India shape memory alloy market is projected to be valued at US$ 81.1 million by 2022. Sales of shape memory alloys are anticipated to expand at a resilient CAGR of 13.2%. It is estimated to have a valuation of US$ 286.7 million by 2032. Rising demand from biomedical, aerospace, and construction sectors is expected to propel the market in the forecast period.
Shape memory alloys are a type of alloy that has the ability to ‘remember’ its shape, and may restore to its original shape even after being bent. Shape memory alloys, which are often deformed when cold, regain their natural shape when heated. These unique alloys are employed as functional materials in temperature sensors, actuators, clamping fixtures, and a wide variety of other applications.
These metals also have a property known as superelasticity, which allows them to be bent or stretched without maintaining their original shape, similar to rubber. This ability to re-shape after considerable deformation is used in everyday products, electrical & electronic appliances, and medical equipment.
In response to skyrocketing customer demand for improved performance and safety in automobiles, the automotive industry is developing actuators, sophisticated sensors, and microcontrollers. Growing preference for shape memory alloys over traditional actuators such as hydraulic and pneumatic systems in the automotive industry is pushing sales in the India market.
Shape memory alloy actuators are becoming increasingly popular among automakers due to their numerous features such as shape memory and extreme elasticity. Secondly, shape memory alloy actuators do not require a sophisticated and bulky design to function.
These types of alloys are currently used in very few automobile applications. However, rising investments in research and development activities by automakers in search of prospective applications such as climate control, engine control valves, door locks, and actuators are likely to propel sales of shape memory alloys in the automotive industry.
| Attributes | Key Insights |
|---|---|
| India Shape Memory Alloy Market Estimated Size (2023E) | US$ 83.1 million |
| Projected Market Valuation (2033F) | US$ 286.7 million |
| Value-based CAGR (2023 to 2033) | 13.2% |
| Collective Value Share: Key Players | 25% to 30% |
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According to Future Market Insights, the India market for shape memory alloys witnessed a rickety growth rate of 5.8% over the course of the historical period from 2018 to 2022, as compared to the resilient growth rate of 13.2% during the assessment period of 2023 to 2033.
The market is predicted to show resilient growth in the span of the next ten years owing to soaring demand from industries, as well as rising expenditure on research and development activities. The shape memory alloy market is not a standalone industry but rather depends upon several application sectors.
Growth in various application industries directly impacts expansion of the shape memory alloy market. Over the past few decades, growth in chemical, automotive, aerospace, and electrical industries have contributed significantly to expansion of the India market. Significant performance of application sectors is also anticipated to have a positive impact on the India market.
Shape memory alloys are made by using raw materials such as nickel, titanium, copper, and aluminum. Prices of these materials frequently fluctuate and show spikes in their prices which is a rising concern among key players.
On the other hand, shape memory alloys are widely utilized in the healthcare industry for making surgical tools and biomedical implants. But, in other end-use sectors such as automotive and consumer electronics, substitutes such as stainless steel is a preferred material. High price of shape memory alloys and easy availability of substitutes in India are a couple of factors that may hamper sales in the market.
Shape memory alloys have significant applications in the construction industry. They are used in civil construction projects such as for the construction of bridges, restoration of heritage structures, and shock & earthquake resistant buildings. Thermo-mechanical properties of shape memory alloys make them a viable option as reinforced metal elements in construction applications.
The construction sector in India is evolving at a rapid pace. Ongoing urban development projects, civil infrastructure projects, land connectivity programs, water conservation initiatives, and industrial development plans are driving the construction industry in the country. Owing to multiple advantages of shape memory alloys, their adoption in the India construction market is anticipated to surge during the forecast period. This will hence propel the shape memory alloy market in India.
Principal Consultant
Expansion of Transportation Systems in Gujarat and Maharashtra to Drive Shape Memory Actuator Demand
Due to substantial investments and presence of leading manufacturers in numerous states of West India such as Gujarat and Maharashtra, the region is predicted to capture a dominant portion of the market. Advantage of well-developed ports and transportation systems would also benefit the states of West India, thereby boosting international trade and initiating robust supply chains. The region is hence expected to hold more than one-third of the shape memory alloy market in India.
