[FURL=https://www.industryarc.com/Research/Shape-memory-Polymer-Market-Research-502926?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=PaidPressrelease]Shape-Memory Polymer Market[/FURL] size is forecast to reach $2.1 billion by 2026, after growing at a CAGR of 26.8% during 2021-2026. A shape memory polymer is a polymeric smart material that, when prompted by an external stimulus, can return from a deformed temporary state to its original permanent state.The widespread use of shape-memory polymers including polyvinyl chloride, polyethylene terephthalate, and polyurethane for efficient drug delivery in cardiovascular stents, healthcare, splints, orthopedic braces, catheters, and orthodontic braces will drive the industry's growth in the coming years.
Key Takeaways
Asia-Pacific dominates the shape-memory polymer market. Increasing automotive production rates in Asian countries coupled with rising investment in aerospace and space exploration activities will drive the demand.
Biomedical device manufacturing in the region will also be a key reason behind the Asia Pacific market growth.
The shape-memory polymer has many advantages such as low density, lightweight, good shape recovery, and are ease of processing, owing to which it can be specifically tailored for use in a wide range of applications including biomedical, automotive, textiles, and more.
The shape-memory polymers such as polyvinyl chloride and polyurethane have been observed to be non-lethal, biocompatible, and non-mutagenic in nature, which empowers its utilization in various clinical gadgets that are embedded in a human body, further driving the market growth.
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Shape-memory Polymer Market Segment Analysis - By Geography
Asia-Pacific region held the largest share in the shape-memory polymer market in 2020 more than 42%, owing to the escalating demand for shape-memory polymers from the bio-medical, automotive, and textiles industries in Asia-Pacific countries. The bio-medical, automotive, and textiles industry in Asia-Pacific is growing at the fastest rate, with China, and India leading the way. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of vehicles to reach 35 million by 2025.
Shape-memory Polymer Market Drivers
Increasing Automotive Production
Flourishing Aerospace Industry
Shape-memory polymer market top 10 companies are Nanoshel LLC, SMP Technologies, Asahi Kasei Corporation, Composite Technology Development, Cornerstone Research Group, MedShape, Shape Memory Medical, EndoShape, DowDuPont, Lubrizol, Guangzhou Manborui Materials Technology Company, and Changchun Foliaplast Bio-Tech
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