Shape Memory Alloys MarketbyType (Nitinol, Copper based, Iron-Manganese-Silicon, and Others), End-use Industry Type (Biomedical and Aerospace & Defense, Automotive, Consumer Electronics, & Home appliances, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Shape Memory Alloys Market by Type (Nitinol, Copper based, Iron-Manganese-Silicon, and Others), End-use Industry Type (Biomedical and Aerospace & Defense, Automotive, Consumer Electronics, & Home appliances, and Others), and Region...
Shape memory alloys can be distorted and then heated back to their original shape. Shape memory alloys undergo a phase transition (martensite) when cooled from their stronger, high-temperature form (austenite) to their weaker, low-temperature form (martensite). These alloys' unique properties, including shape memory and super elasticity, are due to their inherent phase shift. When a shape memory alloy is martensitic, it is extremely easy to deform into a new shape. When heated to transformation temperatures, the alloy reverts and returns to its original shape with great force.
The increasing demand for SMAs in the manufacturing of biomedical devices, surgical instruments, aerospace components, automotive actuators, and consumer electronics due to high demand for biomedical device production, North America is the most important area for the SMAs market. The growing need for high-quality, life-saving medical equipment with improved automobile and aerospace components is driving market expansion. SMAs' physical properties encourage their use in a variety of end-use applications. Still, the exorbitant cost of an implanted device, which is the primary application of SMA, is a major impediment to market expansion.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Type Analysis
Nitinol, Copper based, and Iron-Manganese-Silicon
Nitinol type is anticipated to remain the biggest demand generator for the shape memory alloys market in the years to come.
End-Use Industry Type Analysis
Biomedical and Aerospace & Defense, Automotive, Consumer Electronics & Home appliances, and Others.
Biomedical industry is likely to dominate the shape memory alloys market in the coming years.
Regional Analysis
North America, Europe, Asia-Pacific, and The Rest of the World
North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.
By Type
"Nitinol segment accounted for the largest market share."
Based on the type, the shape memory alloy market is segmented into nitinol, copper-based, and iron-manganese-silicon. Nitinol is expected to remain the largest typein the market during the forecast period owing to the demand for nitinol SMAs, particularly in medical implants. These SMAs are available in sheets, wires, rods, and ribbons.
End-Use Trends
"The biomedicalssegment accounted for the largest market share."
Based on the end-use industry type, the market is segmented into biomedical and aerospace & defense, automotive, consumer electronics & home appliances, and others. Biomedicals are expected to remain the dominant as well as the fastest-growing end-use industry in the market during the forecast period. The biomedical section was the most important end-use industry for SMAs, closely followed by the aerospace & defense market. SMA applications in the automotive industry will grow as the EV market gains traction. Due to their shape memory qualities, super-elasticity, high toughness, and corrosion resistance, SMAs are also frequently used in the dentistry industry for the fabrication of orthodontic wires. Nonetheless, because of the COVID-19 pandemic in 2020 and social distance standards, only minimum services are still available. Government-imposed limitations have had an influence on oral dentists.
Regional Insights
"North Americaaccounted for the largest market share."
In terms of regions, North America is expected to remain the largest market for shape memory alloys market during the forecast period. The underlying growth of the North American market is being driven by capacity expansion and new product development tactics implemented by the region's main competitors. Furthermore, because of the increased demand for transplantation, the region leads the market for SMAs in the biomedical end-use industry. In the region, the United States is the dominant economy, followed by Canada.
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Shape Memory Alloys Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
The shape memory alloy marketis segmented into the following categories:
By Type
Nitinol
Copper-based
Iron-Manganese-Silicon
By End-Use Industry Type
Biomedical
Aerospace & Defense
Automotive
Consumer Electronics and Home Appliances
Others
By Region
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, Saudi Arabian, and Others)
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s shape memory alloys market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Company Profiling
Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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The shape memory alloys market is estimated to grow at a CAGR of 11.2% by 2028, driven by increasing demand for SMAs in the manufacturing of biomedical devices, surgical instruments, aerospace components, automotive actuators, and consumer electronics.
Ati Specialty Alloys & Components, Dynalloy Inc., Fort Wayne Metals, Furukawa Electric Co., Ltd., Johnson Matthey Plc, and Metalwerks Pmd, Inc. are the leading players in the shape memory alloys market.
North America is estimated to remain dominant in the shape memory alloys market in the foreseeable future. The underlying growth of the North American market is being driven by capacity expansion and new product development tactics implemented by the region's main competitors.
The increasing demand for SMAs in the manufacturing of biomedical devices, surgical instruments, aerospace components, automotive actuators, and consumer electronics due to high demand for biomedical device production, North America is the most important area for the SMAs market. The growing need for high-quality, life-saving medical equipment with improved automobile and aerospace components is driving market expansion.
