Shape Memory Polymer Market to reach USD 2,993.7 million by 2028,Size, Segments, Recent TRends
The shape memory polymer market is expected to witness market growth at a rate of 22.0% in the forecast period of 2021 to 2028 and is expected to reach USD 2,993.7 million by 2028. Data Bridge Market Research report on shape memory polymer market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the demand from the construction industry is escalating the growth of shape memory polymer market.
Shape memory polymer (SMP) is known to be a smart material that can alter its shape in order to respond to the exterior stimuli such as electricity, temperature, light and chemicals. These materials are being advanced for a extensive range of applications in biomedical, aerospace, automotive, and several other industries.
Major factors that are expected to boost the growth of the shape memory polymer market in the forecast period are the possible applications of shape memory polymers in the biomedical industry. Furthermore, the rise in the shape memory polymer requirement in the automotive and aerospace sector is further anticipated to propel the growth of the shape memory polymer market. On the other hand, the rise in the level of technological knowledge needed for the production of shape memory polymer is further projected to impede the growth of the shape memory polymer market in the timeline period.
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Competitive Landscape and Shape Memory Polymer Market Share Analysis
The shape memory polymer market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the shape memory polymer market.
The major players covered in the shape memory polymer market report are BASF SE, COVESTRO AG, Evonik Industries AG, SMP Technologies Inc, Spintech Holdings Inc., Nanoshel LLC, Asahi Kasei Corporation, Composite Technology Development (CTD), Inc., Cornerstone Research Group, Inc., MedShape, Inc., Shape Memory Medical Inc., EndoShape, Inc., Dupont., The Lubrizol Corporation, Guangzhou Manborui Material Technology Co., Ltd., Nissan Chemical Corporation, Dow, Natureworks LLC and Acros Organics B.V.B.A., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (M.E.A.), and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Global Shape Memory Polymer Market Scope and Market Size
The shape memory polymer market is segmented on the basis of material, stimulus type, application and end user industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of material, the adhesive resin market is segmented into Polyurethane (PU), Polyvinyl chloride (PVC), Acrylic and Other.
- On the basis of stimulus type, the shape memory polymer market is segmented into temperature induced, light induced, electricity induced and other stimulus types.
- On the basis of application, the shape memory polymer market is segmented into research and development and commercial.
- On the basis of end user industry, the shape memory polymer market is segmented into aerospace, automotive, construction, healthcare, and other end user industries.
Shape Memory Polymer Market Country Level Analysis
The shape memory polymer market is analyzed, and market size, volume information is provided by country, material, stimulus type, application and end user industry as referenced above.
The countries covered in the shape memory polymer market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the shape memory polymer market due to the occurrence of product manufacturers and potential end users. Furthermore, the rise in a healthcare industry and growing of research in the biomedical field will further boost the growth of the shape memory polymer market in the region during the forecast period. Asia-Pacific is projected to observe significant amount of growth in the shape memory polymer market due to the rise in the need from several countries. Moreover, the rise in the construction industry is further anticipated to propel the growth of the shape memory polymer market in the region in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as consumption volumes, production sites, and volumes, import-export analysis, price trend analysis, cost of raw materials, downstream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
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