DUBLIN--(BUSINESS WIRE)--The "Shape Memory Alloys - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Shape Memory Alloys Market to Reach US$20 Billion by the Year 2026
Growth in the global market is attributable to increasing application scope along with potential use of these alloys in diverse domains. Future expansion of the market is anticipated to be also bolstered by rising uptake of these alloys in various safety devices like fire sprinklers and anti-scalding. While the market expansion was restrained by COVID-19-led disruptions and impact on primary end-use industries, shape memory alloys are poised to gain from promising scope in the medical arena.
The increasing focus on new material properties for industrial applications is set to expand the scope of shape memory alloys. Commercial application of these alloys is poised to increase consistently with ongoing advances and understanding into their properties. These alloys are slated to benefit from rising attention on shape memory materials that are key components of smart composites due to their intriguing characteristics like enhanced damping capacity, pseudoelasticity and shape memory effect.
Amid the COVID-19 crisis, the global market for Shape Memory Alloys estimated at US$10.4 Billion in the year 2020, is projected to reach a revised size of US$20 Billion by 2026, growing at a CAGR of 11.5% over the analysis period. Nitinol, one of the segments analyzed in the report, is projected to grow at a 11.6% CAGR to reach US$15.8 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Copper-based segment is readjusted to a revised 14.1% CAGR for the next 7-year period. This segment currently accounts for a 13.2% share of the global Shape Memory Alloys market. Nickel-titanium alloys, collectively termed as nitinol, have emerged as the most popular and useful shape memory alloys in the recent years. Nitinol is witnessing increasing acceptance in several applications in the field of robotics, military, safety and medical. In addition to medical applications, nitinol is experiencing broader adoption in robotics actuators as well as micromanipulators for stimulating motion of the human muscle.
The U.S. Market is Estimated at $3.9 Billion in 2021, While China is Forecast to Reach $3.5 Billion by 2026
The Shape Memory Alloys market in the U.S. is estimated at US$3.9 Billion in the year 2021. The country currently accounts for a 34.69% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.5 Billion in the year 2026 trailing a CAGR of 14.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.6% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. North America dominates market share due to strong focus of players on capacity expansions and new product development. The regional market is bolstered by notable expansion of the aerospace industry along with high medical implant demand.
The Asia-Pacific market is likely to emerge as a lucrative market in the coming years on account of the presence of a sizeable automotive industry along with other manufacturing industries that are slated to create strong demand for these alloys.
Iron-Manganese Silicon Segment to Reach $1.3 Billion by 2026
In the global Iron-Manganese Silicon segment, USA, Canada, Japan, China and Europe will drive the 8.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$591.5 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$167.8 Million by the year 2026.
Select Competitors (Total 48 Featured)
- ALB Materials Inc.
- Ati Specialty Alloys & Components
- Boston Centerless, Inc.
- Confluent Medical Technologies
- Dynalloy, Inc.
- Euroflex GmbH
- Fort Wayne Metals
- Furukawa Electric Co. Ltd.
- General Research Institute for Nonferrous Metals
- Hangzhou Ualloy Material Co. Ltd.
- Johnson Matthey PLC
- M & T (Taiwan) Co. Ltd.
- Metalwerks, Inc.
- Nanoshel LLC
- Nippon Seisen Co. Ltd.
- Nippon Steel & Sumitomo Metal Corporation
- Precision Castparts Corporation
- SAES Getters S.p.A.
- Seabird Metal Material Co. Ltd.
- Stanford Advanced Materials
- Sunrise Titanium Technology Co. Ltd.
- Ultimate R&D
- Xi'an Saite Metal Materials Development Co. Ltd. (SAITE)
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Review of the World Economy in 2021
- Shape Metal Alloys Face Notable Disruptions
- Review of Pandemic Impact on Major End Use Markets
- Why Investing in Materials Innovation is Vital for Countries & Their Economy
- Implications of Materials Innovation on Core Areas of Economy
- Shape Memory Alloys: A Prelude
- Nitinol Emerges as Popular Shape Memory Alloy
- Biomedical & Aerospace: Principal Segments of Shape Memory Alloys Market
- North America Captures Majority Stake in Global Shape Memory Alloys Market
- Market Outlook: SMAs Market Appears Poised to Maintain Good Shape
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Shape Memory Alloys Enjoy Increasing Acceptance for Biomedical Applications
- Growing Focus on Accelerated Healing for Fractured Bones to Drive SMA Application in Orthopedic Implants
- Shape Memory Alloys in Cardiac Procedures
- COVID-19 Weigh Heavily on Shape Memory Alloy Demand in Cardiac Care
- Nickel-Titanium Alloy Holds Potential to Spark Endodontic Transformation
- Future Scope
- Pandemic Presents Challenging Times for Dental Market
- Use of AI in the Design of Shape Metal Alloys Gains Momentum
- Additive manufacturing (AM) Widens Application Range for Nitinols
- Shape Memory Alloys Endow Stellar Possibilities for Aerospace Industry
- Potent Wing Applications of Shape Memory Alloys
- SMAs to Reduce Unpleasant Airplane Noise during Descent
- A Note on Importance of Material Innovation for Aircraft Manufacturers
- COVID-19 Plays Spoilsport to Airlines Market Affecting SMAs Industry
- Staged Recovery over Long-Term to Benefit Demand
- Organizations Explore Application of SMAs in Space Programs
- SMAs Emerge as a Compelling Option for Automotive Actuators
- Expanding Role of Electronics in Automotive Vehicles Spurs Demand
- Shape Memory Alloys for Micro-Electromechanical Systems
- Consumer Electronics to Gain from Hardware Innovations Enabled by SMAs
- New Smartphone Imaging Trends Benefit the Demand for SMA Actuators
- Simplifying Innovations in Household Appliance Technology
- Rise in Home Automation (Domotics) to Support Demand for Shape Memory Alloys
- Growth in Demand for Shape Memory Alloys in Luxury Sector
- SMAs Playing an Important Role in Offering Antiscald Protection in Showerheads Industry
- Eyeglass Frames Get Super Elastic with SMAs
- SMAs Drive Reliability of Fire Sprinklers in Fire Control
- Long Shape Memory Alloy Tendons for Soft Robotic Systems with Soft Grippers
- Robots Garner Attention as Critical Resource to Combat COVID-19 Pandemic
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 48
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