05-Oct-2020 | Zion Market Research
As per analysts at Zion Market Research, the global shape memory alloys market was capitalized at USD 11.9 billion in 2019 and is estimated to grow at a CAGR of 13.2% during the forecast period 2020–2026. The extensive expansion along with surging healthcare expenses in the biomedical segment is estimated to contribute to the demand for the shape memory alloy products globally. According to the UN, the worldwide population is predicted to reach approximately 9.8 billion by the end of 2050. With such a rapid augment in the population, the healthcare expenditure is also likely to witness persistent growth. With regard to advance new medical devices, several companies have enhanced their research & development expenses on new materials like nickel-titanium (nitinol) alloys. The U.S. is one of the major customers of shape memory alloys for different applications such as thermal & electric actuators, fasteners, and the orthodontic archwire.
Some of the prominent players in the market are ATI, SAES Group, Johnson Matthey, Furukawa Electric Co., Ltd., Seabird Metal, Nippon Steel Corporation, and Fort Wayne Metals Research Products Corp.
Rising Demand For Consumer Electronics To Stimulate The Global Shape Memory Alloys Market
The augmenting demand for consumer electronics like furnaces, coffee makers, refrigerators, and air conditioners is likely to bolster the market growth. The shape memory alloys are extensively utilized in these appliances due to characteristics like SE (super elasticity) and SME (shape memory effect). The heat can be used in SME to regain the original shape of earlier deformed alloy. Nevertheless, the alloy in SE can be bent or stretched to a greater extent, but it returns to original shape after the load is released. The shape memory alloys have distinctive properties, in which they recover their original shape subsequent to an increase in the temperature. These materials provide high flexibility than other traditional materials. Nitinol products have witnessed an escalating demand due to the characteristics like high fatigue resistance, biocompatibility, and superelasticity. There is increased prominence on multi-functionality and reliability across the aerospace industry that is boosting the demand for active materials.
The global shape memory alloys market is bifurcated on the basis of product, end-user, and regional analysis. Based on the product, the market is divided into nitinol (nickel-titanium) alloys, copper-based alloys, and others. Based on the end-user, the market is divided into automotive, biomedical, consumer electronics & household, aerospace & defense, and others.
The North America Region Estimated To Witness Largest Major Share In The Global Shape Memory Alloys Market
Based on geographical analysis, the global shape memory alloys market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America witnessed the largest market share of almost 36.2% in 2019 and is expected to continue its dominance during the forecasted period. This is owing to the growth of the automotive, aerospace, and biomedical segments across the region that will maintain the requirement for shape memory alloys at a balanced rate. According to ITA (International Trade Administration), the U.S. is the major consumer of medical devices and accounted for over 40% of the global demand during 2017. The medical device industry across the U.S. is predicted to reach about USD 210 billion by the end of 2025.
Browse the full “Shape Memory Alloys Market - By Product (Nitinol Alloys, Copper-Based Alloys, and Others), By End-User (Automotive, Biomedical, Consumer Electronics & Household, Aerospace & Defense, and Others), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/shape-memory-alloys-market
The global shape memory alloys market is segmented as follows:
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