Global Shape Memory Alloys Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Shape Memory Alloys Market


The global shape memory alloys market size was valued at USD 11.2 billion in 2018 and is expected to witness a CAGR of 12.8% over the forecast period. Extensive expansion, coupled with increasing healthcare expenditure in the biomedical sector, is likely to contribute to the demand for shape memory alloy products. As per the United Nations, the global population is expected to reach around 9.7 billion by 2050. With such a rapid increase in population, healthcare expenditure is also expected to witness incessant growth. In order to develop new medical devices, many companies have increased their R&D expenses on novel materials such as nickel titanium (nitinol) alloys.
The U.S. is one of the key consumers of shape memory alloys for various applications. The first successful application was hydraulic coupling made from nitinol in military aircraft. Other applications such as fasteners, thermal and electric actuators, and orthodontic archwire have also witnessed prominent growth over the past years.

In addition, rising demand for consumer electronics such as coffee makers, furnaces, air conditioners, and refrigerators is expected to foster market growth. Shape memory alloys are widely used in these appliances owing to properties such as super elasticity (SE) and shape memory effect (SME). In SME, heat can be used to recover original shape of previously deformed alloy. However, in SE, the alloy can be stretched or bent to a great extent, but returns to original shape once the load is released.  Shape memory alloys have unique properties, wherein they regain their original shape after an increase in temperature. These materials offer higher flexibility compared to other conventional materials. Nitinol products have observed an escalating demand owing to the properties such as high fatigue resistance, superelasticity, and biocompatibility.

Growing adoption of SMEs in aerospace applications owing to their beneficial properties such as high mechanical strength, fatigue resistance, and lightweight is driving the market. Shape memory alloys are replacing conventional actuator systems used in aerospace. Increased emphasis on multi-functionality and reliability in the aerospace industry is driving demand for active materials. Temperature sensitiveness of SMAs makes them suitable for aerospace applications.

Product Insights of Global Shape Memory Alloys Market

Based on product, the market for shape memory alloys is segmented into nickel-titanium alloys (nitinol), copper-based alloys, and others. The nitinol alloys segment accounted for the largest market share of 88.1% in 2018 and is expected to witness a significant CAGR during the forecast period. Increasing investments in R&D to develop advanced nitinol products such as specialty guidewire, wire stents, and micro coils is driving segment growth. Self-expanding stents made from nitinol are used to treat peripheral vascular diseases.

The copper-based alloys segment is anticipated to exhibit the highest CAGR over the forecast period. This is attributed to increasing use of copper-based alloys in safety valves, actuators, couplings, and fluid connectors. Copper-based alloys include copper-zinc-aluminum (CuZnAl) and copper-aluminum. CuZnAl is relatively less expensive as compared to other materials.

The others segment includes Nickel Manganese Gallium (NiMnGa), Cobalt Nickel Gallium (CoNiGa), and iron-based alloys. They are now being explored due to limited temperature range and high manufacturing cost. Increasing demand from high-temperature alloys for industrial applications is likely to contribute to segments growth.

End-use Insights

The biomedical segment accounted for 60.7% of the shape memory alloys market in 2018 and is anticipated to continue its dominance over the forecast period. This is attributed to excellent biocompatibility and computer tomography compatibility of SMEs. Rising demand for SMEs in orthodontics, endodontics, orthopedics, and neurosurgery is driving the segment. In addition, increasing healthcare expenditure across the globe will boost segment growth over the forecast period. According to the National Health Expenditure Accounts (NHEA), total healthcare expenditure in the U.S. reached USD 3.5 trillion in 2017, with an increase of 3.9% as compared to the previous year.

The automotive segment is anticipated to exhibit the highest CAGR of 12.9% over the forecast period. Rising demand for enhanced performance, safety and comfort in modern vehicles is contributing to the development of advanced actuators, sensors, and microcontrollers. Growing adoption of shape memory effect over conventional actuators, such as pneumatic and hydraulic systems, is driving the segment growth. The aerospace and defense sector is also one of the key consumers of shape memory alloys. These products are used as sensors, actuators, or structural members. Many government and private institutes have contributed heavily in the research and development of SMAs over the years. For instance, NASA is working on SMA products from the last decade on testing infrastructure, new alloys, and modeling tools.

Regional Insights of Global Shape Memory Alloys Market

North America held the largest market share of 35.2% in 2018 and is anticipated to continue its dominance over the forecast period. This is attributed to growth of the biomedical, automotive and aerospace industries in the region, which will keep demand for shape memory alloys rising at a steady pace. As per the International Trade Administration (ITA), the U.S. is the largest consumer of medical devices and captured around 40% of the global demand in 2017. The medical device industry in the U.S. is likely to reach around USD 208 billion by 2023.
Asia Pacific is expected to witness highest CAGR of 13.1% during the forecast period. Growth of automotive and other manufacturing industries owing to low cost of production and easy availability of raw materials will drive regional market growth in coming years. The Europe market was valued at USD 3.04 billion in 2018. The segment is likely to witness significant growth over the forecast period owing to presence of leading automotive and aerospace manufacturers in the region.

Shape Memory Alloys Market Share Insights

Key market participants include SAES Group, ATI, Furukawa Electric Co., Ltd, Johnson Matthey, Nippon Steel Corporation, Seabird Metal, and Fort Wayne Metals Research Products Corp. Companies are adopting various inorganic growth strategies such as mergers and acquisitions to expand their portfolio of shape memory alloys and enter new markets. The primary focus of industry participants is continuous innovation and new product development. For instance, SAES Group, a leading manufacturer in the market, has employed nearly 17% of its workforce for R&D. Over the last 70 years, the group has created over 300 innovative products.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Shape Memory Alloys Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global shape memory alloys market report based on product, end use, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Nickel-Titanium (Nitinol) Alloys
  
Copper-Based Alloys
  
Others

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Biomedical
  
Automotive
  
Aerospace & Defense
  
Consumer Electronics & Household
  
Others