Shape Memory Alloy Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Overview

The Global Shape Memory Alloy Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Shape memory alloys are metallic materials that can recover their original shape upon heating after deformation. They find applications in various industries such as aerospace, healthcare, and automotive. The market is driven by factors such as the growing demand for lightweight and high-performance materials, increasing use in medical devices, and advancements in alloy manufacturing processes. The Global Shape Memory Alloy Market is witnessing significant growth in the Asia Pacific region. Key players in the market include Nitinol Devices & Components, Inc., SAES Getters S.p.A., Fort Wayne Metals Research Products Corp., and other prominent players operating in the market.

Market Summary

For more insights - Download the Sample

• Shape memory alloys are materials that change their shape on the application of an external force and again regain their original form on heating owing to the ‘shape remembering feature’ of the alloy.
• Shape memory alloys are light in weight compared to conventional actuators and find their potential use in robotics, automotive, aerospace, biomedical, and defense sectors.

Market Size

•  According to the International Organization of Motor Vehicles Manufacturers (OICA), 96.8 million vehicles were sold globally in the year 2018 compared to 93.9 million vehicles in 2017 increasing at an annual rate of 3.08%. About 70.8 million passenger vehicles and 25.9 million commercial vehicles were sold in 2018 compared to 69.5 million and 24.3 million respectively in 2017.

Market Dynamics

• Superior properties of shape memory alloys, the growth of the biomedical industry, and rising demand for shape memory alloys from the automobile, aerospace, defense, and consumer appliances sectors are the key factors responsible for boosting the global shape memory alloy market.
• The rising demand for shape memory alloys from the automotive sector is a primary aspect responsible for the growth of the global shape memory alloy market.
• According to the news by Boeing, the company is expected to increase the production rate from 47 aircraft per month in 2017 to 52 per month in 2018 and 57 per month in 2019.
• According to the International Air Transport Association (IATA), commercial airlines generated revenue of USD 755 billion in 2017, compared to 709 billion in 2016 witnessing a growth of 6.5%.
• Rising automotive sales and the growth of the aerospace industry are expected to drive the global shape memory alloy market in the future.
• However, rising prices of raw materials and the sensitivity of the material's properties during the manufacturing process are the crucial aspects that hamper the growth of the global shape memory alloys market.
• Raw materials such as molybdenum, titanium, and cobalt used in shape memory alloys are very expensive.
• According to the Metal metal prices, the cost of titanium was USD 4800 per metric ton in 2018 compared to USD 4150 per metric ton in 2017.
• Molybdenum and cobalt were priced at USD 16005 and USD 80490 in 2018 compared to USD 14750 and USD 37347 respectively in 2017. The increasing prices of raw materials are a critical factor impeding the growth of the global shape memory alloy market.

Market Segment Analysis

• The Global Shape Memory Alloy Market has been segmented by type of product, end-user application, and geography.
• Based on the type of the product, the market is segmented as nitinol-based alloys, iron-based alloys, copper-based alloys, and others.
• Nitinol-based alloys are the dominant segments of the shape memory alloy market owing to their superior properties such as elasticity and fatigue strength. Owing to these factors, nitinol-based alloys find their potential use in the biomedical, aerospace, and automotive segments.
• According to the World trade statistical review conducted by the World Trade Organization (WTO), the global medical technology market in 2017 was worth USD 430 billion, and this is growing at an annual rate of 4.2% per year.
• The global spending on biomedical technology research and development in 2017 was about USD 28 billion. Thus, the growth of the end-user application industries is driving nitinol–based alloys to dominate the global shape memory alloy market.

Market Geographical Share

• The Global Shape Memory Alloy Market is segmented into North America, Europe, Asia Pacific, South America, and the Rest of the world (ROW).
• The North American region is further segmented into the following areas as the U.S., Canada, and Mexico. The U.S. dominates the global shape memory alloy market owing to the technological advancements in this region, the growing aerospace market, and the increasing growth of the biomedical industry.
• According to the department of commerce, the government of the USA, the US is the worldwide leader in the biomedical industry with a market value of USD 156 billion and represented 40% of the global biomedical industry in 2017.
• Moreover, according to the World Fact Book published by the Central Intelligence Agency (CIA), the US ranked first in the global list of aerospace exporting nations generating revenue of USD 131.2 billion accounting for 40.2% of the total market share of aerospace exports in the world. Owing to these reasons, the United States is anticipated to dominate the global shape memory alloys market in the future.

Market Competitive Landscape

• Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness.
• For instance, in October 2018, Dyanalloy Inc collaborated with TiNi Alloy company to use shape memory alloys in recovering low-grade waste by converting it into usable energy. Furthermore, in July 2018, Allegheny Technologies acquired Addaero Manufacturing, a leader in metal alloy-based additive manufacturing for the aerospace and defense sectors.
• New product launches and expansion of facilities are some other vital strategies adopted by most companies to contribute to the company's growth and improve their market growth rate.
• For instance, in September 2018, Dynalloy Inc increased its capacity to 100% on most of its crimp lines to meet the demands of growing customer sales.

The scope of the Report

• The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
• The Global Shape Memory Alloy Market is segmented based on the product type as Nitinol-based alloys, copper-based alloys, Iron-based alloys, and others.
• Based on the end-user application, the market is segmented as building and construction, healthcare, automotive, aerospace, defense, and others. Based on geography, the market is segmented as North America, South America, Europe, Asia Pacific, and the Rest of the World (ROW).
• The report profiles the following companies – Fort Wayne Metals, Memory Metalle GmbH, Nippon Steel and Sumitomo Metals, Furukawa Electric, SAES group, Allegheny Technologies Inc, Johnson Mattey, Dyanalloy Inc, Nippon Seisen and Baoji Titanium Company.