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The Global Shape Memory Alloy (SMA) Market size is estimated to grow by USD 2,142.28 million and the size of the market is forecast to increase at a CAGR of 9.84% between 2022 and 2027. The growth of the market depends on several factors, including the biocompatibility of nitinol, growing application areas of shape memory alloys, and increasing use by R&D institutions in aerospace and defense, and consumer products.
This report extensively covers market segmentation by application (biomedical, automotive, A&D, and others), type (nickel-titanium, copper-based, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing use by R&D institutions in aerospace and defense and consumer products is notably driving the shape memory alloy market growth. The market is in its nascent stage as not many potential applications of shape memory alloys have been commercialized, but R&D institutions in the aerospace and defense and consumer goods industries are investing heavily to explore the possibility of commercialization of shape memory alloys.
For instance, NASA has been exploring the possibility of using shape memory alloys to develop tires for its rover on Mars. It has already developed and tested these tires. The super elasticity of a shape memory alloy would reduce the possibility of permanent deformation on the rugged surface of Mars. NASA has also successfully tested a flight that can adjust the span of its wings using shape memory alloy actuators. This test flight was conducted to assess the improvement in the aerodynamics of the test flight when wings are folded during flight. Similarly, R&D labs in biomedical and automotive industries are also purchasing shape memory alloys to explore use in new products. This is leading to the increased purchase of shape memory alloys and driving market growth.
The development of tires with shape memory alloy is a primary trend in the shape memory alloy market. The National Aeronautics and Space Administration (NASA) has developed tires meant for the rover destined for the Mars by using shape memory alloys. According to NASA, this tire traverses the rugged surface of Mars without getting damaged. This development was in response to the damage caused to NASA's Curiosity Rover by the surface of Mars.
Shape memory alloys can undergo up to 30 times deformation before finally breaking. This has led to the NASA developing and testing the proposal of shape memory alloy tires for its 2020 Mars mission. NASA opines that in the future there can be commercial use of shape memory alloy tires on Earth. They can find applications in rovers meant for wildlife and geological surveys. Under-inflation of truck tires leads to several thousand dollars, per year, in additional fuel costs because of loss of friction. This can be solved by using shape memory alloy tires, which eliminate the effect of inflation over fuel efficiency. Therefore, this trend may become a driver for the global SMA market in the future.
Costs associated with regulatory requirements are the major challenge impeding the shape memory alloy market growth. Biomedical devices account for the majority of consumption of shape memory alloys in the global shape memory alloy (SMA) market. Healthcare in general and biomedical applications in particular require approval from authorities concerned for every single component. Different jurisdictions require different certifications.
For example, FDA approval is mandatory for a shape memory alloy stent before medical use. Similarly, the CE mark is required for shape memory alloy stents sold in the European Market. The cost and time involved in these certifications are high. Moreover, the sensitive nature of medical devices requires the approval of Nitinol for every single application. Similarly, actuators used in the automotive industry also need to go through multiple failure tests to prove usability, which elongates the product development lifecycle and increases the cost. These regulations hinder new product development and challenge the growth of the SMA market.
Based on application, the market is segmented into biomedical, automotive, A&D, and others. The market share growth of the biomedical segment will be significant during the forecast period. The growth of the market for application in the biomedical industry is driven by the increasing use of Nitinol in biomedical. Nitinol is used in a variety of implantable medical devices due to its super elasticity and biocompatibility. The global medical devices market is growing strongly because of improving economic conditions, especially in developed countries and a growing population of people of age above 65 years. With the increasing global population, the incidences of cardiovascular, orthopedic, and dental complications are also increasing. This, coupled with technological advances and increasing healthcare expenditure, is leading to a demand for medical devices such as a stent, bone staples, and orthodontic clips.
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There is also an increasing trend of medical implant surgeries that cause much less physical trauma to the patient and reduce the risk of infection. Medical implant surgeries are performed by doctors by making small incisions. Then doctors insert a thin tube, which has a video camera and channel for surgical instruments so that doctors can perform the procedure. These tubes need to have super elasticity to ensure minimum permanent deformation despite large mechanical strain. This makes Nitinol one of the best materials for medical implant surgeries. Therefore, the biocompatibility, SME, and superelasticity of Nitinol and the growing demand for implantable medical devices and medical implant surgeries will drive the growth of the market during the forecast period.
Based on the type segment Nickel-titanium is leading the SMA market growth. Nickel-titanium is an essential raw material that accounts for a significant portion of the structural weight of many military airframes. Industrial use of titanium is gaining popularity, specifically in seawater applications. Titanium, with its intrinsic corrosion resistance and high density, is rapidly gaining favor in seawater service over copper nickel. As compared with copper-nickel, titanium is considered more economical due to its weight and space considerations on floating production systems. For industrial processes requiring high temperatures and corrosion resistance and/or pressures, titanium-clad construction is often a cost-effective solution. It wields a layer of corrosion-resistant titanium alloy to a sheet of steel for pressure control, providing a more durable, and reliable alternative to non-metallic linings.
North America is projected to account for 35% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The medical devices industry in the US invests more than one-fifteenth of its revenue in R&D activities, which leads to product innovation, including the use of advanced materials. The US is also a world leader in terms of the export of medical devices. According to the US Department of Commerce, the US exported USD 43 billion worth of medical devices in 2018, which consisted of instruments or machines used in the prevention, diagnosis, or treatment of illness or disease for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for health improvement. Similarly, the US is the biggest aerospace and defense market in the world due to the presence of institutions and corporations such as NASA, Boeing, and Lockheed Martin. These institutions are leaders in their respective fields and invest significantly in discovering potential uses of advanced materials, including shape memory alloys, to improve the performance of their products. These significant investments will drive segment growth in the region.
The implementation of vaccination drives in 2021 resulted in the removal of lockdown restrictions in North America. That, in turn, helped in the resumption of business operations in end-user industries, including aerospace, construction, and automobile, which will further enhance the growth of the market in North America during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Shape Memory Alloy Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the SMA market.
Allegheny Technologies - The company offers to shape memory alloys such as Niti Alloys, Hafnium, Tantalum, Zirconium, Tungsten, Titanium, etc. Through this segment, the company also offers nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet, and PRS products. Additionally, Through the high-performance material and component segment, the company offers a wide range of high-performance specialty materials, parts, and components for several major end markets, including the aerospace and defense, medical, and energy markets.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Shape Memory Alloy Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.84% |
Market growth 2023-2027 |
USD 2,142.28 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.18 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegheny Technologies Inc., Boston Centerless Inc., Confluent Medical Technologies, DYNALLOY Inc, EUROFLEX GmbH, Fort Wayne Metals Research Products Corp., Furukawa Electric Co. Ltd., Hangzhou Ualloy Material Co. Ltd., Johnson Matthey Plc, LB Officine Meccaniche Spa, M & T (Taiwan) Co. Ltd., Metalwerks Inc., Nanoshel LLC, Nippon Seisen Co. Ltd., Nippon Steel Corp., Precision Castparts Corp., ResearchGate GmbH, SAES GETTERS Spa, and Sea Bird Scientific |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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