Shape Memory Alloys Global Market Report 2024

Shape memory alloys are metal alloys characterized by their ability to remember their original shape and regain it when the deforming force is removed. They exhibit a change in shape when exposed to heat and possess properties such as high strength, good elasticity, and lightweight characteristics. These alloys are widely used as functional materials in various fields due to their superelasticity property.

The main product types of shape memory alloys include sheets, wires, tubes, rods, and springs. Shape-memory alloy sheets are alloys that recall their original shape and revert to it when heated after being distorted. Various materials are utilized in shape memory alloys, such as nickel-titanium, copper-based alloys, iron-based alloys, silver-based alloys, gold-based alloys, and cobalt-based alloys. The end-use industries for shape memory alloys encompass biomedical, aerospace and defense, automotive, consumer electronics, and home appliances.

The shape memory alloys market research report is one of a series of new reports that provides shape memory alloys market statistics, including shape memory alloys industry global market size, regional shares, competitors with a shape memory alloys market share, detailed shape memory alloys market segments, market trends and opportunities, and any further data you may need to thrive in the shape memory alloys industry. This shape memory alloys market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The shape memory alloys market size has grown rapidly in recent years. It will grow from $12.84 billion in 2023 to $14.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth observed in the historical period can be attributed to the adoption of shape memory alloys in the aerospace industry for applications such as actuators and valves, increasing use in medical devices for minimally invasive surgeries, expansion in the automotive industry for smart materials and components, heightened demand in consumer electronics for shape memory alloy actuators, and a growing demand for biomedical applications.

The shape memory alloys market size is expected to see rapid growth in the next few years. It will grow to $22.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to the expansion of the smart materials market, with shape memory alloys (SMAs) playing a significant role, increased adoption in the energy sector, growing applications in structural engineering, a surge in demand for shape memory alloys in the defense and security sector, and a growing emphasis on sustainability. Key trends expected in the forecast period include advancements in biomedical engineering, the development of novel industrial applications in robotics and automation, the miniaturization of shape memory alloy components for portable devices, the integration of shape memory alloys in wearable technology for enhanced functionality, and a research and development focus on new shape memory alloy compositions for improved properties.

The shape memory alloys market is experiencing significant growth, driven by the rapid expansion of the aerospace and defense industry. This industry, dedicated to the development of advanced space systems, aircraft, and defense capabilities, benefits from shape memory alloys' unique properties. These alloys possess an elastic modulus and strength suitable for lightweight and highly reliable structural components, reducing drag during flight and enhancing overall performance. The increasing demand for advanced infrastructure in the aerospace and defense sector, projected to reach $70 billion by 2030, as per the India Brand Equity Foundation, will further boost the utilization of shape memory alloys, making them integral to industry growth.

The shape memory alloys market is poised for growth due to the rising demand for consumer electronics. These alloys find application in various aspects of consumer electronics, including smartphone antennas, vibration reduction, actuators, eyeglass frames, temperature sensing, energy harvesting, wearables, haptic feedback, and sound quality improvement. The Japan Electronics and Information Technology Industries Association reported a notable increase in consumer electronics production, reaching $280 million in May 2023. This surge in demand for consumer electronics is anticipated to be a key driver for the shape memory alloys market.

A noteworthy trend in the shape memory alloys market is the prevalence of strategic partnerships and collaborations among major players. These collaborations aim to strengthen product portfolios and introduce innovative solutions. For example, in January 2021, Nextremity Solutions partnered with Fort Wayne Metals to supply magnesium-based alloys for orthopedic implants. This collaboration enables Nextremity Solutions to leverage Fort Wayne Metals' materials and develop an orthopedic product portfolio, fostering research and development, regulatory clearance, and in-house manufacturing procedures.

Companies in the shape memory alloys market are actively engaged in product innovation to gain a competitive edge. The introduction of a driver chip designed for Shape Memory Alloy (SMA) actuators is a notable example. In July 2021, Cambridge Mechatronics Limited (CML) introduced the CM401, a driver chip tailored for SMA actuators, providing precise control for smartphone camera lens shift OIS actuators. This advanced chip integrates an MCU, flash memory, SRAM, and specialized power delivery, position sensing, and precision control logic, showcasing CML's commitment to innovation in the shape memory alloys market.

In April 2021, DJO Global's acquisition of MedShape Inc. underscores the importance of establishing a dominant position in the market. MedShape Inc., known for its proprietary shape memory PEEK alloy called Altera, enhances DJO Global's portfolio of foot and ankle innovations, aligning with the company's strategic goal of delivering exceptional clinical results in the medical technology sector.

Major companies operating in the in the shape memory alloys market report are SAES Getters SpA, Nippon Steel Corp., Fort Wayne Metals Research Products Corp., Xi'an Saite Metal Materials Development Co. Ltd., Dynalloy Inc., Allegheny Technologies Incorporated, Johnson Matthey Plc, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd., Metalwerks Inc., G. RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation, ALB Materials Inc., Seabird Metal Material Co. Ltd., Ultimate Niti Technologies Inc., GRIKIN Advanced Materials Co. Ltd., Nitinol Devices & Components Inc., Peiertech, Smart Ltd., Endosmart GmbH, Euroflex Fibek Ltd., Kellogg’s Research Labs LLC, Confluent Medical Technologies India Pvt. Ltd., Kinalco Inc., E. T. O. Engineering GmbH, Consolidated Aerospace Manufacturing, Aerofits Products Inc., Ingpuls GmbH, PPG Industries Inc.

North America was the largest region in the shape memory alloys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shape memory alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the shape memory alloys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The shape memory alloys market consists of sales of nickel and titanium. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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