According to the research report, the global shape memory alloys market in 2019 was approximately USD 10.2 Billion. The market is expected to grow at a CAGR of 12% and is anticipated to reach around USD 20.9 Billion by 2026.
Share memory alloys are made up of metal which returns to a predetermined shape after it gets heated. After plastic deformation, when share memory alloy is heated above its transformation temperature level, it undergoes a thermo-elastic change in the crystal structure, which results in a recovery of the deformation. This effect is known as the shape memory effect that is used in applications for force generation like actuators development.
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Industry Major Market Players
- Nitinol Devices & Components
- SAES Getters
- G.RAU GmbH & Co. KG ATI
- Johnson Matthey
- Fort Wayne Metals
- Furukawa Electric
- Nippon Steel & Sumitomo Metal
- Nippon Seisen
- Metalwerks PMD
- Ultimate NiTi Technologies
- PEIER Tech
- Baoji Seabird Metal
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The beneficial properties of shape memory alloys such as high mechanical strength, lightweight and fatigue resistance. It is used as a substitute for traditional aerospace actuator systems. Moreover, the rising focus on durability has raised the demand for active materials in the aerospace industry. Thereby, the growing adoption of shape memory alloys in aerospace applications is driving the market. However, the volatility of prices of raw materials of shape memory alloys is hindering market growth.
The shape memory alloys market is segmented based on type and application. On the basis of type segmentation, the market is classified into nickel-titanium (nitinol) alloys, copper-based alloys, among others. Nitinol held the largest market share presently owing to its superior stability and high-performance thermo-mechanical properties as compared to other alloys. The copper-based alloy is expected to lead the market growth rate faster over the forecast period as it is relatively less expensive than other materials such as Cobalt Nickel Gallium, Nickel Manganese Gallium, and iron-based alloys. In terms of application segmentation, the market is bifurcated into biomedical, automotive, aerospace & defense, consumer electronics & household, and others. The biomedical segment is gaining popularity presently owing to its biocompatibility and computer tomography compatibility of SMEs. Rising disposable income, growing urbanization has raised the demand for home appliances such as gas water heaters, regulator valves, and subfloor vents. Thereby, its use in such products will propel the home appliance segment over the coming years.
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Rising disposable income has raised the demand for home appliances such as furnaces, coffee makers, and refrigerators will foster market growth. Shape memory alloys are highly used in these appliances owing to properties of improved elasticity (SE) and shape memory effect (SME). Moreover, the growing adoption of SMEs by the aerospace sector owing to their advantageous properties such as high mechanical strength, and fatigue resistance, is booming the market. However, frequent changes in the prices of raw materials of shape memory alloys are expected to curb the market growth. In the upcoming years, the increasing demand for such alloys products from emerging economies will lead to a significant demand and supply imbalance.
The shape memory alloys market research report delivers an acute valuation and taxonomy of the shape memory alloys industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
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The global shape memory alloys market is analyzed by five major regions including North America, Europe, Latin America, Asia Pacific, and the Middle East, and Africa. North America is dominating the regional market in 2019 and is anticipated to maintain its dominance over the forecast period. It is due to the rise in demand among the end-use industries such as automotive, biomedical, and aerospace industries in the region. According to International Trade Administration, the U.S. in North America is having the largest consumer of medical devices in 2019. Europe followed by North America is accounting for the second-largest position in the regional market owing to its presence of a large number of automotive and aerospace manufacturers. Moreover, maturing of medical device markets in emerging areas in Southeast Asia and Latin America are expected to support the growth of the market in the Asia Pacific region over the analysis period. In addition to the low cost of production and easy accessibility of raw materials will bolster the regional market growth in coming years. Further, the regions are analyzed into major countries in this research report are the U.S., Mexico, Germany, UK, Canada, France, China, Italy, India, South Korea, Japan, Brazil, UAE, Egypt, Kuwait, and South Africa among others.
This report segments the Shape Memory Alloys market as follows:
Global Shape Memory Alloys Market: By Type Segmentation Analysis
- Nickel-Titanium (Nitinol) Alloys
- Copper-Based Alloys
Global Shape Memory Alloys Market: By Application Segmentation Analysis
- Aerospace & Defence
- Consumer Electronics & Household
Key Insights from Primary Research
- As per our primary respondents, the global shape memory alloys market is set to grow annually at a rate of around 12%
- It was established through primary research that the shape memory alloys market was valued at around USD 10 Billion in 2019
- Presently, the United States and Europe are holding the largest revenue share among all the regions and are further expected to maintain their position throughout the forecast period.
- On basis of the application segment, the ‘aerospace industry’ dominated the global shape memory alloys market in 2019.
- The global shape memory alloys market is expected to reach around USD 20.9 Billion by 2026.
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