Shape Memory Alloys Market Highlights:
Global shape memory alloys (SMA) market is estimated to expand at a CAGR of 10.79% to reach USD 11,079.1 million by the end of 2023. SMA is gaining prominence in the global market with the growing usage in the end use industries such as biomedical, spacecraft, aircraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others.
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Some of the prominent factors that positively influence the growth of the shape memory alloys market are increasing biomedical application scope, continuous growth of the aerospace & automotive industry, and growing usage of SMA in neuromuscular rehabilitation. Moreover, increased focus on physical fitness among people to enhance the living standard and the trend of tracking health progress are expected to drive the demand for SMA in the biomedical application. Furthermore, increasing penetration in the construction and electrical industries is predicted to provide a momentum to the growth of this market. Growing per capita disposable income coupled with increasing healthcare industry in developing countries is estimated to drive the market growth. However, fluctuation in raw material prices used in the manufacturing of SMA has increased the cost of SMA, which, in turn, is predicted to hinder the market growth during the forecast period 2017-2023.
Segment Analysis
The global shape memory alloys market is segmented into type, application, end use industry, and region.
On the basis of type, the market is segmented into nickel titanium, Cu-Al-Ni, Cu-Zn-Al, and others. Among the type segment, nickel-titanium is expected to register an exponential growth due to high adoption rate in the aerospace industry and medical devices.
On the basis of the application, the market is segmented superelastic, actuators, constrained recovery, frangible, vibration dampers, shock absorbers, and others. Among these, superelastic application segment accounted for the largest market share of over 33% in 2017 and is estimated to grow at a healthy CAGR of around 12.18% over the forecast period. Rising development of superelastic in development of guide wires, stents, bone anchors, surgical instruments, and others has resulted in a huge consumption of superelastic, which, in turn, is predicted to fuel the segmental growth over the assessment period. Actuators is another prominent application segment after superelastic.
Biomedical industry accounted for the largest market share of the market in 2017 and is projected to retain its dominance over the review period due to penetration of SMA in the manufacturing of medical devices. Moreover, rising geriatric population along with increased spending on healthcare is estimated to drive the market growth.
Regional Analysis
By geography, the global market is classified into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global SMA market in 2017, accounting for more than 33% of the value share of the global SMA market. The regional market trends demonstrating the growth of the SMA market include growing contribution of medical equipment to the numerous developing countries and continuous growth of the end-user industry across Asia Pacific region. Furthermore, rapid industrialization in the Asia Pacific region, high penetration of SMA manufacturers in the region, and availability of inexpensive labor and land are considered to have a positive impact on the global SMA market in the region. The other developing countries of Latin America, Europe, North America, and the Middle East & Africa are estimated to register a healthy growth on account of extensive utilization of SMA in various application.
Key Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the global Shape Memory Alloys market: 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
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