Shape Memory Alloys Market by Type, by Mechanism, by Application, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2019 – 2023

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Shape Memory Alloys Market Research Report
Forecast to 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Shape Memory Alloy Market - 2023
Global Shape Memory Alloys Market
Information by Type (nickel titanium, Cu-Al-Ni,
Cu-Zn-Al), by Application (superelastic,
actuators, constrained recovery, frangible,
vibration dampers, shock absorbers), by End Use
industry ( biomedical, aircraft, spacecraft,
transport, electrical appliances, construction
housing, subsea, hot water supply), and by Region
Forecast till 2023 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 MRFRs 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.
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Shape Memory Alloy Market - 2023
Regional Analysis 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. Segmentation
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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Shape Memory Alloy Market - 2023
Key Players Some of the key players operating in
the global shape memory alloys market are 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. Key Findings Global shape memory
alloys market is estimated to reach USD 11,079.1
million by 2023 at an expanding CAGR of 10.79
over the review period of 2017-2023. Nickel
Titanium SMA emerged as the most promising
segment by type and acquired 43.27 of the global
market share in 2017 at the highest CAGR of
11.44. In terms of application, the superelastic
segment accounted for 33.86 share of the global
market, and it is the major revenue generating
segment at a significant CAGR of 12.18. North
America has been the largest shape memory alloy
market across the globe from the past several
years and it accounted for over 33 share of the
global market in 2017. Intended Audience Shape
Memory Alloys manufacturers Traders and
distributors of Shape Memory Alloys Production
process industries Potential investors Raw
material suppliers
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