GVR Report cover Shape Memory Polymer Market Size, Share & Trends Report

Shape Memory Polymer Market Size, Share & Trends Analysis Report By Material (Epoxy, PU, PLA), By End-use (Medical, Automotive, Textile, Aerospace, Construction), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-140-7
  • Number of Pages: 110
  • Format: Electronic (PDF)

Shape Memory Polymer Market Trends

The global shape memory polymer market size was estimated at USD 927.66 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 23.35% from 2023 to 2030. The growing use of shape-memory polymers (SMPs) in the medical industry is projected to drive the growth of the market. The U.S. market has experienced strong growth in recent years, with several factors leading this expansion. The advancement and increase in R&D activities in numerous sectors in the U.S. are expected to drive the growth of the U.S. market. Shape-memory polymers are used in the aerospace and defense sectors in the U.S. for various applications, such as morphing aircraft components and self-healing materials.

U.S. Shape Memory Polymer market size and growth rate, 2023 - 2030

Shape memory polymers are further used in other applications, such as biomedical and consumer goods. The U.S. is witnessing strong growth in automotive production in recent years. Major companies are entering into joint ventures as well as acquisitions to increase their production and footprint in the country. Capacity expansion in the countries by major players is expected to positively impact the demand for shape memory polymers demand in the coming years.

End-use Insights

The medical segment held the largest revenue share of more than 34.0% in 2022. The product use in the medical sector has driven led to high market demand and substantial expansion. These materials have distinct features that make them useful in a variety of medicinal applications. The increasing application of SMPs in cardiovascular stents, healthcare, splints, orthopedic braces, catheters, and orthodontics is expected to drive market growth during the forecast period. SMPs offer elongation at break, have high tensile strength, are lightweight, can be easily manufactured, have good shape recovery, low-temperature impact, as well as low density for the product.

The aging population in several economies, including the United States, has led to an increased chronic disease and ailment prevalence, which may require immediate medical intervention. These factors are poised to drive the adoption of SMPs in medical applications. Moreover, product usage in the automotive sector is expected to expand substantially in the coming years. These polymers are deployed in various automobile applications, including automatic headlamp leveling systems, active grille shutters, and adaptive airbag deployment systems. Furthermore, increased global demand for fuel-efficient and lightweight automobiles is likely to propel the product demand in the automotive industry. Seats & interiors, door modules, engine covers & shrouds, and airbags are among the applications for SMPs.

Material Insights

The polyurethane (PU) material segment dominated the global market and accounted for the largest revenue share of over 58.46% in 2022. Owing to its shape memory properties, including flexibility and elasticity, polyurethane is widely used in several medical applications, such as bone fixation devices and artificial joints, which is likely to drive the demand for SMPs during the forecast period. Moreover, due to its properties, including mechanical strength, high load-bearing capacity, tear resistance, flexibility, hardness, and abrasion & impact resistance, PU is the most used material for SMPs. They also provide resistance to water, grease, oil, and harsh conditions.

Global Shape Memory Polymer market share and size, 2022

Advancements in polyurethane chemistry as well as manufacturing processes assist in the production of more versatile and advanced PU-based SMPs, boosting segment growth. The epoxy material segment is poised to advance at a strong CAGR during the projection period. Due to their versatility and unique features, epoxy-based SMPs are growing in significance in various industries. Several factors impact the epoxy-based SMPs market, which promote their utilization in a number of applications. In the aerospace and military sectors, epoxy-based SMPs are used for morphing structures, adaptive materials, and self-healing composites.

Regional Insights

Asia Pacific held the largest regional share of over 38.0% in 2022, aided by the rapid expansion of the regional automobile and electronics industries. Due to the rising use of shape memory polymers across several industries, the regional market is expected to expand steadily. In addition, due to the rising demand from countries like China and Japan, the market in the Asia Pacific region is projected to see significant expansion. The growing product demand in the region is mostly being driven by the expanding building industry in countries like China and India.

Shape Memory Polymer Market Trends, by Region, 2023 - 2030

In addition, the product demand for application in end-user industries like construction, automotive, healthcare, and others has grown significantly in Southeast Asian countries. The North America regional market is expected to grow at a significant rate in the coming years owing to the implementation of various laws and initiatives, such as NAFTA and the USMCA, which have aided in the growth of several sectors in the region. In addition, the expansion of the healthcare sector in the U.S. and the growing medical research activities will further boost the product demand during the forecast period.

Key Companies & Market Share Insights

The global market is highly competitive due to the presence of major companies that are comparatively concentrated and fiercely competitive. Key players undertake strategies, such as acquisitions, mergers, and collaborations, to gain higher industry shares. For instance, in May 2023, Covestro launched a new production line for high-performance Thermoplastic Polyurethanes (TPUs), which will be used to make paint protection films (PPF). The new line will be housed at the company's current facility in Changhua, Taiwan. The series provides excellent durability, adaptability, and attractiveness while safeguarding vehicle surface coatings from adverse weather conditions. Some of the prominent players operating in the global shape memory polymers market include:

  • Covestro AG

  • SMP Technologies Inc.

  • Dupont De Nemours, Inc.

  • Natureworks LLC

  • Lubrizol Corporation

  • Evonik Industries AG

  • Spintech, LLC

  • Huntsman International LLC

Shape Memory Polymer Market Report Scope

Report Attribute


Market size value in 2023

USD 1.10 billion

Revenue forecast in 2030

USD 4.77 billion

Growth rate

CAGR of 23.35%from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2023 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Material, end-use, region

Region scope

North America; Europe; Asia Pacific; Central & South America, Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; The Netherlands; China; India; Japan; South Korea; Australia; Malaysia; Singapore; Thailand; Vietnam; Brazil; Argentina; Saudi Arabia; UAE; South Africa

Key companies profiled

Covestro AG; SMP Technologies Inc.; Dupont De Nemours, Inc.; Natureworks LLC; Lubrizol Corp.; Evonik Industries AG; Spintech, LLC; Huntsman International LLC

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope

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Global Shape Memory Polymers Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. Forthis study, Grand View Research has segmented the global shape memory polymer market report based on material, end-use, and region:

Global Shape Memory Polymer Market Report Segmentation

  • Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Polyurethane (PU)

    • Epoxy

    • Polylactide (PLA)

    • Others

  • End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Medical

    • Automotive

    • Textile

    • Aerospace

    • Construction

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • The Netherlands

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

      • Malaysia

      • Singapore

      • Thailand

      • Vietnam

    • Central & South America

      • Brazil

      • Argentina

    • Middle East and Africa

      • Saudi Arabia

      • UAE

      • South Africa

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