According to a new published report by Allied Market Research titled, “Shape Memory Alloys Market by type and end use industries: global opportunity analysis and industry forecast, 2021–2030,”
The global shape memory alloys market was valued at $9.2 billion in 2020, and is projected to reach $19.5 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Shape memory alloys can regain their original shape when heated. It is also called smart alloy, memory alloy, smart metal, memory metal, or muscle wire. Copper-aluminium-nickel (CAN) and nickel-titanium (NiTi) are the most common shape-memory alloys, although SMAs can also be made from copper, iron, gold, and zinc. Despite the fact that iron- and copper-based SMAs, such as Cu-Zn-Al, Cu-Al-Ni and Fe-Mn-Si, are commercially available and less expensive than NiTi alloys, NiTi-based SMAs are preferred for most applications, owing to their stability, practicability, and higher thermo-mechanical performance. SMAs can exist in two phases, each with three different crystal structures (paired martensite, de-paired martensite, and austenite), as well as six different transformations.
Need for shape memory alloys is driven by extensive expansion and rise in healthcare expenditure in the field of biomedicine. According to the United Nations, the global population will reach 9.7 billion by 2050. With such a high rise in population, healthcare expenditure is expected to rise. Many firms have expanded their R&D expenditures on innovative materials such as nickel-titanium (nitinol) alloys to produce new medical devices. In addition, the market growth is expected to be aided by increase in demand for consumer electronics such as refrigerators, air conditioners, coffee makers, and furnaces. Owing to properties such as super elasticity (SE) and shape memory effect, shape memory alloys are commonly used in these appliances (SME).
The market driven by increase in use of SMAs in aerospace applications, owing to their favorable properties such as fatigue, lightweight, and high mechanical strength. In the aerospace industry, shape memory alloys are replacing traditional actuator systems. Temperature sensitivity of SMAs makes them ideal for aerospace applications. Increase in focus of the aerospace industry on multi-functionality and dependability propels demand for shape memory alloys.
The global shape memory alloy market is segmented on the basis of type, end-use industry, and region.
By type, the market is segmented into nickel titanium alloys, copper-based alloys, Fe-Mn-Si alloys and others. The nickel titanium segment accounted for the largest share in 2020, while copper based alloys segment is projected to grow at the highest CAGR of 8.3%.
By end-use industry, the market is divided into biomedical, aerospace & defense, automotive, and others. The biomedical segment accounted for the largest shape memory alloy market share in 2020, while the aerospace & defense segment is projected to be the fastest growing segment at a CAGR of 9.1%.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020, Europe was the fastest growing region.
The global shape memory alloy market is consolidated in nature with a few players, such as Furukawa, Johnson matthey, Metalwerks Inc., G. Rau GmbH & Co. KG, Fort Wayne metals, Xian saite metal material, seabird metal, Dynalloyinc, saes gaetters, and Ati specialty alloys & components, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
Key Findings Of The Study
- The nitinol segment accounted for the largest share in 2020, while the copper based alloys segment is projected to grow at the highest CAGR of 8.3%.
- The biomedical segment accounted for the largest share of the Shape Memory Alloys market in 2020, while the aerospace and defense segment is projected to grow at the highest CAGR of 9.1%.
- The Asia-Pacific region accounted for the largest share of the Shape Memory Alloys market in 2020.
Impact Of Covid-19 On The Global Shape Memory Alloy Market
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- Shape memory alloys are primarily used in medical, automotive, aerospace & defense industries.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper growth of the industry during the COVID-19 pandemic.
- Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has impacted negatively on the manufacturing and industrial industries. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.
- Companies are incorporating various techniques to increase production volume and are attempting to develop innovative solutions at an affordable price that can meet customer requirements at a lower cost and support the overall breakthrough required for increased fragrance product penetration sustainability.