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The shape memory materials market size is forecast to increase by USD 6.6 billion, at a CAGR of 8.61% between 2023 and 2028. Market growth analysis hinges on several key factors: rising demand for shape memory materials in the automotive and aerospace sectors, expanding applications within the aerospace industry, and heightened demand from the healthcare sector due to their growing usage in medical devices. Shape memory materials are increasingly sought after in the automotive and aerospace industries, driven by their unique properties that enhance performance and efficiency in critical applications. Similarly, the aerospace sector continues to explore new applications for these materials, further fueling market growth. Moreover, the healthcare industry's reliance on shape memory materials for advanced medical devices underscores another significant growth driver. This multifaceted demand across diverse sectors positions shape memory materials as pivotal in driving market expansion, highlighting their versatility and increasing importance in high-tech industries. As industries continue to innovate and expand their applications, the market for shape memory materials is expected to see sustained growth, driven by ongoing technological advancements and evolving consumer needs.
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The Shape Memory Materials (SMMs) market encompasses a wide range of materials, including Nitinol and Nimesis, known for their unique ability to return to a predetermined shape after being deformed. SMMs find extensive applications in various industries such as Aerospace, Medical, and Automotive. In the Aerospace sector, SMMs are utilized for actuators in aeronautics due to their shape memory effect and superelasticity. In the Medical and Healthcare sector, SMMs are integral to medical devices like stents, drug delivery systems, embolization devices, and wound closure devices, owing to their biocompatibility and quality-based medical treatment. The aging population and increasing life expectancy are driving the demand for SMMs in healthcare applications. In the Automotive sector, SMMs are used in textile for fashion and automotive production for parts like seat belts and engine components. Shape memory polymers, another type of SMM, offers viscoelasticity and is used in various applications. The global SMMs market is expected to grow significantly due to the increasing demand for lightweight and high-performance materials in various industries.
Increasing shape memory materials demand in automotive and aerospace sector is notably driving market growth. Shape memory materials have gained significant traction in the aerospace industry due to their benefits, including weight reduction, enhanced efficiency, and extended service life. In this sector, epoxies serve as the primary matrix materials, while carbon or graphite, aramid, and high-stiffness glass fiber function as reinforcement materials. Notably, polyetheretherketone (PEEK), a high-temperature thermoplastic, is also employed in the aerospace industry. The global aviation sector is experiencing substantial growth, as indicated by the International Civil Aviation Organization's data, which reveals a rise in the total number of passengers carried on scheduled services to approximately 4 billion in 2019.
Moreover, the business ecosystems of shape memory materials are characterized by product segments such as shape memory alloys, shape memory polymers, and others. Procurement and inventory management are crucial capabilities that require regional-specific strategies to navigate economic slowdowns, stagflation, and supply chain dynamics. The energy transition and the adoption of bio-chemicals and materials are essential developments shaping the market. Cost consciousness and operational efficiency are key factors influencing prices, trade, logistics, and revenues. Thus, such factors are driving the growth of the market during the forecast period.
Need for lightweight automotive is the key trend in the market. The global shape memory materials market has witnessed significant advancements, with numerous new launches and expansions shaping the business landscape. For instance, in March 2021, I-Form, the SFI Research Centre for Advanced Manufacturing, entered into a multi-year agreement with Fort Wayne Metals, a US manufacturing company, to develop 3D printed wires for advanced medical devices. This collaboration will focus on researching additive manufacturing (3D printing) of wire and tubing using metal alloys, which could potentially revolutionize next-generation medical devices such as catheters and stents. Another notable development occurred in April 2021, when DJO, a subsidiary of Colfax Corporation, completed the acquisition of MedShape, Inc. This strategic move is expected to enhance DJO's capabilities in the medical device industry and strengthen its position in the shape memory materials market.
Further, as the market evolves, businesses must navigate the regulatory framework, adopt investment discipline, and implement regional-specific strategies to maintain operational efficiency and cost consciousness. Sustainability and energy transition are also crucial factors influencing the market's dynamics. The recovery of bio-chemicals and materials, as well as the geographies' logistical considerations, will significantly impact the shape memory materials market's revenues, prices, and trade. The market's developments are subject to various economic factors, including stagflation, supply chain dynamics, and economic slowdowns. Thus, such trends will shape the growth of the market during the forecast period.
Concerns with use of smart polymers is the major challenge that affects the growth of the market. Shape memory materials, specifically polymers, encounter challenges in their application due to unpredictable burst discharge profiles and biphasic discharge. Neuronal burst discharges, defined as three or more action potentials with inter-spike intervals of less than or equal to 30 milliseconds or two spikes with an intermission of less than or equal to 15 milliseconds, pose a significant challenge to synchronous peak interaction in the temporal lobes. Moreover, smart polymers face hurdles in ensuring general medication effectiveness, controlling discharge kinetics, maintaining conformational integrity during handling, and safeguarding biological actions during discharge.
As the healthcare, regulatory, and business landscapes continue to evolve, pharmaceutical, biotechnology, and medical technology players must adapt their R&D, pricing, supply chain networks, and business models to these changing scenarios. This includes implementing cost-conscious strategies, focusing on operational efficiency, and regional-specific approaches to navigate economic slowdowns, stagflation, and supply chain dynamics. The energy transition and the increasing use of bio-chemicals and materials in various industries further add complexity to the market. Inventory management, trade, logistics, and developments in revenues and prices also play a crucial role in shaping the market landscape. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The healthcare segment is estimated to witness significant growth during the forecast period. Shape memory materials, including Nitinol and other alloys, exhibit unique properties such as superelasticity and viscoelasticity, making them valuable in various industries. In the aerospace sector, these materials are utilized for manufacturing components with specific shapes that change under temperature variations, enhancing the performance of aircraft and spacecraft. In healthcare and medical devices, shape memory polymers are employed in stents for vascular applications, drug delivery systems, embolization, and wound closure devices, ensuring quality-based medical treatments.
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The healthcare segment accounted for USD 4.60 billion in 2018. The electric vehicle market's growth and the shift towards sustainable transportation solutions also present opportunities for shape memory materials in battery casings and components. 3D printing technology facilitates the production of complex shapes and customized medical devices, further expanding the application scope of shape memory materials. Earlybird Venture Capital, HBM Healthcare Investments, Fort Wayne Metals, and other investors are backing research and development efforts in this field. Geopolitical tensions, economic growth, and supply chain concerns can impact the market dynamics, while consumer preferences, policy amendments, and environmental concerns influence the demand and adoption of shape memory materials in the aeronautics, automotive sector, and building industries. The Mars rovers mission and Artemis exploration efforts demonstrate the potential of these materials in extreme environments.
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Europe is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Shape memory materials, including Nitinol and other alloys, exhibit unique properties such as superelasticity and viscoelasticity, making them valuable in various industries. In the aerospace sector, these materials are utilized for manufacturing components with precise shapes that can change under specific temperatures, enhancing the performance of aircraft and spacecraft. In healthcare and medical devices, shape memory polymers are used in stents for vascular applications, ensuring quality-based medical treatment for cardiac conditions. Biocompatibility is a crucial factor, and these materials are extensively used in medical devices, including drug delivery systems, embolization, and wound closure. The aging population and increasing life expectancy have fueled the demand for shape memory materials in healthcare.
Further, in the automotive production process, these materials help optimize manufacturing efficiency. In the aeronautics industry, shape memory alloys are used in actuators and sensors, contributing to the Mars rovers mission and Artemis exploration efforts. Economic growth, consumer preferences, and policy amendments drive the market for shape memory materials. However, supply chain concerns, environmental concerns, and geopolitical tensions can impact the market's growth. Earlybird Venture Capital, HBM Healthcare Investments, Fort Wayne Metals, and other investors are investing in research and development to expand the applications of shape memory materials. The 3D printing industry is also expected to significantly contribute to the market's growth, offering new opportunities for innovation and customization.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Shape Memory Materials (SMMs) are gaining significant attention in various industries due to their unique properties, including superelasticity and viscoelasticity. These materials exhibit the shape memory effect, enabling them to return to their original shape after being deformed. SMMs find extensive applications in the aerospace industry, particularly in components requiring high stiffness values. In healthcare, SMMs are used in medical devices such as stents, drug delivery systems, embolization devices, and wound closure devices. Biocompatibility is a crucial factor in the medical and healthcare sector, making SMMs an ideal choice for quality-based medical treatments, including cardiac treatments. The aging population and increasing life expectancy have fueled the demand for SMMs in healthcare. In the automotive sector, SMMs are used in automotive production for parts requiring shape memory effect.
Furthermore, nitinol and Nitinol alloys, such as Nitinol and Nimesis, are popular SMMs used in various industries. The electric vehicle market and 3D printing are emerging sectors for SMMs. Earlybird Venture Capital, HBM Healthcare Investments, Fort Wayne Metals, and other investors have shown interest in SMMs. SMMs are also used in Artemis exploration efforts and Mars rovers missions. However, economic concerns, supply chain disruptions, consumer preferences, policy amendments, environmental concerns, and geopolitical tensions can impact the SMM market's growth. The aeronautics and building industries also utilize SMMs, with textiles and fashion industries exploring their potential in the fashion industry. The future of SMMs looks promising, with continued research and development in this field.
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Market Scope |
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Report Coverage |
Details |
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Page number |
143 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.61% |
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Market growth 2024-2028 |
USD 6.6 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.75 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 43% |
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Key countries |
US, Japan, Germany, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allegheny Technologies Inc., BASF SE, Boston Centerless Inc., Chongqing Gearbox Co. Ltd., Confluent Medical Technologies, Covestro AG, Daido Steel Co. Ltd., DYNALLOY Inc, EUROFLEX GmbH, Fort Wayne Metals Research Products LLC, Johnson Matthey Plc, Metalwerks Inc., Nanoshel LLC, Nippon Steel Corp., Precision Castparts Corp., SAES Getters Spa, SMP Technologies Inc., Spintech Holdings Inc., Stanford Advanced Materials, and Ultimate Wireforms Inc. |
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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 market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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