Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Shape Memory Polymer Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The shape memory polymer market is expected to grow at a compound annual growth rate (CAGR) of 19.74% during the forecast period, 2024-2029
Shape memory polymer (SMP) is a newly developed polymer with applications in multiple fields. Applications can be found in heat-shrinkable tubes for electronics. As the demand for electronics increases worldwide, the demand for shape memory polymer will also increase. It has applications in intelligent medical devices, for the field's fundamental aspects of the shape-memory effect are necessary.
Further, shape memory polymer is used in automotive seatbelts, which absorb kinetic energy, increasing safety. The growing demand for electric vehicles for the net carbon zero targets has created a demand for its manufacturing in the market. Thus, the materials applied are also in demand.
Further, industrial applications of the shape memory polymer, such as robotics, use these foams to provide a soft grip when gripping the materials. Additionally, foams can be cooled to harden and make adaptive. It is also being used in the seal window frames. Further, it can be used for the implants for minimally invasive surgery. Moreover, the shape memory polymer finds growing applications in the aviation industry.
SHAPE MEMORY POLYMERS MARKET DRIVERS:
Rising use in the healthcare industry
The healthcare industry has seen tremendous demand for shape memory polymer in multiple applications. SMPs give the manufacturers the choice to apply various shapes to their properties. In the healthcare sector, they are successfully applied in general medicine, drug delivery, regenerative medicine, dentistry, neuro medicine, cancer therapy, orthopedics, and protection, among others. Heat-shrinkable tubing is employed in orthopedic usage. Further, vascular stents, orthodontic wires, craniofacial mesh and plate, and neuronal probes, among others, are designed with the shape memory polymer.
Moreover, bioresorbable biomaterials are now being used in dental fields, including sutures, implants, grafts, and drug delivery systems. This sums up the growing importance of the shape memory polymer in the healthcare sector. With the growing number of chronic diseases and dental issues, the need for medical treatment and its materials will grow in the upcoming year. This will increase the demand for the shape memory polymer, providing transitional properties for its growing usage.
Growing application from the construction industry
With the property of returning to their initial shape under stimuli, the SMPs could be used in different situations. It is applied as a sealant, such as SMP-based sealants, asphalt-based liquid sealants, etc. The deployment has been used in the compression-sealed joints in concrete pavement. They are used in lightweight, compatible structures for balance and shape. The construction industry is growing across regions due to the growing demand for urbanization. The developing countries demand more buildings and houses, creating demand for the raw materials applied to the industry.
According to the United Nations, around 57% of the world's population lived in urban cities in 2022. This growing trend shows the increasing city population in the coming years. The demand for innovative and flexible materials has increased in applications, thus the demand for shape memory polymers.
Demand from multiple industries
Shape memory polymer has been a growing application in the textile and fashion industry due to its shape-changing behavior due to stimuli like heat, light, infrared radiation, submersion in water, and electric or magnetic fields. Material such as thermo-formable yarn has a shape-changing property when there is a temperature change. It hardens when the temperature is lower. It becomes soft when applied to high temperatures. It can be made flexible and rigid accordingly.
Deodorant fabrics can release deodorizing compounds at particular temperatures. This property is used to create a sense of exquisite for the fabric. Comfort footwears are made using shape memory polymer and can be made into any size and shape with accuracy and dependability. Further, it is used in layer-damping materials in fiber-reinforced composites. By controlling the temperature, the damping resulting from it can be varied, making it a useful material. In the defense field, due to their lightweight and compact design, it can be easily transported and used.
Asia Pacific will dominate the shape memory polymer during the forecast period.
Several major economies worldwide are located in the Asia Pacific region. China, Japan, India, and South Korea dominate not only the region but also the global economies. The region also has several fastest-growing economies, such as Indonesia, Malaysia, Thailand, Vietnam, etc. It is witnessing the fastest transformation in urbanization and industrialization. Asia Pacific has become the world's largest consumer and producer of goods, with China playing an important role.
Further, the Indian medical tourism market will be valued at US$14.31 billion by 2029, according to IBEF (India Brand Equity Foundation). These numbers revealed the growing need for the healthcare sector in developing economies like India. The expansion of the healthcare sector is happening in both the public and private sectors simultaneously. Open foreign direct investment has created a growth boom in the sector. This sector's growth further accelerates the demand for the materials needed in the application, including the shape memory polymer.
After the real estate turmoil of 2021, China remains the largest market for real estate growth and development. The new opportunity lies in policy decisions such as new urban buildings being certified green buildings by 2022. This includes public facilities such as schools, hospitals, museums, stadiums, affordable housing, and any single building over 20,000 square meters area. Applying shape memory polymer in the construction and building industry would increase its demand.
Shape memory polymers market restraints:
The market for shape memory polymer seems to be highly competitive and rapidly evolving technology. The need for material in various shapes and applications is continually evolving and changing; thus, the need for tailored to specific requirements is required in shape memory polymer applications. This created wide challenges for research and development as well as engineering application challenges in the fields
The companies must themselves equip and evolve to meet the growing challenges and needs of the industries. Further, the growing application of artificial intelligence has created a scope for customizable demand applications.
Shape Memory Polymer Market Key Developments:
- In June 2024, Shape Memory Medical Inc. developed customized shape memory polymers for endovascular applications. They announced the first patient treated in the AAA-SHAPE Pivotal Trial. IMPEDE-FX RapidFill Device improves abdominal aortic aneurysm (AAA) sac behavior with elective endovascular aneurysm repair (EVAR). It uses a novel-shaped memory polymer, a proprietary, porous, radiolucent, and embolic scaffold that is crimped for catheter delivery and self-expands upon contact with blood. The study incorporates 180 patients with infrarenal abdominal aortic aneurysms across the United States, Europe, and New Zealand. The outcome of the study would determine the role of EVAR AAA.
- In March 2024, Shape Memory Medical Inc. announced the completion of $38 million in Series C financing led by Earlybird Venture Capital and with the participation of new and existing investors, including HBM Healthcare Investments (Cayman) Ltd., WexMed II LLC, HBM-Medfocus LLC, and Emergent Medical Partners II, L.P. Shape Memory Medical Inc. established itself with shape memory polymer's proprietary company, which offers is in the low-density, porous, and embolic material. With this funding, they could accelerate the development of shape memory polymer technology for aortic and peripheral vascular markets. Shape Memory Medical Inc. is dedicated to developing devices approved in more than 25 countries in Asia, the Middle East, Europe, the Americas, and Australia.
Companies Featured
- Shape memory medical
- BASF SE
- Covestro AG
- Evonik Industries AG
- Spintech Holdings Inc.
- Fraunhofer IAP
- SMP Technologies Inc.
- Composite Technology Development Inc.
- Dupont De Nemours, Inc.
- Lubrizol Corporation
Scope of the Report
By Material
- Polyurethane (PU)
- Epoxy
- Polyvinyl Chloride
- Polylactide (PLA)
- Others
By End-user Industry
- Healthcare
- Automotive
- Textile
- Aerospace
- Construction
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of the Middle East and Africa
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/afs15a
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