Global Shape Memory Alloys Industry

Global Shape Memory Alloys Industry

  • February 2022 •
  • 316 pages •
  • Report ID: 5900287 •
  • Format: PDF
Abstract:

What`s New for 2022?
-Global competitiveness and key competitor percentage market shares
-Market presence across multiple geographies - Strong/Active/Niche/Trivial
-Online interactive peer-to-peer collaborative bespoke updates
-Access to our digital archives and MarketGlass Research Platform
-Complimentary updates for one year

Global Shape Memory Alloys Market to Reach US$20 Billion by the Year 2026

Shape memory alloys (SMAs) are materials with an interesting ability to get back to their original shape following deformation upon exposure to a specific temperature. The transition of these alloys from their high-temperature stronger form to low-temperature weaker form results in a phase change in their crystal structure. The inherent phase shift allows shape memory alloys to display compelling properties like super elasticity and shape memory effect. Growth in the global market is attributable to increasing application scope along with potential use of these alloys in diverse domains. Future expansion of the market is anticipated to be also bolstered by rising uptake of these alloys in various safety devices like fire sprinklers and anti-scalding. While the market expansion was restrained by COVID-19-led disruptions and impact on primary end-use industries, shape memory alloys are poised to gain from promising scope in the medical arena. The increasing focus on new material properties for industrial applications is set to expand the scope of shape memory alloys. Commercial application of these alloys is poised to increase consistently with ongoing advances and understanding into their properties. These alloys are slated to benefit from rising attention on shape memory materials that are key components of smart composites due to their intriguing characteristics like enhanced damping capacity, pseudoelasticity and shape memory effect.

Amid the COVID-19 crisis, the global market for Shape Memory Alloys estimated at US$10.4 Billion in the year 2020, is projected to reach a revised size of US$20 Billion by 2026, growing at a CAGR of 11.5% over the analysis period. Nitinol, one of the segments analyzed in the report, is projected to grow at a 11.6% CAGR to reach US$15.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Copper-Based segment is readjusted to a revised 14.1% CAGR for the next 7-year period. This segment currently accounts for a 13.2% share of the global Shape Memory Alloys market. Nickel-titanium alloys, collectively termed as nitinol, have emerged as the most popular and useful shape memory alloys in the recent years. Nitinol is witnessing increasing acceptance in several applications in the field of robotics, military, safety and medical. In addition to medical applications, nitinol is experiencing broader adoption in robotics actuators as well as micromanipulators for stimulating motion of the human muscle.

The U.S. Market is Estimated at $3.9 Billion in 2021, While China is Forecast to Reach $3.5 Billion by 2026

The Shape Memory Alloys market in the U.S. is estimated at US$3.9 Billion in the year 2021. The country currently accounts for a 34.69% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$3.5 Billion in the year 2026 trailing a CAGR of 14.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.6% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. North America dominates market share due to strong focus of players on capacity expansions and new product development. The regional market is bolstered by notable expansion of the aerospace industry along with high medical implant demand. The Asia-Pacific market is likely to emerge as a lucrative market in the coming years on account of the presence of a sizeable automotive industry along with other manufacturing industries that are slated to create strong demand for these alloys.

Iron-Manganese Silicon Segment to Reach $1.3 Billion by 2026

In the global Iron-Manganese Silicon segment, USA, Canada, Japan, China and Europe will drive the 8.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$591.5 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$167.8 Million by the year 2026.

Select Competitors (Total 48 Featured) -
  • ALB Materials Inc.
  • Allegheny Technologies Incorporated
  • Baoji Seabird Metal Material Co., Ltd
  • Boston Centerless
  • Confluent Medical Technologies
  • Dynalloy Inc
  • Euroflex GmbH
  • Fort Wayne Metals Research Products Corp.
  • Furukawa Electric Co., Ltd,
  • G. Rau GmbH & Co. KG
  • GRINM Group Co., Ltd.
  • Hangzhou Ualloy Material Co., Ltd
  • Johnson Matthey
  • M & T Co., Ltd
  • Memry Corporation
  • Metalwerks Inc.
  • Nanoshel LLC
  • Nippon Seisen Co. Ltd.,
  • NIPPON STEEL CORPORATION
  • PEIER Tech
  • Precision Castparts Corp.
  • SAES Getters S.p.A.
  • Sma Wires India
  • Stanford Advanced Materials
  • Sunrise Titanium Technology Co. Ltd.,
  • Ultimate NiTi Technologies