Global shape memory polymer market size stood at US$ 2.91 Bn 2019 and is expected to reach US$ 7.45 Bn by 2027, at a CAGR of 5.24% during a forecast period.
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Global shape memory polymer market Definition:
Shape memory polymer known as polymeric excellent material which return from a deformed state to its exceptional fixed state after introduced by an exterior prompt, e.g., power, attractive field, temperature, synthetic compounds, light, and others. The polymer is finished into a permanent form through consistent procedures, further it is slanted into the essential temporary contour by employing famous programming method.
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Global shape memory polymer market Vibrant:
The enormous application of product for splints, catheters, orthopaedic braces, healthcare, proficient drug delivery in cardiovascular stents, and orthodontic braces will direct the progress of shape memory polymer over estimated years. The packaging is a major industry driving the overall global market growth. Characteristics of shape memory polymer include elongation at break, lightweight, tensile strength, good shape recovery, low-temperature impact, and ease of processing and low density, properties of the material used in the making of shape memory polymer are attracting the vendors to invest in the market and will fuel the market growth and expected to generate numerous opportunity by 2027. Development and adoption of developed technology by the population and major contributors involved in the market growth have been fuelling the market growth in terms of value and volume.
Growth and development in the pharmaceutical and R&D activity in several sectors across the globe are driving the market demand. Additionally, shape memory polymers are also utilized to produce several categories of catheters which will be superficially rigid as it promotes easier operation while it remains soft inside the human body. The product remained to be biocompatible, non-mutagenic and non-toxic, in nature, which permits the norms in different clinical devices which further implanted in a human body making this product preferable in above mentioned application.
Moreover, due to substitutes and frequent changes in the material price may hinder the market growth in the coming years.
Shape Memory Polymer Market Segment analysis:
In terms of end-user, the biomedical division is likely to dominate the market during the forecast year and was valued at US$ X.1 Bn in the year 2019. Major application of shape memory polymers in biomedical includes tissue scaffolds, smart medical implants, and medical devices and others. For instance, catheters made up of SMP soften at body temperature after insertion, that helps to reduce the risks for soft tissue damage during organ injuries throughout their surgical delivery is positively influencing the market demand. Moreover, further emerging development and bending interest of consumers towards preferring biodegradable stretchable and eluting stents for the treatment of coronary grafts, orthopaedic devices, and obesity and others which continue reinforcement and healing after surgery is another factor propelling the global memory polymers market.
Shape Memory Polymer Market Regional analysis:
Regionally, the Asia-Pacific region stands to record the fastest growing market for shape memory polymer market. Factors to boost the global SMP market owing to the increasing application of packaging, automotive, aerospace, textile, electrical and electronics have been driving the shape memory polymers market requirements in the Asia Pacific region. The Asia Pacific has registered a lucrative growth in 2019 at an estimated CAGR of X.X% with a calculated market share of 45% and the size expected to get stretched by 2027. Besides that, development in pharmaceutical infrastructure and pharmaceutical product manufacturing industries across the region is going to broaden the packaging segment in the region and is considered as another factor to boost the market demand in APAC
Secondly, Europe is anticipated to witness the fastest market growth after APAC during the forecast period. Advanced technology method of manufacturing with industrialization in this region, expected to register strong place for the growth of the shape memory polymers market in the European region.
The objective of the report is to present a comprehensive analysis of the Global Shape Memory Polymer Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Shape Memory Polymer Market dynamics, structure by analysing the market segments and project the Global Shape Memory Polymer Market size. Clear representation of competitive analysis of key players by End-user, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Shape Memory Polymer Market make the report investor’s guide.
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Global Shape Memory Polymer market, By Material
• Polyvinyl Chloride
Global Shape Memory Polymer market, By Application
• Research and Development
Global Shape Memory Polymer market, By End-user
• Electrical and Electronics
Global Shape Memory Polymer market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Shape Memory Polymer Market
• Nissan Chemical Industries Ltd
• SMP Technologies Inc
• Dow Chemical Company
• Evonik Industries AG
• MacDermid Autotype Ltd
• Cornerstone Research Group
• Advanced Polymer Materials Inc
• Advanced Biopolymers AS
• Natureworks LLC
• BASF SE
• Spintech LLC
• Acros Organics
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