According to the latest report by IMARC Group, titled "Shape Memory Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global shape memory alloys market is expected to grow at a CAGR of 12.25% during 2023-2028 . Shape memory alloys (SMA) are metallic alloys that demonstrate super-elasticity and shape memory effect when exposed to temperature changes. They are capable of undergoing extreme reversible deformations while generating high thermal-mechanical driving forces. The changes in temperature and electromagnetic force are not only responsible for altering the physical form of the alloy but they also modify its stiffness, natural frequency and other mechanical properties. These alloys are further characterized by high fatigue resistance and biocompatibility. Consequently, SMAs are widely utilized across numerous industry verticals for the production of actuators, medical devices and heat detection devices.
Global Shape Memory Alloys Market Trends:
The market is primarily driven by the growing application of SMAs in the healthcare sector. SMAs are widely used for the production of medical implants, such as stents, dental wires and orthopedic screws, and other medical devices. In line with this, increasing healthcare expenditure and the growing requirement for advanced treatment options are providing a thrust to the market growth. The increasing utilization of these alloys for manufacturing consumer electronics is also acting as a major growth-inducing factor. Since they form an essential component in the production of air conditioners, refrigerators and coffee machines due to their super-elasticity, the sales of SMAs are bolstering across the globe. These alloys are further replacing conventional actuator systems in aerospace and automobile industries on account of their lightweight, fatigue resistance and high mechanical strength, which is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the rising preference for nitinol alloys and the increasing utilization of SMAs in the manufacturing of several safety devices, such as anti-scalding valves and fire sprinklers.
- On the basis of the alloy type, the market has been divided into nickel-titanium, copper-based alloys, iron-manganese-silicon, and others.
- Based on the end-use industry, the market has been divided into biomedical, aerospace and defense, automotive, consumer electronics and home appliances, and others.
- On the basis of the functionality type, the market has been categorized into super-elasticity (or pseudoelasticity), constrained recovery, free recovery and others.
- Based on the application, the market has been segmented into laser, motors and actuators, transducers, structural materials, sensors, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Allegheny Technologies, DYNALLOY, Inc., EUROFLEX GmbH, Fort Wayne Metals, G.RAU GmbH & Co. KG, Metalwerks, Inc., Nippon Steel Group, SAES Getters S.p.A., Furukawa Electric Co., Ltd., TiNi Aerospace, Inc., and Ultimate NiTi Technologies.
|Base Year of the Analysis
||Alloy Type, End-Use Industry, Functionality Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, China, Japan, India, South Korea, Australia, Indonesia, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||Allegheny Technologies, DYNALLOY, Inc., EUROFLEX GmbH, Fort Wayne Metals, G.RAU GmbH & Co. KG, Metalwerks, Inc., Nippon Steel Group, SAES Getters S.p.A., Furukawa Electric Co., Ltd., TiNi Aerospace, Inc., and Ultimate NiTi Technologies
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