Market
Highlights: Global shape memory alloys (SMA) market
is estimated to expand at a CAGR of 10.79% to reach USD 11,079.1 million by the
end of 2023. SMA is gaining prominence in the global market with the growing
usage in the end use industries such as biomedical, spacecraft, aircraft,
transport, electrical appliances, construction & housing, subsea, hot water
supply, and others.
Some of the
prominent factors that positively influence the growth of the shape memory
alloys market are increasing biomedical application scope, continuous growth of
the aerospace & automotive industry, and growing usage of SMA in
neuromuscular rehabilitation. Moreover, increased focus on physical fitness
among people to enhance the living standard and the trend of tracking health
progress are expected to drive the demand for SMA in the biomedical
application. Furthermore, increasing penetration in the construction and
electrical industries is predicted to provide a momentum to the growth of this
market. Growing per capita disposable income coupled with increasing healthcare
industry in developing countries is estimated to drive the market growth.
However, fluctuation in raw material prices used in the manufacturing of SMA
has increased the cost of SMA, which, in turn, is predicted to hinder the
market growth during the forecast period 2017-2023.
Segment
Analysis The global shape memory alloys market is
segmented into type, application, end use industry, and region.
On the basis
of type, the market is segmented into nickel titanium, Cu-Al-Ni, Cu-Zn-Al, and
others. Among the type segment, nickel-titanium is expected to register an
exponential growth due to high adoption rate in the aerospace industry and
medical devices.
On the basis
of the application, the market is segmented superelastic, actuators,
constrained recovery, frangible, vibration dampers, shock absorbers, and
others. Among these, superelastic application segment accounted for the largest
market share of over 33% in 2017 and is estimated to grow at a healthy CAGR of
around 12.18% over the forecast period. Rising development of superelastic in
development of guide wires, stents, bone anchors, surgical instruments, and
others has resulted in a huge consumption of superelastic, which, in turn, is
predicted to fuel the segmental growth over the assessment period. Actuators is
another prominent application segment after superelastic.
Biomedical
industry accounted for the largest market share of the market in 2017 and is
projected to retain its dominance over the review period due to penetration of
SMA in the manufacturing of medical devices. Moreover, rising geriatric
population along with increased spending on healthcare is estimated to drive
the market growth.
Regional
Analysis By geography, the global market is
classified into five regions: North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa. North America dominated the global
SMA market in 2017, accounting for more than 33% of the value share of the global
SMA market. The regional market trends demonstrating the growth of the SMA
market include growing contribution of medical equipment to the numerous
developing countries and continuous growth of the end-user industry across Asia
Pacific region. Furthermore, rapid industrialization in the Asia Pacific
region, high penetration of SMA manufacturers in the region, and availability
of inexpensive labor and land are considered to have a positive impact on the
global SMA market in the region. The other developing countries of Latin
America, Europe, North America, and the Middle East & Africa are estimated
to register a healthy growth on account of extensive utilization of SMA in
various application.
Key Players: Market
Research Future (MRFR) recognizes the following companies as the key players in
the global Shape Memory Alloys market: SAES Getters S.p.A, TiNi Alloy Co,
Ultimate NiTi Technologies Inc, Fort Wayne Metals Inc., Metalwerks PMD Inc,
ENDOSMART GmbH, Admedes Schuessler GmbH, DYNALLOY, Inc., EUROFLEX GmbH, Confluent
Medical Technologies, Inc, Aerofits Products Inc, Burpee Materials Technology
LLC., Johnson Matthey Inc, TiNi Aerospace, FURUKAWA ELECTRIC CO., LTD, Baoji
Seabird Metals Materials Co., Ltd., Baoji TITANIUM INDUSTRY CO., LTD, and XSMA,
Inc
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