Shape Memory Alloy Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Nickel-Titanium Based, Copper-Based, Others), By End-User Industry (Automotive, Healthcare, Aerospace And Defense, Electronics, Others), And By Geography - Forecasts From 2021 To 2026

Published:  Nov 2021 Report Code: KSI061610814 Pages: 122

The shape memory alloy market is projected to witness a CAGR of 12.41% during the forecast period to reach a total market size of US$21.729 billion by 2026, increasing from US$9.581 billion in 2019.

Shape-memory alloys are metals that, when deformed below a given temperature, will return to their original shape by the application of heat. These metals have the quality of superelasticity; when it is bent or stretched, they will return to their original shape when the deforming force is removed. This characteristic of recovering shape despite substantial deformation is exploited in applications in products for daily life, in electrical and electronic appliances, and in the medical field like temperature sensors, actuators, and clamping fixtures. Among the currently available dozen types of alloys, Ni-Ti alloys (also known as Nitinol, a near-equiatomic alloy of Nickel and Titanium) have the best shape-recovery performance, durability, and corrosion resistance.

Shape memory alloys display two distinct crystal structures or phases. Temperature and internal stresses (which play a part in super-elasticity) determine the phase that the shape memory alloy will be at. Martensite exists at lower temperatures, and austenite exists at higher temperatures. When the alloy is heated, it goes through a transformation from martensite to austenite. In the austenite phase, the memory metal "remembers" the shape it had before it was deformed.

Initially, the shape memory alloy was developed to be used in space technology but its application has spread over several industries. shape memory alloys have been used for: bio-engineering; golf clubs; helicopter blades; eyeglass frames; tubes, wires, and ribbons; anti-scalding protection; fire security and protection system. With such diversified uses, the shape memory alloy market is expected to grow by leaps and bounds. Moreover, newer innovations are opening up new paths to expand the market. Some of the dependable industries on shape memory alloy include consumer electronics, industrial machinery, household equipment, medical equipment, etc.

By type, the nickel-titanium-based alloy accounts for the largest market share and is expected to grow over the years. The copper-based alloy is more commercially viable and expected to yield a higher CAGR. By end-user industry, the healthcare industry dominates the market, next comes the automotive sector which is projected to show a high growth rate.

Growth factors.

  • Increased Biomedical and Bioengineering Applications.

In the last 20 years, the use of shape memory alloy in the production of biomedical devices, in particular for mini-invasive techniques has increased significantly. Their use in biomedical applications is also suggested by their good biocompatibility and excellent magnetic resonance and computer tomography compatibility. They are largely used to manufacture orthodontic wires and brackets. As these dental procedures are getting popular, the alloy market will also seize the benefits.

Shape memory alloys are also used in the field of orthopaedic treatments. Broken bones can be mended with shape memory alloys. The alloy plate has a memory transfer temperature that is close to body temperature and is attached to both ends of the broken bone. For clogged blood vessels, an alloy tube is crushed and inserted into the clogged veins. The memory metal has a memory transfer temperature close to body heat, so the memory metal expands to open the clogged arteries. With an increase in several cases of these practices, the alloy market is expected to drive up.

  • Other diversified uses.

The booming electronics and electrical market are extensively using shape memory alloy. They are used in geysers for hot water supply, modular kitchen appliances, toys, coffee machines, and many more. They are also used in smart devices where flexible displays are used. Their uses have also extended to construction activities. Shape memory alloys are recurrently used in aerospace industries, telecommunications, sports, and leisure activities. These industries are seen to be growing at a fast pace and this positively impacts the alloy industry. These factors will push the market to grow and expand.

Competitive Insights.

The market leaders for the Shape Memory Alloy Market are SAES Getters S.p.A., ATI, Johnson Matthey, Dynalloy, Inc., Euroflex Gmbh, Nippon Steel Corporation, Fort Wayne Metals Research Products Corp, and Nippon Seisen Co. Ltd. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. For Instance,

  • Nippon Steel Corporation has come up with automobile tools that use titanium alloys in 2018 to keep their market hold. They also expanded to other industries like railways and consumer electronics. Nippon Steel Corporation merged with Sumitomo Metal Corp to form the world's second-biggest steelmaker in 2018. They have expanded their global operations as there has been a contraction of demand in Japan. There was also acquisition by Fort Wayne metals of G&S Bars and Wires in 2018.
  • SAES Getters developed the Smartflex coil used in aerospace, white goods, construction, etc in 2018 making them a market leader.  SAES Getter also had its largest disclosed sale in 2018 when it sold SAES Getters - SAES Pure Gas Business to Entegris for $355M.