Presence of Innovation Labs across South India to Propel Sales of Nitinol Memory Wires
The India shape memory alloy market is going through lots of innovations and developments for finding their novel applications in different end-use industries. States across South India such as Karnataka, Tamil Nadu, and Andhra Pradesh are driving these innovations due to presence of multiple innovation labs and research facilities in these areas. In response to these advancements, consumption of shape memory alloys is predicted to climb in the region's end-use sectors, resulting in the region recording a high growth rate among India's four regions.
Demand for Nickel Titanium Shape Memory Alloys to Expand across India by 2033
On the basis of material, the nickel-titanium (nitinol) alloy segment is likely to grab a key share of India shape memory alloy market by 2033. Nickel-titanium alloy, also known as nitinol is a significant alloy that exhibits shape memory effect below its transition temperature, as well as superelasticity above the transition temperature. This alloy has high biocompatibility that makes it suitable for biomedical applications.
Better elasticity, extreme corrosion resistance, and kink resistance are also few of the key characteristics of nitinol that makes it a prominent material for shape memory applications. In India, consumption of nitinol is expected to expand at a significant rate, and is anticipated to create an absolute dollar opportunity of more than US$ 183.6 million during the evaluation period.
High Demand for Shape Memory Materials for Making Biomedical Devices to Aid Sales
Among end-use industries, biomedical is anticipated to be the dominant consumer of shape memory alloys in India owing to its wide range of applications in the industry. Backed by high biocompatibility and enhanced reliability, shape memory alloys are extensively used in the production of various biomedical devices, orthopedic & orthodontic implants, and surgical intervention devices.
Increasing healthcare spending by the government, ongoing technological advancements, and high cost of imports are projected to surge the demand for domestic production of such devices. These factors are anticipated to create new opportunities in the India shape memory alloy market.
Increasing Adoption of Shape Memory Nitinol Wires to Surge among Stent and Dental Implant Makers
Based on application, the wires and tubes segment is likely to have a dominant share over the course of assessment period, says Future Market Insights. Shape memory materials in the form of wires and nanotubes are extensively used by the biomedical industry for dental, surgical, as well as endoscopic applications.
Wire form of shape memory alloy is easy to use in 3D applications. Adoption of shape memory alloys in dental implants, stents, and orthopedics is expected to surge at a collective CAGR of close to 15% in the next ten years. Hence, the wire and tubes application segment is anticipated to expand in India market in the forecast period.
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Increased expansion and collaboration efforts have been seen over the last few years, which has helped to increase the availability of shape memory alloys. Mergers, acquisitions, and joint ventures are the main methods used by numerous big market players to expand their product lines and establish a sizable market presence. Few key players are focusing on the expansion of their production capacities to cater to the growing demand.
One of the recent developments in India shape memory alloys market is listed below:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | US$ 83.1 million |
| Projected Market Valuation (2033) | US$ 286.7 million |
| Value-based CAGR (2023 to 2033) | 13.20% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (US$ million) and Volume (Tons) |
| Key Regions Covered | North India; South India; East India; and West India |
| Key Segments Covered | Material, Component, End-use Indutry, Application, and Region |
| Key Companies Profiled | Mishra Dhatu Nigam Ltd (MIDHANI); Thermo Fisher Scientific India Private Limited; ATI Specialty Alloys & Components; SAES Getters, Furukawa Electric Co., Ltd; Nippon Steel & Sumitomo Metal; Fort Wayne Metals; Johnson Matthey; Xian Saite Metal Materials Development Company Limited; Daido Steel Co., Ltd.; Ultimate NiTi Technologies Inc.; Metalwerks PMD Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is projected to US$ 83.1 million in sales by 2023.
The market is set to be worth US$ 286.7 million by 2033.
The market is estimated to exhibit a 13.2% CAGR through 2033.
Historically, the market value evolved between 2018 and 2022 at a CAGR of 5.8%.
The wires and tubes segment is predicted to sustain growth at 15% CAGR.
Nitinol ought to generate an absolute dollar opportunity of US$ 183.6 million.
