Global Shape Memory Alloys Market Projected to Reach USD 20.9 Billion by 2026

19-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Shape Memory Alloys Market By Type (Nickel-Titanium (Nitinol) Alloys, Copper-Based Alloys, and Others) and By Application (Biomedical, Automotive, Aerospace & Defense, Consumer Electronics & Household, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global shape memory alloys market in 2019 was approximately USD 10.2 billion. The market is expected to grow at a CAGR of 12% and is anticipated to reach around USD 20.9 billion by 2026.

Share memory alloys are made up of metal which return to a predetermined shape after it gets heated. After plastic deformation, when share memory alloy is heated above its transformation temperature level, it undergoes a thermo-elastic change in crystal structure, which results in a recovery of the deformation. This effect is known as the shape memory effect that is used in applications for force generation like actuators development.

Browse the full “Shape Memory Alloys Market By Type (Nickel-Titanium (Nitinol) Alloys, Copper-Based Alloys, and Others) and By Application (Biomedical, Automotive, Aerospace & Defense, Consumer Electronics & Household, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/shape-memory-alloys-market-by-type-nickel-titanium-1239

The beneficial properties of shape memory alloys such as high mechanical strength, lightweight and fatigue resistance. It is used as substitute for traditional aerospace actuator systems. Moreover, rising focus on durability has raised the demand for active materials in the aerospace industry. Thereby, growing adoption of shape memory alloys in aerospace applications is driving the market. However, the volatility of prices of raw materials of shape memory alloys is hindering the market growth.

The shape memory alloys market is segmented based on type and application.  On the basis of type segmentation, the market is classified into nickel-titanium (nitinol) alloys, copper-based alloys, among others. The Nitinol held the largest market share presently owing to its superior stability, and high performance thermo-mechanical properties as compared to other alloys. The copper-based alloys is expected to lead the market growth rate faster over the forecast period as it is relatively less expensive than other materials such as Cobalt Nickel Gallium, Nickel Manganese Gallium and iron-based alloys. In terms of application segmentation, the market is bifurcated into biomedical, automotive, aerospace & defense, consumer electronics & household, and others. The biomedical segment is gaining popularity presently owing to its biocompatibility and computer tomography compatibility of SMEs. Rising disposable income, growing urbanization has raised the demand for home appliances such as gas-water heaters, regulator valves and subfloor vents. Thereby, its use in such products will propel the home appliance segment over the coming years.

The global shape memory alloys market is analyzed by five major regions including North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America is dominating the regional market in 2019 and is anticipated to maintain its dominance over the forecast period.  It is due to rise in demand among the end-use industries such as automotive, biomedical, and aerospace industries in the region. According to International Trade Administration, the U.S. in North America is having the largest consumer of medical devices in 2019. Europe followed by North America is accounting the second largest position in regional market owing to its presence of large number of automotive and aerospace manufacturers.

Moreover, maturing of medical device markets in emerging areas in Southeast Asia and Latin America are expected to support the growth of the market in Asia Pacific region over the analysis period. In addition to low cost of production and easy accessibility of raw materials will bolster the regional market growth in coming years. Further, the regions are analyzed into major countries in this research report are the U.S., Mexico, Germany, UK, Canada, France, China, Italy, India, South Korea, Japan, Brazil, UAE, Egypt, Kuwait, and South Africa among others.

Report Scope

Some of the leading players in the global market include

Nitinol Devices & Components, SAES Getters, G.RAU GmbH & Co. KG, ATI,  Johnson Matthey, Fort Wayne Metals, Furukawa Electric, Nippon Steel & Sumitomo Metal, Nippon Seisen, Metalwerks PMD, Ultimate NiTi Technologies, Dynalloy, PEIER Tech, and Baoji Seabird Metal among others.

This report segments the Shape Memory Alloys market as follows:

By Type Segmentation Analysis

• Nickel-Titanium (Nitinol) Alloys
• Copper-Based Alloys
• Others

By Application Segmentation Analysis

• Biomedical
• Automotive
• Aerospace & Defence
• Consumer Electronics & Household
• Others

By Regional Segmentation Analysis

• 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

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