Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, and Others), End-use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 11 billion mark in 2022 and is expected to hit US$ 24 billion by 2030, recording a CAGR of 9% during the forecast period.
Shape memory alloys market has been significantly growing due to increasing their demand from biomedical application
The shape memory alloys are highly used in biomedical applications, especially in medical implants, owing to their biological compatibility. Nickel titanium alloys are widely used for medical implants because of their characteristics such as consistency of stress, better elasticity, and resistance to corrosion. The growing adoption of biomedical implants and aging population is fuelling the demand for shape memory alloys. The nickel titanium alloys segment is expected to pace up with growing its demand from biomedical industry, particularly for medical implants. Further, other segment copper-based alloys is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is further segmented into nickel titanium alloys, copper-based alloys, and others. On the basis of end-use industry, the market is segmented into biomedical, aerospace & defense, automotive, consumer electronics, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Strong growth of the shape memory alloys market in North America
The shape memory alloys market growth in North America region is driven by growing demand for shape memory alloys from various end-use industries such as biomedical, aerospace & defense, and automotive. Furthermore, the market growth in the region is fuelled by capacity expansion, and new product development strategies adopted by the major players operating in the region.
Growing demand from consumer electronic industry
In consumer electronics, these are various areas of application where shape memory alloys are highly advantageous. The shape memory alloys are highly used in the manufacturing of air conditioners, coffee makers, cameras, personal accessories, etc. They are highly used because of their better elasticity and corrosion resistance. With the growing consumer electronics industry in various countries across the globe, the demand for shape memory alloys is also increasing.
Recent strategic developments in shape memory alloys market
The shape memory alloys market has undergone several significant developments, and a few of these have been mentioned below:
- In 2018, Allegheny Technologies Incorporated announced that it has acquired Addaero Manufacturing (Addaero), a leader in metal alloy-based additive manufacturing for the aerospace and defense industries.
- In 2018, ATI announced a 50–50 joint venture with a subsidiary Tsingshan Group in order to produce 60-inch-wide stainless sheet products for sale in North America.
The shape memory alloys market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Nippon Steel; Sumitomo Metal; SAES Getters; ATI Specialty Alloys & Components; and Furukawa Electric Co., Ltd are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Shape memory alloys related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industries of shape memory alloys
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type
- Nickel Titanium Alloys
- Copper-Based Alloys
- Others
- End-use Industry
- Biomedical
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Nippon Steel
- Sumitomo Metal
- SAES Getters
- ATI Specialty Alloys & Components
- Furukawa Electric Co., Ltd
Companies profiled
- Nippon Steel
- Sumitomo Metal
- SAES Getters
- ATI Specialty Alloys & Components
- Furukawa Electric Co., Ltd