Shape Memory Alloys Market Analysis

Shape Memory Alloys Market Analysis

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 shape memory alloys market demand in coming years.

Based on end-user, the 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 shape memory alloys market 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 shape memory alloys in home appliance.
 

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 shape memory alloys 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.