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2021

Shape Memory Alloys Market

Shape Memory Alloys Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2021-2030

MC : Advanced Materials

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Author's: Pratik Mandon | Eswara Prasad
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Shape Memory Alloys Market Outlook 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 be deformed and then restored to its original shape by applying heat. When shape memory alloys are cooled from their stronger, high-temperature form (austenite) to their weaker, low-temperature form (martensite), their crystal structure undergoes a phase shift (martensite). Special features of these alloys, such as shape memory and super elasticity are due to their inherent phase change. When a shape memory alloy is in the martensitic state, it is very easy to deform into a new shape. When heated to its transformation temperatures, alloy reverts and regains its previous shape with significant force. This transformation process is known as shape memory. Heat treatment and minor changes in alloy composition can be used to adjust the temperature at which the alloy remembers its austenite form when heated. Shape recovery process takes place over a small range of degrees and beginning or completion of transformation can be regulated within a degree or two, if needed.

Shape-Memory-Alloys-Market

Rise in demand for shape memory alloys (SMA) in the manufacturing of biomedical devices and surgical tools, aircraft components, and engineering & manufacturing actuators, and consumer electronics is the major driving factor for the shape memory alloys market. The market growth can also be attributed to rise in demand for high-quality life-saving medical devices as well as improved automotive and aerospace components. Physical properties of SMA promote their use in a variety of end-use industries. High cost of medical implants, which is the most common application of SMAs in the biomedical industry, is, however, a major hindrance for the market growth.

The global shape memory alloys market is segmented on the basis of type, end use industry, and region. On the basis of type, the global shape memory alloys market report covers nickel titanium alloys, copper-based alloys, Fe-Mn-Si alloys and others. On the basis of end use industry, it is segmented into biomedical, aerospace & defense, automotive, and others. The report further outlines details about revenue generated through sales of shape memory alloys across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.

Major players operating in the global shape memory alloy market include Furukawa. Johnson Matthey, Metalwerks Inc., G. Rau GmbH & Co. KG, Fort Wayne Metals, Xi’an Saite Metal Material, Seabird Metal, Dynalloyinc, Saes Gaetters and Ati Specialty Alloys & Components.

Shape Memory Alloys Market, by Type

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%.

Shape Memory Alloys Market
By Type
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Nitinol in Shape Memory Alloys is projected as the most lucrative segment.

Shape Memory Alloys Market, by end use industry

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%.

Shape Memory Alloys Market
By End-use Industry
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Aerospace & Defence End-use Industry is projected as the most lucrative segment.

Shape Memory Alloys Market, by Region

The Asia-Pacific region accounted for the largest share of the Shape Memory Alloys market in 2020.

Shape Memory Alloys Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific is projected as the most lucrative market.

Key Benefits For Stakeholders

  • The report provides in-depth analysis of the global shape memory alloy market along with the current trends and future estimations.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
  • Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global shape memory alloy market for strategy building.
  • A comprehensive market analysis covers the factors that drive and restrain the global shape memory alloy market growth.
  • The qualitative data about market dynamics, trends, and developments is provided in the report.

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.

Shape Memory Alloys Market Report Highlights

Aspects Details
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By Type
  • Nickel titanium alloys
  • Copper based alloys
  • Fe-Mn-Si alloys
  • Others
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By END USE INDUSTRIES
  • Biomedical
  • Aerospace & defense
  • Automotive
  • Others
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By Region
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, CEFTA, rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, UAE, rest of LAMEA)
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Key Market Players

SAES Getters, ATIDYNALLOY, INC., Johnson Matthey, Xi’an Saite Metal Materials Development Co., Ltd., Seabird Metal Materials Co. Ltd, G.RAU GMBH & CO. KG, METALWERKS, FURUKAWA ELECTRIC CO., LTD.

Analyst Review

Shape memory alloys have unique property of regaining their original shape following a temperature increase. In comparison to other traditional materials, these materials are more flexible. Shape memory alloys are used in aerospace & defense industry, as well as automobiles, robotics, valves, and medicinal devices. Owing to its features, such as high fatigue resistance, super elasticity, and biocompatibility, shape memory alloys are in high demand.

The global shape memory alloys market is segmented on the basis of type, end use industry, and region. On the basis of type, the global shape memory alloys market report covers nickel titanium alloys, copper-based alloys, Fe-Mn-Si alloys and others. On the basis of end use industry, it is segmented into biomedical, aerospace & defense, automotive, and others. The report further outlines details about revenue generated through sales of shape memory alloys across North America, Europe, Asia-Pacific, and LAMEA.

Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry.

Author Name(s) : Pratik Mandon | Eswara Prasad
Frequently Asked Questions?

Rise in demand for shape memory alloys (SMA) in the manufacturing of biomedical devices and surgical tools.

Rise in demand for shape memory alloys (SMA) in the manufacturing of biomedical devices and surgical tools.

The market size of the global shape memory alloys in 2021 is estimated to be around $9.6 billion in 2021 and is anticipated to rise to $19.5 billion by 2030.

Major players operating in the global shape memory alloy market include Furukawa. Johnson Matthey, Metalwerks Inc., G. Rau GmbH & Co. KG, Fort Wayne Metals, Xi’an Saite Metal Material, Seabird Metal, Dynalloyinc, Saes Gaetters and Ati Specialty Alloys & Components.

The aerospace & defense industry is projected to increase the demand for shape memory alloys market.

The global shape memory alloys market is segmented on the basis of type, end use industry, and region.

Rise in demand for shape memory alloys (SMA) in the manufacturing of biomedical devices and surgical tools, aircraft components, and engineering & manufacturing actuators, and consumer electronics is the major driving factor for the shape memory alloys market.

The biomedical and aerospace & defense applications are expected to drive the adoption of shape memory alloys during the forecast period.

Disruptions in supply chain management and temporary interruption in the manufacturing activities has negatively impacted the shape memory alloys market due to the COVID-19 pandemic.

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Shape Memory Alloys Market

Global Opportunity Analysis and Industry Forecast, 2021-2030