The global shape memory materials market is expected to grow with a CAGR greater than 10% during the forecast period. One of the major factors driving the market is the increasing applications in the aerospace industry. However, the relatively low stiffness values are hindering the growth of the market studied.
- The Medical and Healthcare industry is likely to witness the highest growth rate during the forecast period.
- North America is likely to account for the highest share of the market studied during the forecast period.
Key Market Trends
Medical and Healthcare Industry to Dominate the Market
- Shape memory materials are widely used in medical devices owing to their properties and biocompatibility. Some of these applications include stents, drug delivery, and embolization, wound closure, etc.
- The medical industry across the globe is increasing at a significant rate owing to the technological advancements and preference towards quality based medical treatment. Cardiac treatments have risen at a robust rate in recent years all across the globe.
- The technologies are being adapted from developed nations to developing nations at a fast pace. The combination of the aging population and increased life expectancy is another factor boosting the medical sector.
- Hence, owing to these factors, the healthcare industry is likely to witness the highest market share during the forecast period.
North America to Dominate the Market
- Currently, North America is the major consumer of shape-memory materials. This is primarily due to the growing medical industry in the United States and neighboring countries.
- Additionally, the demand for shape memory polymers from the aerospace sector exhibited significant growth in the near past.
- There has also been significant growth in the demand for shape-memory materials from Canada and Mexico for usage in industries like healthcare, aerospace, etc.
- However, the declining automotive production in the region may slightly hinder the market growth in the region in the coming years.
- Hence, owing to the above-mentioned factors, North America is likely to dominate the market studied during the forecast period.
The global shape memory materials market is moderately fragmented with the market share divided among many players. Some of the key players in the market include ATI, NIPPON STEEL CORPORATION, Covestro AG, SMP Technologies Inc, and BASF SE, among others.
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