Shape Memory Alloys Market Size, Share, Growth Report 2030

The global Shape Memory Alloys market, which was estimated at 11.9 (USD Billion) in 2019 and is predicted to accrue earnings worth approximately 30 (USD Billion) by 2026, is set to record a CAGR of nearly 13.2% over 2020-2026. The report offers valuation and analysis of Shape Memory Alloys market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Introduction

Shape memory alloys are light in weight and are used in place of conventional actuators including hydraulic, pneumatic, and motor-based systems. In addition to this, surge in the healthcare spending across the bio-medical industry is projected to enhance the sales of shape memory alloys in the foreseeable future. Some of the largely used shape memory alloys include nickel titanium, iron-manganese-silicon, copper-zinc-aluminum, and copper-aluminum-nickel alloys. Furthermore, these materials possess two stable phases, mainly, high temperature phase referred as austenite and low temperature phase termed as martensite. Reportedly, austenite phase is symmetric and martensite phase is less symmetric.

Market Growth Drivers

Large-scale use of the product in automotive, aerospace, bio-medicine, and robotics will propel the expansion of the shape memory alloys market in the foreseeable future. In addition to this, these chemicals also find spectrum of applications in dental wires, bone reinforcement, and vein & artery reinforcement. Apparently, the humungous utilization of shape memory alloys in fire security & protection systems as well as anti-scalding protection will prop up the expansion of shape memory alloys industry over the estimated timespan. In addition to this, large-scale production of golf clubs, eyeglass frames, helicopter blades, wires, ribbons, and tubes will pave a way for the growth of business in the upcoming years.

Moreover, thriving consumer electronics sector is anticipated to offer new growth avenues for the market over the forecast timeline. Beneficial product features like high fatigue resistance, huge mechanical strength, shape memory effect, biocompatibility, light weight, and super elasticity will favorably leverage the growth of the industry over the forecasting timespan. For the record, shape memory alloys exhibit exceptional characteristics where they retain original shape after their temperature is increased. These materials are more flexible as compared to others, thereby further steering the expansion of the market.

North America To Retain Domination In Market Over 2020-2026

The growth of the market in North America over the forecast timespan is owing to surge in the research activities across the bio-engineering domain. In addition to this, massive utilization of medical equipment in the countries like the U.S. along with large-scale product penetration in aerospace, bio-medical, and automobile sectors in the region will propel the regional business growth trends.

Key players profiled in the report and influencing the market growth are Seabird Metal, ATI, SAES Group, Nippon Steel Corporation, Johnson Matthey, Furukawa Electric Co., Ltd., and Fort Wayne Metals Research Products Corp.

The global shape memory alloys market is segmented as follows:

By product:

• Nitinol (nickel-titanium) alloys
• Copper-based alloys
• Others

By end-user:

• Aerospace & defense
• Biomedical
• Automotive
• Consumer electronics & household
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa