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The shape memory materials market share is expected to increase by USD 8.67 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.79%.
This shape memory materials market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers shape memory materials market segmentation by end-user (healthcare, aerospace, automotive, and others) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The shape memory materials market report also offers information on several market vendors, including 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 Corp., 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. among others.
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The increasing shape memory materials demand in the automotive and aerospace sector is notably driving the shape memory materials market growth, although factors such as concerns with the use of smart polymers may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the shape memory materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Shape Memory Materials Market Driver
One of the key factors driving the global shape memory materials market growth is the increasing demand for shape memory materials in the automotive and aerospace sector due to reduced weight, increased efficiency, and long service durability. Epoxies are the major matrix materials that are used in the aerospace industry, whereas carbon or graphite and aramid are the reinforcement materials that are used in the end-user industries. In addition, the aviation industry is growing significantly, especially in APAC countries, such as China, Hong Kong, Malaysia, Thailand, Singapore, and India. According to the International Civil Aviation Organization's preliminary compilation of annual global statistics, the total number of passengers carried on scheduled services rose to 4.3 billion in 2018, an increase of 6.4% from 2017. Hence, a rise in aircraft production is expected to drive the adoption of shape memory materials in the aerospace industry during the forecast period.
Key Shape Memory Materials Market Trend
Another key factor driving the global shape memory materials market growth is the new product launches and expansions. For instance, in March 2021, I-Form, the SFI Research Centre for Advanced Manufacturing had signed a multi-year agreement with the US manufacturing company Fort Wayne Metals to develop 3D printed wires for next-generation medical devices. The four-year agreement will include research on additive manufacturing (3D printing) of wire and tubing utilizing metal alloys. In addition, in August 2021, Genesis Innovation Group's announced one of their portfolio companies, SpinTech, has received FDA 510(k) clearance for their STAGETM magnetic resonance imaging software. Such factors are expected to further accelerate the market growth during the forecast period.
Key Shape Memory Materials Market Challenge
One of the key challenges to the global shape memory materials market growth is the concern with the use of smart polymers. Shape memory materials such as polymers face challenges concerning high burst discharge and unpredictable conduct in biphasic discharge profiles. For instance, neuronal burst discharges are defined as three or more action potentials (or spikes) parted by inter-spike phases of less than or equal to 30 milliseconds or two spikes parted by an intermission of less than or equal to 15 milliseconds. Smart polymers also face challenges regarding general medication, discharge kinetics, conformational integrity during handling, and safeguarding biological actions during discharge. This is expected to challenge the growth of the global shape memory materials market in the forecast period.
This shape memory materials market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global shape memory materials market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the shape memory materials market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the shape memory materials market encompasses successful business strategies deployed by the key vendors. The shape memory materials market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The shape memory materials market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the shape memory materials market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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36% of the market's growth will originate from North America during the forecast period. The US is the key market for shape memory materials in North America. Market growth in this region will be faster than the growth of the market in South America and Europe.
The significant increase in the healthcare expenditure, technological advances, and the stringent regulatory standards set by regulatory authorities will facilitate the shape memory materials market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 has positively impacted the demand for medical polymers in the region as the supply chain network for the pharmaceutical industry is witnessing a rise in demand due to the increased demand for drugs and vaccines to treat COVID-19 patients. The increase in the demand for pharmaceuticals will boost the growth of the focused market in the region.
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The shape memory materials market share growth by the healthcare segment will be significant during the forecast period. The significant increase in the demand for shape memory materials in the healthcare sector, owing to its usage in hospital accessories such as syringes, blood bags, catheters, and pharmaceutical containers, as they are lightweight, corrosion-resistant, and can be sterilized multiple times, will drive the growth of the market in focus through this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the shape memory materials market size and actionable market insights on post COVID-19 impact on each segment.
Shape Memory Materials Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.79% |
Market growth 2022-2026 |
$ 8.67 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.96 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key consumer countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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 Corp., 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. |
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 the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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