The Shape Memory Alloy Market size is forecast to reach US$19.8 billion by 2027, after growing at a CAGR of 10.2% during 2022-2027. Shape-memory alloys are metals that return to their original shape before deformation on being heated, even on becoming deformed at a temperature below a given mark. Shape-memory alloys can be copper-based, iron manganese silicon alloys, nitinol and others. The alloy goes through a transformation from martensite to austenite, on being heated and is utilized as functional materials in actuators, temperature sensors and clamping fixtures. The demand for the shape-memory alloy to produce implants in the medical and healthcare industry and to improve the sealing of aircraft doors in the aerospace industry is driving market growth.The Shape Memory Alloy Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the Shape Memory Alloy industry are –
1. SAES Getters
2. ATI Specialty Alloys & Components
3. Furukawa Electric Co. Ltd.
4. Nippon Steel & Sumitomo Metal
5. Johnson Matthey
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Segmental Analysis:
1. Rapidly rising demand for Shape-Memory Alloy in the aerospace industry to reduce the unpleasant plane noise produced during landing and to improve the sealing of aircraft doors has driven the growth of the Shape Memory Alloy Market.
2. Growing medical & healthcare industry, specifically for medical implants, is leading the demand for nickel-titanium (nitinol) shape-memory alloys. It is the most widely used shape memory alloy as compared to other alloys such as copper-based alloy, iron-manganese-silicon alloy and others, owing to its excellent electrical and mechanical characteristics, long fatigue life and high corrosion resistance, shape memory, biocompatibility and super-elasticity.
3. Shape-memory alloys are widely utilized in dental applications for the manufacture of orthodontic wires, owing to their superior properties such as super-elasticity, resistance to corrosion and high toughness. The rise in the aging population and advancements in medical devices would increase the usage of shape memory alloys, such as in dental implants and other surgical devices.
4. According to International Trade Administration, in Mexico, the total local production of medical devices and equipment increased from US$16.80 billion in 2020 to US$15.12 billion in 2021. Thus, the rising government investments and growing demand for implants in the medical & healthcare sector are proving to be a market booster for the Shape Memory Alloy Market size in this region.
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Report Coverage |
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Report Attributes |
Details |
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By Type |
Nickel-Titanium Alloy (Nitinol), Copper-based Alloy, Iron-Manganese-Silicon Alloy
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By Application |
Motor and Actuators, Transducers, Structural Materials, Sensors, Transistors, Memories, Vibration Dampers, Shock Absorbers
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By Distribution Channel |
Automotive, Medical & Healthcare , Aerospace , Consumer Goods , Electrical & Electronics |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges:
1. Growing Aerospace industry: In the aerospace industry, Shape-Memory Alloys are utilized because of their characteristic to twist on cooling down. Due to this twisting motion, the fins are pulled down to lie flat against the wing. Also, the alloy regains its original shape in warmer conditions and lifts the fin into an upright position.
2. Rising Building & Construction Industry: In the building & construction industry, Shape-Memory Alloys are utilized to mitigate natural disasters, enhance structural performance, reduce vibration by increased damping and improve energy efficiency. Shape-memory alloys are also integrated into building envelopes to respond to the environment.
3. Rising Cost of Raw Materials: Due to the high prices of shape-memory alloys and the presence of similar properties, stainless steel is preferable for many applications in the medical & healthcare, consumer electronics and automotive industries. Thus, with the increasing cost of raw materials, the growth of the Shape Memory Alloy Market will be hindered in the forecast period.
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