Impact of COVID–19.

The Covid-19 pandemic impacted the shape metal market due to the nationwide lockdown and restrictions. The cost of raw materials seems to have risen impacting the cost structure of the products. As the raw materials are procured from several places, there has been an impact on the supply chain. The processes of production which are outsourced are worst-affected due to global and national restrictions leading to huge disruptions and losses. Also, there has been a slow-down in construction and engineering activities thereby slowing the demands. The medical procedures also slowed down which picked up gradually, countering the lag. The demand for medical equipment has grown because of the pandemic which might affect the growth of the industry.

Shape Memory Alloy Market Scope:

Report Metric Details
 Market size value in 2019  US$9.581 billion
 Market size value in 2026  US$21.729 billion
 Growth Rate  CAGR of 12.41% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, End-User Industry, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  SAES Getters S.p.A., ATI, Johnson Matthey, DYNALLOY, Inc., EUROFLEX GmbH,   NIPPON STEEL CORPORATION, Fort Wayne Metals Research Products Corp, Nippon   Seisen Co. Ltd.
 Customization scope  Free report customization with purchase

Segmentation:

  • By Type
    • Nickel-Titanium Based
    • Copper-Based
    • Others
  • By End-User Industry
    • Automotive
    • Healthcare
    • Aerospace and Defense
    • Electronics
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Thailand
      • Taiwan
      • Indonesia
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the shape memory alloy market?
A1. Shape Memory Alloy Market was valued at US$9.581 billion in the year 2019.


Q2. What will be the shape memory alloy market size by 2026?
A2. The shape memory alloy market is projected to reach a market size of US$21.729 billion by 2026.


Q3. What are the growth prospects for the shape memory alloy market?
A3. The global shape memory alloy market is projected to witness a CAGR of 12.41% over the forecast period.


Q4. Who are the major players in the shape memory alloy market?
A4. The market leaders for the Shape Memory Alloy Market are SAES Getters S.p.A., ATI, Johnson Matthey, Dynalloy, Inc., Euroflex Gmbh, Nippon Steel Corporation, among others.


Q5. How is the global shape memory alloy market segmented?
A5. The shape memory alloy market has been segmented by type, end-user industry, and geography.

 

1. Introduction
1.1. Market Definition
1.2. Market Segmentation


2. Research Methodology
2.1. Research Data
2.2. Assumptions


3. Executive Summary
3.1. Research Highlights


4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis


5. Shape Memory Alloy Market Analysis, By Type
5.1. Introduction
5.2. Nickel-Titanium Based
5.3. Copper-Based
5.4. Others


6. Shape Memory Alloy Market Analysis, By End-User Industry
6.1. Introduction
6.2. Automotive
6.3. Healthcare
6.4. Aerospace and Defense
6.5. Electronics
6.6. Others


7. Shape Memory Alloy Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.2.1. ss
7.2.2. USA
7.2.3. Canada
7.2.4. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. United Kingdom
7.4.2. Germany
7.4.3. France
7.4.4. Spain
7.4.5. Others
7.5. Middle East and Africa
7.5.1. Israel
7.5.2. Saudi Arabia
7.5.3. UAE
7.5.4. Others
7.6. Asia Pacific
7.6.1. Japan
7.6.2. China
7.6.3. India
7.6.4. South Korea
7.6.5. Thailand
7.6.6. Indonesia
7.6.7. Taiwan
7.6.8. Others


8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix


9. Company Profiles 
9.1. SAES Getters S.p.A.
9.2. ATI
9.3. Johnson Matthey 
9.4. DYNALLOY, Inc.
9.5. EUROFLEX GmbH
9.6. NIPPON STEEL CORPORATION
9.7. Fort Wayne Metals Research Products Corp
9.8. Nippon Seisen Co. Ltd.

SAES Getters S.p. A.

AMD

Johnson Matthey

DYNALLOY, Inc.

EUROFLEX GmbH

NIPPON STEEL CORPORATION

Fort Wayne Metals Research Products Corp

Nippon Seisen Co. Ltd.

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