SAN FRANCISCO, Dec. 2, 2019 /PRNewswire/ -- The global shape memory alloys market size is expected to reach USD 26.0 billion by 2025 at a CAGR of 12.8%, according to a new report by Grand View Research, Inc. Shape memory alloy (SMA) refers to a metallic material that can be bent or stretched in its cool state. The alloy regains its original shape when heated above the transition temperature. Low temperature (martensite) and high temperature (austenite) are two stable phases of SMAs.
Gradual expansion of the automotive industry is likely to play a significant role in the demand for shape memory alloy products over the forecast period. Shape memory alloy (SMA) actuators are gaining popularity among automobile manufacturers owing to properties such as shape memory effect (SME) and super elasticity (SE). In addition, SMA actuators do not need complex and bulky design to function. Currently, there are very few applications of shape memory alloys in the automotive industry. However, increasing R&D investments by automobile manufacturers to find potential applications such as climate control, door locks, engine control valve, and actuators will drive the market.
Key suggestions from the report:
- The biomedical segment is expected to account for the highest market share of 62.0% in 2025. Growth of this segment is attributed to increasing R&D in medical devices and surgical instruments
- The Nickel titanium alloys (nitinol) segment is anticipated to grow at a CAGR of 13.1% during the forecast period. Increasing R&D activities for application-specific products are aiding the growth of this segment
- Asia Pacific is the second largest regional market. Growing population in India and China and increased investment in the healthcare sector are projected to remain key drivers for the long term.
- Europe is anticipated to grow at a CAGR of 12.6% during the forecast period. Increasing demand from aerospace and automotive industries are likely to contribute to product demand
- Some of the key players in the market are SAES Group, ATI, Nippon Steel Corporation, Furukawa Electric Co., Ltd., Seabird Metal, and Johnson Matthey. New product development and investment in R&D are key growth strategies of these players.
Read 90 page research report with ToC on "Shape Memory Alloys Market Size, Share & Trends Analysis Report By Product, By End Use (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Household), By Region, And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/shape-memory-alloys-market
Aerospace and defense is another promising sector for shape memory alloy products. Rising focus on multi-functionality and reliability is driving demand for advanced materials such as SMAs in aerospace applications. Such industrial applications include spacecraft, rotorcraft, and fixed-wing aircraft.
The biomedical segment is expected to exhibit a CAGR of 13.1% over the forecast period. Nickel-titanium alloy (nitinol) is one of the key raw materials, which is largely used in medical devices. Medical devices made from nitinol include dental wires, needles, catheter tubes, archwires, guidewires, and other surgical instruments. The biomedical industry is facing many challenging applications that are testing the capability of SMAs. Recent research and development activities are aimed at improving the fatigue life of the material and producing materials with low inclusion sizes.
In 2018, Mishra Dhatu Nigam (MIDHANI), an Indian manufacturer, developed new nitinol material that helps in reducing the stent prices for biomedical and heart devices. The company has also signed a Transfer of Technology Agreement with NAL, in order to explore new areas in biomedical sector.
Asia Pacific is projected to remain a key regional shape memory alloys market over the coming years. Various research institutes and organizations are focusing on development of new industrial applications. Additionally, increasing investments in smart materials, coupled with tax incentives in the manufacturing industry, are likely to boost the China market, thereby fueling the regional market. As per the 13th Five-Year Development Plan of China, new and smart materials such as shape memory alloys, graphene, and nanomaterials are likely to remain focus areas for investors.
Grand View Research has segmented the global shape memory alloys market based on product, end use, and region:
- Shape Memory Alloy Product Outlook (Revenue, USD Million, 2014 - 2025)
- Nickel-Titanium (Nitinol)
- Shape Memory Alloy End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Aerospace & defense
- Consumer electronics & household
- Shape Memory Alloy Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
Find more research reports on Advanced Interior Materials Industry, by Grand View Research:
- Aluminum Alloys Market – The global aluminum alloys market is estimated to be driven by increasing demand from transportation industry.
- Nickel Alloys Market – The global nickel alloys market is anticipated to witness a lucrative growth owing to the demand from the aerospace industry in applications such as jet engine components.
- High Performance Alloys Market – The global high performance alloys market size was estimated at USD 7.85 billion in 2016, growing at a CAGR of 4.7% over the forecast period.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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