The shape memory polymer market is anticipated to witness tremendous gains in the coming years owing to high product demand from a broad range of industries such as textile, automotive, biomedical, and construction among others.

Shape memory polymer belongs to the class of smart materials. These are polymers which have the unique ability to return from a temporary shape or deformed state to its permanent or original form through an external stimulus. Here, the external stimulus could be light or heat.

Shape memory polymers or SMP derived from epoxy resins have been witnessing a widescale scientific as well as technological interest. This is since they are inexpensive and have excellent mechanical as well as physical properties. Additionally, it is much more easier to adjust their recovery properties, making them more alluring for different applications.

The shape memory polymer market is bifurcated in terms of material, application, end-user, and regional landscape.

With respect to material, the market for shape memory polymer is classified into epoxy, acrylic, PVC (polyvinyl chloride), PU (polyurethane) and others. Among these, the PVC segment will witness over 20% CAGR through the forecast time period. PVC is an excellent insulating material having high dielectric strength. It displays good resistance against abrasion, shock, weathering, corrosion, and chemicals. PVC also has a flame retardancy property, that allows its usage in inflammable conditions. It is a lightweight material having exceptional cost-performance advantages. In addition, it has good chemical and mechanical properties.

In terms of end-use, the overall market is segmented into textile, aerospace, automotive, biomedical, and others. In the textile segment, shape memory polymers are used to manufacture fabric materials known as smart textiles, that could sense as well as respond to environmental stimuli in a very intelligent manner. They are used in a broad range of industries like construction, communication, transportation, and medical. Smart textiles are becoming popular mainly in bandages, body armor, lingerie, sportswear, and many other applications.

On the regional front, shape memory polymers market in Latin America is expected to witness around 10% CAGR through the analysis time period. This projected growth is ascribed to the steady increase in the automotive production rates of Mexico and Brazil.

Mexico is in fact transforming into a hub for contract manufacturing activities for the key automotive manufacturers across the world. Brazil has also observed stable production growth in the automotive industry for the past few years. These positive trends are thus likely to drive the overall SMP demand in the region. The industry development of biomedical in the Latin American region is also likely to augment the overall market.