Shape Memory Alloy Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40541
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The shape memory alloy market size has the potential to grow by $1.63 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (biomedical, automotive, aerospace and defense, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Allegheny Technologies Inc., DYNALLOY Inc., Fort Wayne Metals Research Products Corp., Furukawa Electric Co. Ltd., G.RAU GmbH & Co. KG, Johnson Matthey Plc, Metalwerks Inc., Nippon Seisen Co. Ltd., SAES Getters Spa, and Ultimate Wireforms Inc.

Market Overview

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Market Competitive Analysis

The shape memory alloy market is fragmented. The increasing use of shape memory alloys in consumer products will lead to an increase in competition among vendors due to the potential of high volume growth. Johnson Matthey Plc, Metalwerks Inc., Nippon Seisen Co. Ltd., SAES Getters Spa, and Ultimate Wireforms Inc. are some of the major market participants. Although the growing application areas of shape memory alloys will offer immense growth opportunities, the high cost of shape memory alloys will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this shape memory alloy market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this shape memory alloy market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Allegheny Technologies Inc.
  • DYNALLOY Inc.
  • Fort Wayne Metals Research Products Corp.
  • Furukawa Electric Co. Ltd.
  • G.RAU GmbH & Co. KG
  • Johnson Matthey Plc
  • Metalwerks Inc.
  • Nippon Seisen Co. Ltd.
  • SAES Getters Spa
  • Ultimate Wireforms, Inc.

Shape Memory Alloy Market: Segmentation by Region

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North America was the largest shape memory alloy market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing investments in the medical devices industry and the rising production of defense vehicles and aircraft will significantly drive the shape memory alloy market growth in this region during the forecast period.

Almost 40% of the market’s growth will originate from North America during the forecast period. The US is the critical market for shape memory alloy in North America. Market growth in this region will be slower than the growth of the market in APAC and Europe.

Shape Memory Alloy Market: Segmentation by Application

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The increasing use of Nitinol in the biomedical segment is significantly driving the shape memory alloy market growth. Nitinol is used in a variety of implantable medical devices due to its superelasticity and biocompatibility. The global medical devices market is growing strongly because of improving economic conditions especially in developed countries, which will increase sales of Nitinol.

The shape memory alloy market share growth by the biomedical segment will be faster than the growth of the market by the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the shape memory alloy market size.

Shape Memory Alloy Market: Key Drivers and Trends

The growing applications of shape memory alloys is one of the critical factors that will drive shape memory alloy market growth. The bifunctionality and biocompatibility of shape memory alloys make them highly preferable for biomedical and defense applications. Manufacturers in developing countries such as India and China have come up with technologies to produce shape memory alloy locally. This is resulting in the adoption of shape memory alloy in non-defense and non-medical fields such as the automotive and aerospace sectors.

Moreover, the development of shape memory alloys with high fatigue life, one of the vital shape memory alloy market trends, will also drive market growth. Recent advances in material sciences have resulted in the development of shape memory alloys that have a very high fatigue life, making them useful in biomedical applications. The market will register a CAGR of over 9% during the forecast period.

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Shape Memory Alloy Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive shape memory alloy market growth during the next five years
  • Precise estimation of the shape memory alloy market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the shape memory alloy market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of shape memory alloy market vendors  

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • Biomedical - Market size and forecast 2019-2024
  • Automotive - Market size and forecast 2019-2024
  • A and D - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Allegheny Technologies Inc.
  • DYNALLOY Inc.
  • Fort Wayne Metals Research Products Corp.
  • Furukawa Electric Co. Ltd.
  • G.RAU GmbH & Co. KG
  • Johnson Matthey Plc
  • Metalwerks Inc.
  • Nippon Seisen Co. Ltd.
  • SAES Getters Spa
  • Ultimate Wireforms, Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The shape memory alloy market growth will increase by $1634.56 million during 2019-2024.
The shape memory alloy market is expected to grow at a CAGR of 9.24% during 2019-2024.
Technavio has segmented the shape memory alloy market by application (Biomedical, Automotive, A and D, and Others) and geographic (North America, Europe, APAC, and South America).
Allegheny Technologies Inc., DYNALLOY Inc., Fort Wayne Metals Research Products Corp., Furukawa Electric Co. Ltd., G.RAU GmbH & Co. KG, Johnson Matthey Plc, Metalwerks Inc., Nippon Seisen Co. Ltd., SAES Getters Spa, Ultimate Wireforms Inc. are a few of the key vendors in the shape memory alloy market.
North America will register the highest growth rate of 40.99% among the other regions. Therefore, the shape memory alloy market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Germany
  • France
  • Japan
  • Canada
The key factors driving the shape memory alloy market growth are:
  • Biocompatibility of Nitinol
  • Technological advancements in AI
The shape memory alloy market vendors should focus on grabbing business opportunities from the biomedical segment as it accounted for the largest market share in the base year.
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