Selbyville, Delaware, June 03, 2019 (GLOBE NEWSWIRE) --
The Shape Memory Polymers Market demand is set to rise from USD 300 million in 2018 to around USD 1.4 billion by 2025, according to a 2019 Global Market Insights, Inc. report. A key growth driving factor for the shape memory polymer market will be the increasing product demand in automotive and aerospace industry. Actuators and sensors made from SMPs are used in automobiles to replace hydraulic systems or small electric motors. Actuators made from shape memory polymers help in improving vehicle performance, fuel economy and reduce component size. Ongoing research related to SMP usage in manufacturing vehicle seats will also boost product demand in the automotive sector in upcoming years.
In aerospace sector, shape memory polymers are utilized for the application of optical reflectors, antennas, trusses, morphing skins, booms, hinges, etc. SMPs are majorly used in the deployable structures and components in aerospace sector. Major manufacturers are investing into research and development activities to expand the application area of the shape memory polymers in the aerospace and space exploration industry. Increasing product usage in the textile, construction and cosmetic industries will also augment the overall shape memory polymers market share till 2025.
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Epoxy based SMP materials are likely to gain by more than 20% CAGR in the forecast timeframe owing to their rising usage as engineering materials. The material has excellent processability and thermomechanical property. Epoxy based shape memory polymers exhibit excellent response to stimuli, high fixation & recovery ratios, and a rapid and tunable recovery process. Their market will be propelled by rising usage of the material in deployable structures for aerospace industry and actuators in the automotive sector.
Research and development application segment of shape memory polymers market will exceed USD 500 million by 2025 due to increasing investments by market participants in SMP research. However, the segment’s growth rate will be comparatively lower as commercialization of SMP products that are still in the research phase will increase by the end of the forecast timeframe. Commercial segment is likely to grow with a high growth rate in the forecast timeframe due to increasing number of shape memory polymer products entering the market in upcoming years.
Aerospace industry use shape memory polymer in deployable structures & components due to its high deformability, stability and light weight. Increasing growth in the aerospace industry in developed countries such as the U.S. is likely to drive the SMP market demand in the upcoming years. Rising space exploration activities will also augment product usage in manufacturing different spaceship components and parts.
Browse key industry insights spread across 260 pages with 391 market data tables & 22 figures & charts from the report, “Shape Memory Polymers Market Size By Material (Polyurethane, Polyvinyl Chloride, Acrylic, Epoxy), By Application (Research & Development, Commercial), By End-user (Biomedical, Automotive, Aerospace, Textile), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, China, Taiwan, South Korea, Japan, India, Brazil, Mexico, Saudi Arabia, Israel), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/shape-memory-polymer-market
Europe will be a key region in the shape memory polymers market in the upcoming years. This is due to rising investment in research and development in the aerospace industry. The region spends around 10% of its total aerospace turnover in R&D activities. Some of the major initiatives supported by European commission for developing aerospace industry includes The Strategic Research and Innovation Agenda (SRIA), Horizon 2020, SESAR Joint Undertaking, Clean Sky, etc. are likely to drive the research and development activities in aerospace sector in the upcoming years and in turn propel product demand.
Some participants of shape memory polymers market share include Asahi Kasei Corporation, Nanoshel, Composite Technology Development, MedShape, DowDuPont, Cornerstone Research Group, Shape Memory Medical, Lubrizol, Changchun Foliaplast Bio-Tech, SMP Technologies, EndoShape, Guangzhou Manborui Materials Technology Company, etc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.