Shape Memory Alloy Market
The Shape Memory Alloy Market to surpass USD 58.46 billion by 2030 from USD 15.37 billion in 2020 at a CAGR of 14.29% within the coming years, i.e., 2020-30.
Shape memory alloys are often defined as alloys that return to their original shape when deformed. These alloys are lightweight and provide alternatives to traditional actuators such as pneumatic, hydraulic, and motor-based systems. These alloys were first discovered in 1951 and published after the discovery of the nickel-titanium alloy in 1963. The nickel-titanium or nitinol alloy is the most successful of all shape memory alloys. Other shape memory alloys include copper-magnesium, iron-manganese-silicon, and copper-aluminum-nickel alloys. Shape memory alloys have two stable phases: the high-temperature phase called austenite and therefore the low-temperature phase called martensite. The first is symmetrical while the second is less symmetrical. The phase change takes place mechanically or thermally.
The Shape Memory Alloy Market is predicted to project a notable CAGR of 14.29% in 2030.
Extensive expansion, coupled with increased healthcare spending in the biomedical sector, is likely to add to the demand for Shape Memory Alloy Market. The first successful application was the hydraulic clutch made of nitinol in military aircraft. Other applications such as bras, thermal and electrical actuators, and orthodontic arches have also seen remarkable growth in recent years. In addition, increasing demand for consumer electronics such as coffee makers, ovens, air conditioners, and refrigerators is expected to fuel the Shape Memory Alloy Market growth.
Shape Memory Alloy Market: Segments
Nitinol Alloys segment to grow with the highest CAGR during 2020-2030
The Shape Memory Alloy Market is segmented by Type into Nitinol Alloys, Copper-based Alloys, Iron-Manganese-Silicon Alloys, Others. The Nitinol Alloys segment is anticipated to dominate the Global Shape Memory Alloy Market during the forecast period. The increasing use of Nitinol in the biomedical segment is significantly driving the Shape Memory Alloy Market growth. Nitinol is used in a variety of implantable medical devices due to its super-elasticity and biocompatibility. The global medical devices market is growing strongly because of improving economic conditions especially in developed countries, which will increase sales of Nitinol Alloys.
Biomedical Industry segment to grow with the highest CAGR during 2020-2030
The Shape Memory Alloy Market is segmented by End-use Industry into Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Home Appliances, Others. The Biomedical Industry Segment is expected to dead the Shape Memory Alloys Market during the forecast period. The growth of this segment is due to the increasing use of shape memory alloys in implantable medical devices due to their properties such as biocompatibility, pseudo-elasticity, and cushioning properties.
Shape Memory Alloy Market: Market Dynamics
Increasing adoption of SMEs in aerospace
The increasing acceptance of SMEs in aerospace applications due to their beneficial properties such as high mechanical strength, fatigue resistance, and lightweight is driving the Shape Memory Alloys Market. Shape memory alloy replaces traditional actuator systems used in the aerospace industry. Increased focus on multifunctionality and reliability in the aerospace industry. The aerospace industry is driving the demand for active materials. The temperature sensitivity of SMAs makes them suitable for aerospace applications.
Medical use of shape memory alloy
Shape memory alloy has experienced a great boom in the use of shape memory alloy in the fields of dental, orthopedics, neural, vascular, and surgery also in the medical field, due to its good biocompatibility, excellent MRI. In addition, shows a growing interest at government agencies such as NASA also the expected increase in the use of SMA in the aerospace industry in order to make machines significantly lighter and thus more cost-effective. This shows the expansion of the Shape Memory Alloys Market in the aerospace and aerospace industries in an application unlike anywhere else today, this will certainly drive the Shape Memory Alloys Market in the first place.
Heat transfer to the SMA
One of the biggest challenges you will face is the rate of heat transfer to the SMA in the actuator. The rate of heat transfer to the material to bring it to a temperature above which it will undergo its solid phase change is a limiting factor in the reaction time. Even if this challenge were mastered by conducting the heating by passing electricity through the SMA, the cooling rate of the SMA would also be a limiting factor in bringing the actuator back to normal. They require additional systems for heat transfer, which counteracts the reason for using SMA as it would increase material costs, production costs, and the weight of the machines affecting the Shape Memory Alloys Market growth negatively.
Impact of COVID19 on the market for shape memory alloys
The global Shape Memory Alloys Market has been severely affected by the outbreak of the COVID19 pandemic. The cessation of industrial activities influenced the market for shape memory alloys. Consumer sentiment, shop closings, and consumer loss of income. The blockade implemented in several countries hampered national and international transport, which significantly affects the supply chain of numerous industries worldwide and thus widened the gap between supply and demand. Raw materials took longer than usual, which further reduced the production volume. With most countries imposing national closures, countries like India saw a sharp decline in the first quarter.
Shape Memory Alloy Market: Key Players
Nippon Seisen Co. Ltd.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Advanced Technology & Materials Co. Ltd.
Fort Wayne Metals
Furukawa Co. Ltd.
Grinm Advanced Materials Co. Ltd.
Johnson Matthey Inc.
Nippon Steel & Sumitomo Metal Corp.
Saes Getters Group
Shape Memory Alloy Market: Regions
Shape Memory Alloy Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. The North American region is expected to experience gradual growth due to factors such as increased investment in the medical device industry and increased vehicle production and aircraft. Moreover, defense, the availability of cheap hand labor in the APAC region, and favorable government policies have attracted several companies as well Investors worldwide set up their production facilities in the region, fueling the demand for memory alloys form various end-use industries such as automotive, aerospace and defense, biomedical and consumer, electronics and home appliances.
Shape Memory Alloy Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Shape Memory Alloy Market report also contains analysis on:
Shape Memory Alloy Market Segments:
By End-use Industry
Aerospace & Defense
Consumer Electronics & Home Appliances
Shape Memory Alloy Market Dynamics
Shape Memory Alloy Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Shape Memory Alloy Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 15.37 billion
Revenue forecast in 2030 USD 58.46 billion
Growth Rate CAGR of 14.29% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Basis, Type, End-Use Industry, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Nippon Seisen Co. Ltd., Advanced Technology & Materials Co. Ltd., ATI, Dynalloy Inc., Fort Wayne Metals, Furukawa Co. Ltd., Grinm Advanced Materials Co. Ltd., Johnson Matthey Inc., Lumenous Peiertech, Nippon Steel & Sumitomo Metal Corp., Sales Getters Group
Frequently Asked Questions on the Shape Memory Alloy Market
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