Aug 25, 2021   SOURCE: BusinessWire

Shape Memory Alloys Market Research Report 2021: Focus on Nitinol, Copper based, Iron-Manganese-Silicon, Biomedical, Aerospace & Defense, Automotive, Consumer Electronics, and Home appliances - ResearchAndMarkets.com

The "Shape Memory Alloys Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global shape memory alloys market size is projected to grow from USD 11.0 billion in 2021 to USD 18.8 billion by 2026, at a CAGR of 11.2% from 2021 and 2026.

The growth in the market is highly attributed to the increasing demand for SMAs in the manufacturing of biomedical devices & surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for SMAs, owing to huge demand from biomedical device manufacturing.

The growth in the market is also attributed to the increasing demand for high-quality life-saving medical devices and better automotive & aircraft components. The physical properties of SMAs are encouraging their use in various end-use industries. However, the high cost of implantable devices, which is the largest application of SMAs in the biomedical industry, is the major challenge for the growth of the SMAs market.

"Nitinol type segment estimated to lead the shape memory alloys market in 2020"

By type, the Nitinol segment accounted for the largest share in the overall shape memory alloys market. Nitinol alloys are the largest type of SMAs, accounting for a major share of the market. The significantly growing biomedical end-use industry, especially for medical implants, is driving the demand for nitinol SMAs. These alloys are used in the form of wires, sheets, ribbons, and rods. Other types of SMAs include gold, cadmium, iron, zinc, and platinum-based alloys.

"Biomedical end-use segment is estimated to be the largest segment of shape memory alloys"

Biomedical is the largest end-use industry of SMAs, followed by aerospace & defense. The applications of SMAs in the automotive industry will increase as the EV market is gaining traction. SMAS are widely used in dentistry applications for the manufacturing of orthodontic wires due to their shape memory properties, super-elasticity, high ductility, and resistance to corrosion.

However, due to the COVID-19 pandemic in 2020, and because of social distancing, only essential services were left open. Oral dental professionals were significantly affected due to the mass closure of dental offices. The pandemic has had a continuing effect on orthodontic treatment, which is a long process that requires regular visits. Thus, the demand for SMAs in dentistry applications declined in 2020.

"North America projected to account for the largest share of the shape memory alloys market during the forecast period"

North America is projected to have the largest share in the global shape memory alloys market, in terms of both value, from 2021 to 2026. The growth of the North American SMAs market is mainly driven by new product development and capacity expansion strategies adopted by the leading players in this region. I

n addition, the region is the leading market for SMAs in the biomedical industry owing to the increased demand for medical implants. The US is projected to continue dominating the market, followed by Canada, in North America. It is a developed market for SMAs, with major global market players headquartered in the country.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and other executives from various key organizations operating in the shape memory alloys market.

The global shape memory alloys market comprises major manufacturers such as SAES Getters (Italy), ATI Specialty Alloys & Components (US), Furukawa Electric Co., Ltd (Japan), Nippon Steel & Sumitomo Metal (Japan), and Johnson Matthey (UK).

Market Dynamics

Drivers

  • Aging Population and Growing Adoption of Biomedical Implants Across the Globe
  • Increasing Investment in the Aerospace & Defense Industry
  • Increased Utilization of Nitinol-Based Smas in Various End-Use Industries
  • Increasing Penetration of Smas in the Automotive Industry

Restraints

  • Rising Cost of Raw Materials and Availability of Substitutes
  • High Cost of Metal Implants

Opportunities

  • Growth of the Consumer Electronics Industry
  • Rapid Industrialization and Growing Adoption of Industrial and Service Robots

Challenges

  • Pandemic and Its Effect on the Actuator Market

Value Chain Analysis

  • Disruption Due to COVID-19

Regulatory Landscape

Ecosystem Market Map

Technology Analysis

  • Shape Memory Alloy Production Process
  • Vacuum Arc Melting
  • Vacuum Induction Melting (Vim)
  • Type of Shape Memory Effect
  • One-Way Memory Effect
  • Two-Way Memory Effect

Case Study

  • Shape Memory Alloys in Space Applications
  • Shape Memory Alloys in Medical Device Applications

Patent Analysis

  • Document Type
  • Publication Trends - Last 10 Years
  • Insights
  • Jurisdiction Analysis
  • Patent Analysis, by Top Jurisdictions
  • Top Companies/Applicants
  • Top 10 Companies/Applicants with the Highest Number of Patents
  • List of Patents by the Boeing Company
  • List of Patents by Cambridge Mechatronics Ltd
  • List of Patents by Gm Global Tech Operations Inc.
  • List of Patents by General Electric Company
  • Top 10 Patent Owners (Us) in Last 10 Years

Companies Mentioned

  • Alb Materials Inc.
  • ATI Specialty Alloys & Components
  • Boston Centerless
  • Confluent Medical Technologies
  • Daido Steel Co. Ltd.
  • Dynalloy Inc.
  • Euroflex Gmbh
  • Fort Wayne Metals
  • Furukawa Electric Co. Ltd
  • General Research Institute for Nonferrous Metals (GRINM)
  • Johnson Matthey plc
  • Lumenous Peiertech
  • M & T(Taiwan) Co. Ltd.
  • Metalwerks Pmd, Inc.
  • Nanoshel LLC
  • Nippon Seisen Co. Ltd.
  • Nippon Steel & Sumitomo Metal
  • Precision Castparts Corp.
  • Saes Getters S.P.A.
  • Seabird Metal Material Co. Ltd.
  • SMA Wires India
  • Stanford Advanced Materials
  • Sunrise Titanium Technology
  • Ultimate Wireforms, Inc.
  • Xian Saite Metal Materials Development Company Limited

For more information about this report visit https://www.researchandmarkets.com/reports/5401624/shape-memory-alloys-market-by-type-nitinol?utm_source=BW&utm_medium=PressRelease&utm_code=rbwcbz&utm_campaign=1580987+-+Shape+Memory+Alloys+Market+Research+Report+2021%3a+Focus+on+Nitinol%2c+Copper+based%2c+Iron-Manganese-Silicon%2c+Biomedical%2c+Aerospace+%26+Defense%2c+Automotive%2c+Consumer+Electronics%2c+and+Home+appliances&utm_exec=chdo54prd