The massive use of the product for efficient drug delivery in cardiovascular stents, healthcare, splints, orthopedic braces, catheters, and orthodontic braces will steer the growth of shape memory polymer industry over the years ahead, as per Zion Market Research. Apart from this, the market is likely to gain traction during the estimated timeline due to the massive product demand across the aerospace and automobile sectors. Furthermore, the product is also used in the construction of self-repairing concrete material, window sealants, and foams for insulating substances.
With shape memory ceramics & alloys gaining immense popularity across the globe, the industry is going to create lucrative growth opportunities for the key participants to expand their business as well as regional presence. Due to the non-toxic, non-mutagenic, and biocompatible nature of the product, the market is slated to gain prominence in the near future.
Asia Pacific market is anticipated to make notable contributions toward shape memory polymer market size, owing to large-scale use of the product in the construction & healthcare activities in the countries such as India and China. With massive product applications in reconfigurable storage bins, airflow control systems, and seat assemblies and thriving vehicle manufacturing sector in countries such as Indonesia, Malaysia, South Korea, Thailand, India, and China, the industry is projected to witness lucrative growth during the upcoming years. Massive investments in aerospace & space exploration events along with large-scale biomedical equipment production will culminate in greater demand for the product across the region. Moreover, the presence of several product manufacturers in the countries such as the U.S. and Canada is predicted to contribute notably towards North American shape memory polymer market earnings. Furthermore, Europe and Latin American markets have huge growth potential and will contribute remarkably towards the overall market size in the coming years.
Shape memory polymers are smart materials that has the capability to come back to its original shape after temporary deformation that is triggered as a result of some external conditions like change in the weather or temperature. Shape memory polymers can maintain nearly two to three shapes, while the transition between these shapes can be caused due to temperature. The shape of the product can also be altered through either magnetic or electric field or a solution. Shape memory polymers include thermosets and thermoplastics.