviation industry, SMPs are widely used in deployable structures and components. In November 2020, Boeing projected that China's airlines will buy $1.4 trillion worth of 8,600 new aircraft and $1.7 trillion worth of commercial aviation services over the next 20 years. 

According to Boeing's current business forecast, the Middle East would need 2,520 new aircraft by 2030. Also, according to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Aerospace components such as the solar array, deployable panel, reflector antenna, morphing wing, and more are often manufactured using shape-memory polymer. Considering the factors of weight, recovery force, and shock effect, shape-memory polymers such as polyvinyl chloride, polyethylene terephthalate, and polyurethane are expected to have great potential applications in aerospace. Hence, the increasing aerospace industry will act as a driver for the shape-memory polymer market.

Shape-memory Polymer Market Challenges

Disadvantages Associated With Shape-memory Polymers

Shape memory polymers also face certain problems that must be solved before they can achieve their full potential. In contrast to other conventional materials, these polymers are also relatively costly to produce and machine. The fatigue properties of most shape memory polymers are low. Pure shape memory polymers, on the other hand, are brittle in their glassy state and tear easily along micro-cracks created under stress in their rubbery state. Because of these drawbacks, shape memory polymers are not safe or durable enough for a number of applications, restricting the growth of the shape memory polymer industry.         

Shape-memory Polymer Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the shape-memory polymer market. Major players in the shape-memory polymer market are Nanoshel LLC, SMP Technologies, Asahi Kasei Corporation, Composite Technology Development, Cornerstone Research Group, MedShape, Shape Memory Medical, EndoShape, DowDuPont, Lubrizol, Guangzhou Manborui Materials Technology Company, and Changchun Foliaplast Bio-Tech

Acquisitions/Technology Launches

In March 2021, the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) has granted Shape Memory Medical permission to sell its Impede-FX embolization plugin Japan. Except for intracranial and cardiac arteries, Impede-FX is inserted percutaneously in an artery or vein to block blood flow in irregular blood vessels such as arteriovenous malformations and fistulas, aneurysms, bleeding from a traumatic vascular injury, tumors, and so on.

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1. Shape-memory Polymer Market- Market Overview
    1.1 Definitions and Scope
2. Shape-memory Polymer Market - Executive Summary
    2.1 Key Trends by Polymer Type
    2.2 Key Trends by Stimulus Type
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Shape-memory Polymer Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Shape-memory Polymer Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Shape-memory Polymer Market – Industry Market Entry Scenario PremiumPremium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Shape-memory Polymer Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Shape-memory Polymer Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Shape-memory Polymer Market – By Polymer Type (Market Size -$Million/Billion)
    8.1 Polyurethane (PU)
    8.2 Polyvinyl Chloride (PVC)
    8.3 Acrylic
    8.4 Polyethylene Terephthalate (PET)
    8.5 Epoxy
    8.6 Ethylene-Vinyl Acetate (EVA)
    8.7 Polylactide (PLA)
    8.8 Polytetrafluoroethylene (PTFE)
    8.9 Others
9. Shape-memory Polymer Market – By Stimulus Type (Market Size -$Million/Billion)
    9.1 Temperature-Induced
    9.2 Light-Induced
    9.3 Electricity-Induced
    9.4 Magnetism-Induced
    9.5 Others
10. Shape-memory Polymer Market – By End-Use Industry (Market Size -$Million/Billion)
    10.1 Biomedical
        10.1.1 Medical Implants
        10.1.2 Medical Devices
        10.1.3 Drug Delivery
        10.1.4 Others
    10.2 Automotive
        10.2.1 Passenger Vehicles
        10.2.2 Light Commercial Vehicles (LCV)
        10.2.3 Heavy Commercial Vehicles (HCV)
    10.3 Aerospace
        10.3.1 Commercial
        10.3.2 Military
        10.3.3 Others
    10.4 Textile
        10.4.1 Smart Textiles
        10.4.2 Deodorant Fabrics
        10.4.3 Finishing Fabrics
        10.4.4 Damping Fabrics
        10.4.5 Others
    10.5 Construction
        10.5.1 Residential
        10.5.2 Commercial
        10.5.3 Industrial
    10.6 Others
11. Shape-memory Polymer Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 U.A.E
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Shape-memory Polymer Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Shape-memory Polymer Market – Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Shape-memory Polymer Market – Key Company List by Country Premium Premium
15. Shape-memory Polymer Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

List of Tables

1 US Shape-memory Polymer Market Size 2018
2 Canada Shape-memory Polymer Market Share 2018
3 Brazil Shape-memory Polymer Market Outlook 2019 - 2023
4 Mexico Shape-memory Polymer Market Research 2018
5 Germany Shape-memory Polymer Market Trends 2019 - 2023 
6 France Shape-memory Polymer Market Growth 2019 - 2023 
7 UK Shape-memory Polymer Market Demand 2019 - 2023 
8 Italy Shape-memory Polymer Market Segmentation 2018
9 Russia Shape-memory Polymer Market Analysis 2019 - 2023
10 China Shape-memory Polymer Market Revenue 2019 - 2023
11 Japan Shape-memory Polymer Market Volume 2019 - 2023
12 South Korea Shape-memory Polymer Market Potential 2019 - 2023
13 India Shape-memory Polymer Market Leaders 2018
14 Saudi Arabia Shape-memory Polymer Market Forecast 2019 - 2023 
15 Kuwait Shape-memory Polymer Market Value 2018

List of Figures

For complete list of 60+ tables and 60+ figures follow the Link