Global Shape Memory Alloys Market Research Report - Forecast to 2023
Shape memory alloys (SMA) is the material, which displays two different crystal structures or phases. These two phases are dependent on the temperature and internal stress applied to SMA. When SMA is in its lower temperature form, it is easily deformed to a new shape. It is used in various end-use industries such as spacecraft, transport, biomedical, aircraft, construction & housing, electrical appliances, hot water supply, subsea, and others on account of their excellent properties such as high abrasion and corrosion resistance. Nickel-titanium-based SMA is majorly used in various application due to its superior properties.
According to MRFR analysis, the global SMA market is projected to reach USD 11,079.1 million by 2023 at a CAGR of 10.79% over the assessment period. Among the type segment, nickel-titanium is likely to register significant growth during the review period due to high adoption rate in the various end-use application. Nickel-titanium is followed by Cu-Al-Ni due to their durability at elevated temperature. On the basis of the application, superelastic application segment accounted for the largest market share in 2017 and is predicted to retain its dominance over the assessment period. The market is experiencing a surge in the demand for SME from the medical sector in manufacturing of various devices such as guide wires, laparoscopic surgical instruments, implants, stents, retrieval baskets, and bone anchors among others is the primary factor attributed towards the demand for shape memory alloys in superelastic applications. Among the end use industry segment, biomedical accounted for the largest market share. The penetration of shape memory alloys in the development of various medical devices for orthopedics, orthodontics, and coronary stents is estimated to fuel the growth of the market. However, fluctuation in the cost of various raw material required for SMA manufacturing directly affects the final cost of SMA, which is likely to hinder the market growth over the forecast period. North America has dominated as the dominant region in the global shape memory alloys market and holds the maximum market share, in terms of both volume and value. In the North American region, the U.S. has emerged as the largest market for SMA in 2017 and is expected to be the fastest growing SMA market in the region owing to strong demand from the biomedical industry and continuous growth of the numerous end-use industries.
FIGURE 1 Global Shape Memory Alloys Market, by Application, 2017 (%)
Source: MRFR Analysis
Geographically, the global shape memory alloys (SMA) market is segmented into five regions namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America emerged as the leading market in SMA in 2017 and is projected to witness a lucrative growth in the near future owing to rising consumption in numerous end-use industries such as biomedical, aircraft, spacecraft, and transport. Asia Pacific is predicted to hold ~25% share of the global market and is expected to reach around USD 2,998.3 million at a CAGR of 12.18% during the review period. In the Asia Pacific region, various countries such as Japan, India, and China are among the major contributor to the growth of the regional market due to continuously growing construction & housing, spacecraft, and transportation sector. China accounted for value of USD ~486.2 million in 2017 and is expected to reach USD 1,010.5 million by the end of the forecast period, 2017-2023 due to the steadily growing end-use industries.
Europe was the second largest shape memory alloys market across the globe in 2017, which is further trailed by Asia Pacific. European SMA market accounted for around 26.1% of the overall market share and is estimated to expand at a CAGR of 9.48% during the review period. In Europe, countries such as the U.K, France, Spain, and Germany are among the leading contributors to the regional market share due to rising automotive sector in this region. Germany was the major contributor the regional market, which accounted for around USD 408 million followed by the U.K due to robust manufacturing base of automotive and other transportation sector. Emerging economies of Latin America and the Middle East and Africa are expected to witness an above average growth due to rising consumer base for the healthcare and automotive industry coupled with the continuous growth in construction activities specifically in Turkey, Kuwait, and the UAE.
MRFR in its report has offered a segmental analysis of the market by type, application, end use industry, and region. Based on the type, the market is segmented into nickel titanium, Cu-Al-Ni, Cu-Zn-Al, and others. Based on the application, the SMA market is classified into superelastic, actuators, constrained recovery, frangibolt, vibration dampers, shock absorbers, and others. Based on the end-use industry, the market is classified into biomedical, aircraft, spacecraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others. Based on the region, the market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Some of the key manufacturers operating in the global shape memory alloys market are SAES Getters S.p.A, TiNi Alloy Co, Ultimate NiTi Technologies Inc, Fort Wayne Metals Inc., Metalwerks PMD Inc, ENDOSMART GmbH, Admedes Schuessler GmbH, DYNALLOY, Inc., EUROFLEX GmbH, Confluent Medical Technologies, Inc, Aerofits Products Inc, Burpee Materials Technology LLC., Johnson Matthey Inc, TiNi Aerospace, FURUKAWA ELECTRIC CO., LTD, Baoji Seabird Metals Materials Co., Ltd., Baoji TITANIUM INDUSTRY CO., LTD, and XSMA, Inc.
The report covers brief analysis of geographical region such as:
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of the Middle East & Africa
As per MRFR analysis, global shape memory alloys market is projected to reach USD ~11,079.1 million by the end of the forecast period at a CAGR of 10.79% during the assessment period.
By the type, nickel-titanium shape memory alloys accounted for around 43.27% share of the global market in 2017 at the highest CAGR of 11.44%.
Superelastic segment is estimated to hold around 33.86% share of the global market by registering significant growth at a CAGR of 12.18% during the forecast period.
The North America region accounted for about 33% share of the global market in 2017.
• Shape Memory Alloys Market manufacturers
• Traders and distributors of Shape Memory Alloys Market
• Production process industries
• Potential investors
• Raw material suppliers
• Memory metal
• Memory alloy
• Nitinol metal
• Muscle wire
• Flexinol wire
• Sma metal
• Machining Nitinol
• Alloys and compounds
• White metal alloy
• Heat memory
• Gold alloys