Synopsis of Shape Memory Alloys
Shape memory alloys (SMA) are also known as smart
materials, which remember their original shape by heating
after shape deformations. SMA belong to a unique class of materials that
possesses superior thermo-mechanical properties with high corrosion resistance.
Thus, they are widely used in numerous end-use industries such as aircraft, transport,
biomedical, spacecraft, electrical appliances, subsea, construction &
housing, and others. SMA include nickel-titanium, Cu-Al-Ni, Cu-Zn-Al, and
others. The commonly used shape memory material is an alloy of nickel and
titanium called Nitinol. Nitinol is available in the form of rods, wires, thin
films, and bar stocks.
As per MRFR’s analysis, some of the factors
and trends identified in the global shape memory alloys market include
constantly growing healthcare industry, rising usage of SMA for neurology and
neuromuscular rehabilitation, and widening biomedical application scope of SMA
in orthopedic, cardiovascular and in surgical instruments. Furthermore, in the
recent years, the healthcare industry has focused on the concept of less
invasive surgical procedures. Therefore, shape memory surgical instruments been
have developed, which rapidly become popular. Moreover, the development of
laparoscopy tools and intra-aortic balloon pump with SMA along with rising
expenditure on healthcare in emerging economies are projected to fuel the
market growth over the estimated period. Rising technological advancements
along with the growing use of SMA in the manufacture of aerospace parts is
likely to drive the market over the assessment period, 2017-2023. However,
higher cost associated with the SMA on account of fluctuating price of raw
materials is estimated to hamper the growth of the market.
Global shape memory market is estimated to reach USD
11,079.1 million by 2023 at healthy a CAGR of 10.79% over the assessment
period, 2017-2023.
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Regional Analysis
By geography, the global shape memory alloys
market is segmented into five regions: Asia Pacific, Latin America, North
America, Europe, and the Middle East & Africa.
North America dominated the global shape
memory alloys market in 2017 on account of flourishing growth of industries
such as biomedical, aircraft, spacecraft, and transportation.
Asia Pacific region accounted for around 25%
of the overall volume share in 2017 and is predicted to reach USD 2,998.3
million with a significant CAGR of around 12.18% over the forecast period. The
demand for shape memory alloys is estimated to surge in various countries such
as China, Japan, and India due to rising construction & housing,
biomedical, spacecraft, and transportation industries. China accounted for a
market value of USD 486.2 million in 2017 and is estimated to reach USD 1,010.5
million over the assessment period.
European region accounted for around 26.1% of
the overall market share (in terms of value) in 2017 and is expected to grow at
a significant CAGR of 9.48% over the assessment period. Germany, Spain, France,
and the U.K are among the key contributors to the regional market growth and
are estimated to retain their dominance over the forecast period due to the
presence of robust manufacturing base for the transportation sector. Germany
holds the largest regional market share and accounts for around USD 408
million, which is further followed by the U.K. The high adoption rate of
nickel-titanium in superelastic, actuators, and frangibolt application drives
the regional market growth.
Matured markets such as North America and
Europe are likely to witness steady growth over the review period, 2017-2023 on
account of growing use of SMA in aircraft, biomedical, and transportation.
Furthermore, high adoption rate in the spacecraft end-use industry combined
with the rising expenditure on a space mission from various countries such as
the U.S., Russia, China, India, and Japan is expected to fuel the regional
market growth. The Middle East & African countries are projected to witness
a healthy growth on account of growing building & construction activities
in developing countries such as Saudi Arabia, Kuwait, the UAE, and Turkey.
Segmentation
The shape memory alloys market is categorized
on the basis of type, application, end use industry, and region. On the basis
of the type, SMA market is categorized into nickel titanium, Cu-Al-Ni,
Cu-Zn-Al, and others. The nickel titanium type segment is dominating the market
and is estimated to retain its dominance due to excellent properties and high
adoption rate in many end-user industries. On the basis of the application, the
market is segmented into superelastic, actuators, constrained recovery,
frangible, vibration dampers, shock absorbers, and others. On the basis of the
end-user industry, the market is classified into biomedical, aircraft,
spacecraft, transport, electrical appliances, construction & housing,
subsea, hot water supply, and others. On the basis of the region, SMA is
segmented into Latin America, North America, Asia Pacific, Europe, and the
Middle East & Africa.
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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
Geographic Analysis
The report covers brief analysis of
geographical region such as:
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa
- Turkey
- UAE
- Saudi Arabia
- Rest of the Middle East & Africa
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