Synopsis of Shape Memory Alloys
Shape memory alloys (SMA) are also known as smart materials, which remember their original shape by heating after shape deformations. SMA belong to a unique class of materials that possesses superior thermo-mechanical properties with high corrosion resistance. Thus, they are widely used in numerous end-use industries such as aircraft, transport, biomedical, spacecraft, electrical appliances, subsea, construction & housing, and others. SMA include nickel-titanium, Cu-Al-Ni, Cu-Zn-Al, and others. The commonly used shape memory material is an alloy of nickel and titanium called Nitinol. Nitinol is available in the form of rods, wires, thin films, and bar stocks.
As per MRFR’s analysis, some of the factors and trends identified in the global shape memory alloys market include constantly growing healthcare industry, rising usage of SMA for neurology and neuromuscular rehabilitation, and widening biomedical application scope of SMA in orthopedic, cardiovascular and in surgical instruments. Furthermore, in the recent years, the healthcare industry has focused on the concept of less invasive surgical procedures. Therefore, shape memory surgical instruments been have developed, which rapidly become popular. Moreover, the development of laparoscopy tools and intra-aortic balloon pump with SMA along with rising expenditure on healthcare in emerging economies are projected to fuel the market growth over the estimated period. Rising technological advancements along with the growing use of SMA in the manufacture of aerospace parts is likely to drive the market over the assessment period, 2017-2023. However, higher cost associated with the SMA on account of fluctuating price of raw materials is estimated to hamper the growth of the market.
Global shape memory market is estimated to reach USD 11,079.1 million by 2023 at healthy a CAGR of 10.79% over the assessment period, 2017-2023.
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By geography, the global shape memory alloys market is segmented into five regions: Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
North America dominated the global shape memory alloys market in 2017 on account of flourishing growth of industries such as biomedical, aircraft, spacecraft, and transportation.
Asia Pacific region accounted for around 25% of the overall volume share in 2017 and is predicted to reach USD 2,998.3 million with a significant CAGR of around 12.18% over the forecast period. The demand for shape memory alloys is estimated to surge in various countries such as China, Japan, and India due to rising construction & housing, biomedical, spacecraft, and transportation industries. China accounted for a market value of USD 486.2 million in 2017 and is estimated to reach USD 1,010.5 million over the assessment period.
European region accounted for around 26.1% of the overall market share (in terms of value) in 2017 and is expected to grow at a significant CAGR of 9.48% over the assessment period. Germany, Spain, France, and the U.K are among the key contributors to the regional market growth and are estimated to retain their dominance over the forecast period due to the presence of robust manufacturing base for the transportation sector. Germany holds the largest regional market share and accounts for around USD 408 million, which is further followed by the U.K. The high adoption rate of nickel-titanium in superelastic, actuators, and frangibolt application drives the regional market growth.
Matured markets such as North America and Europe are likely to witness steady growth over the review period, 2017-2023 on account of growing use of SMA in aircraft, biomedical, and transportation. Furthermore, high adoption rate in the spacecraft end-use industry combined with the rising expenditure on a space mission from various countries such as the U.S., Russia, China, India, and Japan is expected to fuel the regional market growth. The Middle East & African countries are projected to witness a healthy growth on account of growing building & construction activities in developing countries such as Saudi Arabia, Kuwait, the UAE, and Turkey.
The shape memory alloys market is categorized on the basis of type, application, end use industry, and region. On the basis of the type, SMA market is categorized into nickel titanium, Cu-Al-Ni, Cu-Zn-Al, and others. The nickel titanium type segment is dominating the market and is estimated to retain its dominance due to excellent properties and high adoption rate in many end-user industries. On the basis of the application, the market is segmented into superelastic, actuators, constrained recovery, frangible, vibration dampers, shock absorbers, and others. On the basis of the end-user industry, the market is classified into biomedical, aircraft, spacecraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others. On the basis of the region, SMA is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
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Market Research Future (MRFR) recognizes the following companies as the key players in the global Shape Memory Alloys market: 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:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa
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