PUBLISHER: Grand View Research | PRODUCT CODE: 1376131
PUBLISHER: Grand View Research | PRODUCT CODE: 1376131
The global shape memory polymer market size is expected to reach USD 4.77 billion by 2030, according to a new study by Grand View Research, Inc.. The market is expected to grow at a CAGR of 23.35% from 2023 to 2030. The usage of shape memory polymers (SMPs) is expected to increase owing to their unique features, adaptability, and potential for usage in a wide range of applications. The growing demand for smart materials in industries, such as aerospace, automotive, medical, and textiles, is a major driver of the market growth. Increased R&D investments and technical improvements are projected to create growth opportunities for market players. Growing product demand in the aerospace and car segments is expected to boost the market expansion.
Moreover, SMPs are utilized in a variety of medical devices, including stents, catheters, sutures, and orthopedic implants. The increasing application of SMPs for effective drug delivery in cardiovascular stents, medical devices, splints, orthopedic braces, catheters, and orthodontics is expected to drive market growth during the forecast period. A rise in the level of technological experience required for the production of SMPs is expected to restrict the growth of the market. Moreover, changing raw material prices and strict regulations imposed by governments in various countries regulating the use of these polymers are other factors that may hinder global market growth.