Global Shape Memory Alloy Market, By Type (Nickel-Titanium (Nitinol), Copper-Based Alloys, Iron-Manganese-Silicon (FE-MN-SI), Others), Functionality (Super-elasticity/Pseudoelasticity, Constrained Recovery, Free Recovery, Others), Application (Laser, Motors and Actuators, Transducers, Structural Material, Sensors, Others), End-User (Biomedical, Aerospace and Defense, Automotive, Consumer Electronics and Home Appliances, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa), Industry Trends and Forecast to 2029.
Market Analysis and Insights of Shape Memory Alloy Market
The shape memory alloy market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market will stand tall by USD 42.8 billion by 2029 to grow at a CAGR of 12.36% in the above-mentioned forecast period.
Shape memory alloys are the light weight alloys that reverse back to their actual shape or size when deformed. These alloys are basically an alternative to conventional actuators such as pneumatic, motor-based, hydraulic systems. The potential uses of shape memory alloys as actuators has broadened the spectrum of various scientific fields. These alloys are widely used in various end-use industries such as biomedical, aerospace and defense, automotive, consumer electronics and home appliances and others.
The factors such as rising product demand in aerospace, electronics and defense industry and rapidly increasing medical implants are the root cause fueling up the market growth rate. The factors expected to cushion the growth of the shape memory alloy market in the forecast period are the increasing preference for nitinol alloys and increasing defense expenditures by the governments. Additionally, the rising usage in bioengineering fields such as reinforcements for arteries and veins, dental wires and bones reinforcement are further expected to cushion the overall markets growth. The availability of substitutes is expected to impede the growth of the shape memory alloy market. Moreover, High cost of raw materials which results in high cost of implantable devices also hampers the overall growth of the market.
The high growth of the consumer electronics and home appliances industry along with various attempts by manufacturers for innovative solutions at an affordable price are estimated to generate numerous opportunities for the market. On the flip side, the disruption in supply chain due to restrictions due to COVID-19, which further caused scarcity of resources and challenges in procurement of raw materials are projected to pose as a major challenge to the growth of the shape memory alloy market.
This shape memory alloy market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on shape memory alloy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Shape Memory Alloy Market Scope and Market Size
The shape memory alloy market is segmented on the basis of type, functionality, application and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, the shape memory alloy market is segmented into nickel-titanium (nitinol), copper-based alloys, iron-manganese-silicon (FE-MN-SI) and others.
- On the basis of functionality, the shape memory alloy market is segmented into super-elasticity/pseudoelasticity, constrained recovery, free recovery and others.
- On the basis of application, the shape memory alloy market is segmented into laser, motors and actuators, transducers, structural material, sensors and others.
- On the basis of end-user, the shape memory alloy market is segmented into biomedical, aerospace and defence, automotive, consumer electronics and home appliances and others.
Shape Memory Alloy Market Country Level Analysis
The shape memory alloy market is analyzed and market size, volume information is provided by type, functionality, application and end-user as referenced above.
The countries covered in the shape memory alloy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the shape memory alloy market owing to the development of the aerospace industry in the region. Asia-Pacific on the other hand, will continue to however show lucrative growth within the forecast period owing to the low cost of production due to the easy accessibility of raw materials and low-priced labor and presence of strong automotive and other manufacturing industries in the region.
The country section of the shape memory alloy market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Shape Memory Alloy Market Share Analysis
The shape memory alloy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to shape memory alloy market.
Some of the major players operating in the shape memory alloy market report are ATI, SAES Getters S.p.A., Johnson Matthey, Fort Wayne Metals Research Products Corp., Nippon Seisen Co. Ltd., Xi’an Saite Metal Materials Development Co. Ltd., Baoji Seabird Metal Material Co., Ltd., samaterials, Sunrise Titanium Technology Co. Ltd., Dynalloy Inc, Metalwerks, Ultimate R&D, GRINM GROUP CORPORATION LIMITED, Euroflex GmbH, Confluent Medical Technologies, Nippon Steel Corporation, Furukawa Electric Co. Ltd., Precision Castparts Corp., Nanoshel LLC, Boston Centerless, MicroGroup, Sma Wires India, ALB Materials Inc., and Hangzhou Ualloy Material Co., Ltd., among others.