Semantic interoperability (SI) of a product model refers to automatic exchange of meaning associated with the product data, among applications/domains throughout the product development cycle. In the product development cycle, several applications (engineering design, industrial design, manufacturing, supply chain, marketing, maintenance etc.) and different engineering domains (mechanical, electrical, electronic etc.) come into play making the ability to exchange product data with semantics very significant. With product development happening in multiple locations with multiple tools/systems, SI between these systems/domains becomes important. The thesis presents a feature-based framework for shape model to address these SI issues when exchanging shape models. Problem of exchanging semantics associated with shape model to support the product lifecycle has been identified and explained. Different types of semantic interoperability issues pertaining to the shape model have been identified and classified. Features in a shape model can be associated with volume addition/subtraction to/from base-solid, deformation/modification of base-sheet/base surface, forming of material of constant thickness. The DIFF model has been extended to represent, classify and extract Free-Form Surface Features (FFSFs) and deformation features in a part model. FFSFs refer to features that modify a free-form surface. Deformation features are created in constant thickness part models, for example, deformation of material (as in sheet-metal parts) or forming of material (as in injection molded parts with constant thickness), also referred to as constant thickness features. Volumetric features covered in the DIFF model have been extended to classify and represent volumetric features based on relative variations of cross-section and PathCurve. Shape feature ontology is described based on unified feature taxonomy with definitions and labels of features as defined in the extended DIFF model. Features definitions are used as intermediate and unambiguous representation for shape features. The feature ontology is used to capture semantics of shape features. The proposed ontology enables reasoning to handle semantic equivalences between feature labels, and is used to map shape features from a source to target applications. Reasoning framework for identification of semantically equivalent feature labels and representations for the feature being exchanged across multiple applications is presented and discussed. This reasoning framework is used to associate multiple construction paths for a feature and associate applicable meanings from the ontology. Interface is provided to select feature label for a target application from the list of labels which are semantically equivalent for the feature being exchanged/mapped. Parameters for the selected feature label can be mapped from the DIFF representation; the feature can then be represented/constructed in the target application using the feature label and mapped parameters. This work shows that product model with feature information (feature labels and representations), as understood by the target application, can be exchanged and maintained in such a way that multiple applications can use the product information as their understandable labels and representations. Finally, the thesis concludes by summarizing the main contributions and outlining the scope for future work.