Shape Memory Alloys Market Size By Product (NiTi, Copper based, Others), By End-user (Biomedical, Aerospace & Defense, Automotive, Household Appliances, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, South Korea, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC, Israel), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Published Date: Apr 2019 | Report ID: GMI3261 | Authors: Kiran Pulidindi, Sayan Mukherjee Report Format: PDF
Shape Memory Alloys Market size was estimated over USD 9 billion in 2018 and the industry will grow by a CAGR of more than 12% up to 2025.
U.S. Shape Memory Alloys Market Size, By End-user, 2014 – 2025 (USD Billion)
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Rapid growth in the global biomedical, aerospace & defense and automotive industries will be the major growth drivers for the shape memory alloys market. Emerging aerospace markets like France, Germany, UK, Japan, China, Russia, and India are likely to boost product demand in the aerospace industry in coming years. Additionally, increasing investment by the governments of developed as well as developing nations across the world in defense sector is likely to drive the demand of these alloys in the future.
The U.S. is a major SMAs industry owing to its established aerospace and medical industries. The country invested more than USD 600 billion in its aerospace & defense industry in 2016 with its export value crossing over USD 100 billion in the same year. The U.S. is the world’s largest aircraft producer. Apart from that, the country is the second largest automobile manufacturer and is also known for its advanced biomedical industry. The rising demand for better healthcare services, flourishing global biomedical and automotive industries will propel the demand of SMAs in the near future. However, fluctuating raw material prices may hinder the growth prospects of the market during the forecast period.
Shape Memory Alloys Market, By Product
Based on product, global shape memory alloys market is segmented into NiTi (Nitinol), copper-based alloys and others. Nitinol occupies the largest market share and will grow by a CAGR of around 12% in the forecast timeframe. Majority of the applications prefer Nitinol to its substitutes owing to its superior stability, excellent thermo-mechanical properties and practicability as compared to other alloys.
Other SMAs category includes Fe-Mn-Si, Ni-Fe-Ga, etc. Fe-Mn-Si is used in pipe-joint for steel pipes, fishplate for crane-rail, etc. Technological advancements in the future which will enable the usage of these product type for new applications is likely to drive other SMAs demand in coming years.
Shape Memory Alloys Industry, By End-user
Based on end-user, the global shape memory alloys market is segmented into biomedical, aerospace & defense, automotive, home appliances and others. Biomedical is the chief end-user segment and is likely to gain by more than 11% CAGR during the forecast period. Extensive application of the product for dental implants, stents, catheters, etc. will drive its growth. Additionally, surging biomedical industry in the developing countries will also propel the product demand over the forecast period.
Home appliance end-user segment had a share of approximately 10% of the overall market in 2018. The product is extensively used for gas-water heaters, subfloor vents, regulator valves, etc. Rising disposable income, robust economic growth, urbanization and increasing demand of home appliances will propel the usage of SMAs in home appliance.
Shape Memory Alloys Market, By Region
The global market is dominated by North America, which accounted for approximately one-third of the market share in 2018. High production capacity, large number of product manufacturers coupled with the presence of an established biomedical and automotive industry has resulted in the region’s dominant position in the SMA market. The North America SMA market is likely to grow at a CAGR of over 12% in coming years.
Asia Pacific region is the fastest growing shape memory alloys market and is likely to exhibit a CAGR of more than 14% during the forecast timeframe. Rising population, economic progress and improving government expenditure on infrastructure development are some of the factors for the high growth in the region.
Competitive Market Share
The major companies in the shape memory alloys market are Allegheny Technologies Incorporated, SAES Getters, Johnson Matthey, Nippon Steel and Sumitomo Metal, Furukawa Electric, Fort Wayne Metals, Xian Saite Metal Materials Development, Nippon Seisen, etc. Other players in the market include Seabird Metal Material, Dynalloy, Ultimate Niti Technologies, Metalwerks, Euroflex, Stanford Materials and Sunrise Titanium Technology.
Companies in the industry use strategies such as mergers and acquisitions along with significant investments in research and development to increase their competitiveness. Long-term supply agreements between manufacturers and end-users are also common in the industry. Allegheny Technologies’ agreement with Pratt & Whitney for the supply of nickel-based alloys for manufacturing next generation jet engines is an example of this trend.
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These alloys are known for their superior characteristics such as pseudo elasticity, high-damping properties, high-corrosion resistance and shape memory effect. Nickel-titanium SMAs were discovered in early 1960’s by Buehler. These products have been used widely as actuators in automobile industry. SMAs have also been used for orthopedic screws & wires, dental arch wires, cardiovascular stents, manufacturing electronic and aircraft components. Increasing investments in aerospace sector & spending on healthcare, rising defense budgets and availability of superior healthcare services will drive the demand of SMAs.
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