PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304621
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304621
Shape Memory Polymer Market size was valued at USD 680.5 Million in 2022, expanding at a CAGR of 30.2% from 2023 to 2030.
Shape Polymer market is expected to grow over the forecast period. The tool is also used to put together orthopaedic supports and braces. They are used to create stents, meticulous casts, careful sutures, and intravenous cannula. The ability of SMPs to customise the glass progress temperature for shape reclamation or seIf-sending of clinical devices when embedded or reached in the human body is an attractive feature that will help its biomedical applications. During the anticipated time frame, item interest for biomedical applications will be driven by these characteristics in combination with cutting-edge advancement fit as a fiddle memory innovation.
However, the perception of the COVID-19 pandemic breakout could provide new challenges to the market's expansion for shape memory polymers. The creation of shape memory polymers is a challenging procedure that calls for extensive technological expertise. Therefore, a lack of skilled workers is anticipated to impede market growth throughout the forecast period.
North America has a significant share of the global market. The vast shape memory polymer market in North America is highlighted by the presence of numerous significant end users and product producers. The developed healthcare sector in the United States is complemented by expanding biomedical research, which will boost product demand over the course of the projection period. NAFTA and USMCA are only two of the rules and initiatives that have been implemented that have helped the region's industries growth. During the projected period, expansion in the U.S. aerospace and defence industry would further propel the market for shape memory polymers. The demand for SMPs will be fueled by the presence of aircraft manufacturers like Lockheed Martin and Boeing in the United States. During the forecast period, SMP's need for aerospace is also anticipated to increase due to NASA's spacecraft operations.
The Shape Polymer market is fragmented into the type, and applications segments. Based on the type, the temperature induced segment is anticipated to dominate the market. By application, the automotive segment is projected to grow at highest rate CAGR during the forecast period.
The Shape Polymer market is competitive in nature with the presence of local & international players. Major manufacturers are engaged in strategic collaborations, and new product launches to remain competent in the market. For example, In August 2022, Shape Memory Medical Inc., that develops shape memory polymer devices for peripheral and neurovascular markets, announced that its 1,500th patient has been treated using the shape memory polymer embolotherapy devices - The IMPEDE Plug Family and the TrelliX Embolic Coil . Moreover, in September 2021 researchers suggested use of high-energy shape memory polymer to help robots flex their muscles
The scope of this report covers the market by its major segments, which include as follows: