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Shape memory alloys (SMA) is the material, which displays two different crystal structures or phases. These two phases are dependent on the temperature and internal stress applied to SMA. When SMA is in its lower temperature form, it is easily deformed to a new shape. It is used in various end-use industries such as spacecraft, transport, biomedical, aircraft, construction & housing, electrical appliances, hot water supply, subsea, and others on account of their excellent properties such as high abrasion and corrosion resistance. Nickel-titanium-based SMA is majorly used in various application due to its superior properties.
According to MRFR analysis, the global SMA market is projected to reach USD 11,079.1 million by 2023 at a CAGR of 10.79% over the assessment period. Among the type segment, nickel-titanium is likely to register significant growth during the review period due to high adoption rate in the various end-use application. Nickel-titanium is followed by Cu-Al-Ni due to their durability at elevated temperature. On the basis of the application, superelastic application segment accounted for the largest market share in 2017 and is predicted to retain its dominance over the assessment period.
Geographically, the global shape memory alloys (SMA) market is segmented into five regions namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America emerged as the leading market in SMA in 2017 and is projected to witness a lucrative growth in the near future owing to rising consumption in numerous end-use industries such as biomedical, aircraft, spacecraft, and transport.
Asia Pacific is predicted to hold ~25% share of the global market and is expected to reach around USD 2,998.3 million at a CAGR of 12.18% during the review period. In the Asia Pacific region, various countries such as Japan, India, and China are among the major contributor to the growth of the regional market due to continuously growing construction & housing, spacecraft, and transportation sector. China accounted for value of USD ~486.2 million in 2017 and is expected to reach USD 1,010.5 million by the end of the forecast period, 2017-2023 due to the steadily growing end-use industries.
Europe was the second largest shape memory alloys market across the globe in 2017, which is further trailed by Asia Pacific. European SMA Market accounted for around 26.1% of the overall market share and is estimated to expand at a CAGR of 9.48% during the review period. In Europe, countries such as the U.K, France, Spain, and Germany are among the leading contributors to the regional market share due to rising automotive sector in this region. Germany was the major contributor the regional market, which accounted for around USD 408 million followed by the U.K due to robust manufacturing base of automotive and other transportation sector. Emerging economies of Latin America and the Middle East and Africa are expected to witness an above average growth due to rising consumer base for the healthcare and automotive industry coupled with the continuous growth in construction activities specifically in Turkey, Kuwait, and the UAE.
Segmentation
MRFR in its report has offered a segmental analysis of the market by type, application, end use industry, and region. Based on the type, the market is segmented into nickel titanium, Cu-Al-Ni, Cu-Zn-Al, and others. Based on the application, the SMA market is classified into superelastic, actuators, constrained recovery, frangibolt, vibration dampers, shock absorbers, and others. Based on the end-use industry, the market is classified into biomedical, aircraft, spacecraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others. Based on the region, the market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Key Players
Some of the key manufacturers operating in the global shape memory alloys market are 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.
Key Findings
As per MRFR analysis, global shape memory alloys market is projected to reach USD ~11,079.1 million by the end of the forecast period at a CAGR of 10.79% during the assessment period.
By the type, nickel-titanium shape memory alloys accounted for around 43.27% share of the global market in 2017 at the highest CAGR of 11.44%.
Superelastic segment is estimated to hold around 33.86% share of the global market by registering significant growth at a CAGR of 12.18% during the forecast period.
The North America region accounted for about 33% share of the global market in 2017.
Intended Audience
Shape Memory Alloys Market manufacturers
• Traders and distributors of Shape Memory Alloys Market
• Production process industries
• Potential investors
• Raw material suppliers
DC –Description
- Nitinol
• Memory metal
• Memory alloy
• Nitinol metal
• Muscle wire
• Flexinol wire
• Sma metal
• Machining Nitinol
• Alloys and compounds
• White metal alloy
• Heat memory
• Gold alloys
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No of Pages: 182
Single user licensed price: 4450
Time Frame: 2017-2023
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The report gives summary of the impact of the key drivers, restraints, and popular trends in the Shape Memory Alloys Market. These factors are studied on regional and the global front, for varying levels of depth of market research. Overall overview of the factors affecting various decisions in the global Shape Memory Alloys Market is presented and examined by policies in the market, regulatory scenario of the market, with the help of details of key rules, regulations, plans, and policies in the market. The Shape Memory Alloys Market report presents detailed analytical account of the market’s competitive landscape, with the help of detailed business profiles, project feasibility analysis, SWOT analysis, and several other details about the key companies operating in the Shape Memory Alloys Market. The report also presents an outline of the impact of recent developments on market’s future growth forecast.
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