Shape Memory Alloys Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials

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This study intends to analyse diverse aspects of the global shape memory alloys market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Market Analysis in Brief

The shape memory alloys market refers to the global industry for materials that can recover their original shape when heated above a certain temperature, and these materials can also be trained to remember different shapes. Due to their unique properties, these alloys are used for a wide range of applications in various industries such as aerospace, automotive, healthcare, and consumer electronics. This market is expected to index significant growth in the coming years, driven by increasing demand from various end-use industries and advancements in research and development activities.

Key Report Findings

  • The global shape memory alloys market was valued at over US$11 Bn in 2020
  • The medical and biomedical application segment accounted for the largest market share in 2020
  • North America is the largest regional shape memory alloys market
  • In 2020, Nitinol Devices & Components (NDC), a subsidiary of Johnson Matthey, a British Multinational Chemical Company, was the largest shape memory alloys company
  • Asia Pacific is projected to be largest shape memory alloys market

Growth Drivers

Expansion of the Aerospace and Defense Sectors

Owing to their highly sought-after properties, shape memory alloys (SMAs) are extensively used in various applications across various end-use industries. For instance, in the healthcare sector, SMAs are extensively used in dental wires and in orthopaedic implants. With the surge in global geriatric populations and an increase in healthcare expenditures, the demand for SMAs is slated to grow. In the automotive industry, SMAs are used for applications such as brake callipers, tire pressure sensors, and seat belt pre-tensioners. This is expected to drive the shape memory alloys market ahead.

Whereas, in the aerospace and defense sectors, the need for lightweight, and high-performance materials for various applications such as sensors, actuators, and structural components. A study by Fairfield Market Research indicated that the global shape memory alloys market was valued at over US$11 Bn in 2020, and this industry is slated to grow at a healthy rate of growth over the forecast period.

Additionally, the growing demand for miniaturized and high-performance electronic devices, has led to a higher demand for SMAs in the manufacture of various consumer electronics such as smartphones, cameras, and laptops. Factors such as this are slated to have a profound influence on the growth trajectory of the global shape memory alloys market in the years ahead.

Technological Advancements and Favorable R&D Initiatives

The increasing use of SMAs for a wide array of applications has acted as a driving force for advancements in SMA technology. When new alloys and manufacturing techniques are developed, they increase the performance and reliability of SMAs. Moreover, as these materials are crucial to various industries, this market continues to receive increased attention and support from various governing authorities in the form of favorable incentives and policies. It is opportunities such as these that complement ongoing R&D initiatives, which in turn leads to the production of alloys that have advanced properties. Factors such as this are expected to increase adoption and thus bolster growth prospects for the global shape memory alloys market in the process.

Growth Challenges

High Costs, Low Awareness, Potential Health Risks, and Limited Raw Material Availability

The inflated production and processing costs of SMAs owing to raw material pricing and complex manufacturing processes is a major factor that is expected to hinder growth prospects for the global SMA market. Moreover, the limited nature of raw materials needed and the presence of alternative materials such as polymers and composites are another element that could potentially affect the trajectory of the shape memory alloys market.

Another crucial aspect that could pose a threat to the further progression of this industry is the general lack of awareness among individuals, particularly in certain emerging economies, concerning the applications and benefits of SMA materials. Stringent regulations and standards concerning the use and disposal of SMAs is another factor that could restrain the global shape memory alloys market in the coming years.

Growth Opportunities Across Regions

North America to Remain the Largest Regional Market

Owing to the presence of major healthcare and aerospace industries in this region and the corresponding increase in demand, North America is expected to remain the largest shape memory alloys market. Markets in Europe are expected to be the second-highest consumer of SMAs due to significant demand from the automotive and aerospace industries. Whereas the Asia Pacific is projected to come in third place, driven by the growth of the consumer electronics and healthcare sectors in this region.

Key Market Players – Shape Memory Alloys Landscape

Some key companies in the global shape memory alloys market include Nitinol Devices & Components Inc., Fort Wayne Metals, ATI Specialty Alloys & Components, Johnson Matthey, SAES Getters S.p.A, Furukawa Electric Co. Ltd., Nippon Steel & Sumitomo Metal Corporation, Baoji Seabird Metal Material Co. Ltd., Dynalloy Inc., and Ultimate NiTi Technologies Inc., to name a few. Key players in the global shape memory alloys market have been involved in new product launches and are implementing other growth strategies such as collaborations and acquisitions to strengthen their respective market position.

Shape Memory Alloys Market: Key Developments

  • In March 2021, University of Illinois researchers developed a new method that enables the production of high-strength shape memory alloys at lower temperatures in comparison to conventional processes
  • In 2021, Fort Wayne Metals, a leading manufacturer of precision wire-based materials and components, acquired Chamfr LLC, a medical device supplier, to its medical industry offerings
  • In October 2020, researchers at the Purdue University developed a new type of shape memory alloy-based stent. This stent can be compressed into a small size and then expanded in the body, thus reducing complication risks during minimally invasive surgeries
  • In 2020, the SAES Group, an advanced functional materials group, acquired LivaNova’s shape memory alloys business. This was carried out to strengthen the group’s position in the medical and aerospace industries
  • In August 2020, NASA announced that it was developing a new shape memory alloy-based actuator for use in spacecraft to improve the safety and reliability of its missions

Regional Classification of the Global Shape Memory Alloys Market is Listed Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Shape Memory Alloys Market

  • Shape Memory Alloys Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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