1. Executive Summary | India Shape Memory Alloy Market 1.1. India Shape Memory Alloy Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations 2. India Shape Memory Alloy Market Overview 2.1. Shape Memory Alloy Market Coverage / Taxonomy 2.2. Shape Memory Alloy Market Definition / Scope / Limitations 3. Key India Shape Memory Alloy Market Trends 3.1. Key Trends Impacting the Shape Memory Alloy Market 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Product USPs / Features 4.3. Strategic Promotional Strategies 5. India Shape Memory Alloy Market Demand Analysis 2017 to 2022 and Forecast, 2023 to 2033 5.1. Historical Shape Memory Alloy Market Volume (Tons) Analysis, 2017 to 2022 5.2. Current and Future Shape Memory Alloy Market Volume (Tons) Projections, 2023 to 2033 5.3. Y-o-Y Growth Trend Analysis 6. India Shape Memory Alloy Market - Pricing Analysis 6.1. Regional Pricing Analysis By Material Type and Pricing Forecast 6.1.1. Distributor Level pricing 6.1.2. Manufacturer Level pricing 6.2. India Average Pricing Analysis Benchmark 7. India Shape Memory Alloy Market Demand (in Value or Size in US$ million) Analysis 2017 to 2022 and Forecast, 2023 to 2033 7.1. Historical Shape Memory Alloy Market Value (US$ million) Analysis, 2017 to 2022 7.2. Current and Future Shape Memory Alloy Market Value (US$ million) Projections, 2023 to 2033 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Shape Memory Alloy Market Background 8.1. Macro-Economic Factors 8.1.1. India GDP Growth Outlook 8.1.2. India Automotive Shape Memory Alloy Market Growth Outlook 8.1.3. India Urbanization Outlook 8.1.4. India Construction Industry Outlook 8.1.5. Other Macro-economic factors 8.2. Forecast Factors - Relevance & Impact 8.2.1. Top Companies Historical Growth 8.2.2. GDP Growth forecast 8.2.3. Manufacturing Industry forecast 8.2.4. Key Shape Memory Alloy Market Developments 8.2.5. End Use Industry Demand Outlook 8.2.6. Other Forecast Factors 8.3. Value Chain 8.3.1. Raw Material Suppliers 8.3.2. Product Manufacturers (Product Portfolio & End-Use Industry) 8.3.3. Suppliers/Distributors 8.3.4. Probable End Users 8.3.5. Average Profitability Margins 8.4. COVID-19 Crisis – Impact Assessment 8.4.1. Current Statistics 8.4.2. Short-Mid-Long Term Outlook 8.4.3. Likely Rebound 8.5. Shape Memory Alloy Market Dynamics 8.5.1. Drivers 8.5.2. Restraints 8.5.3. Opportunity Analysis 8.6. Trade Overview 8.7. PESTLE Analysis 8.8. Patent Analysis 8.9. Overview of Domestic Production Vs. Imports 8.10. Overview of reasons for lack of production facilities in India 8.11. Criss-Cross Analysis, 2021 (End-Use Industry by Material Type) 9. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Material Type 9.1. Introduction / Key Findings 9.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Material Type, 2017 to 2022 9.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Material Type, 2023 to 2033 9.3.1. Nickel-Titanium (Nitinol) 9.3.2. Copper-based 9.3.3. Fe-Mn-Si 9.3.4. Others 9.4. Shape Memory Alloy Market Attractiveness Analysis By Material Type 10. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component Type 10.1. Introduction / Key Findings 10.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Component Type, 2017 to 2022 10.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Component Type, 2023 to 2033 10.3.1. Ingots 10.3.1.1. Round Bar 10.3.1.2. Square Bar 10.3.2. Sheets 10.3.3. Blocks 10.3.4. Wires & Tubes 10.3.5. Pipes 10.4. Shape Memory Alloy Market Attractiveness Analysis By Component Type 11. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by Application 11.1. Introduction / Key Findings 11.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Application, 2017 to 2022 11.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Application, 2023 to 2033 11.3.1. Wires & Tubes 11.3.1.1. Orthopedic 11.3.1.2. Dental Implants 11.3.1.3. Stents 11.3.1.4. Catheters 11.3.1.5. Orthodontic 11.3.1.6. Endoscopic Guide Tubes 11.3.1.7. Others 11.3.2. Motor/Actuators/Transducer 11.3.2.1. Motor Vehicles 11.3.2.2. Aircraft Engine 11.3.2.3. Pipe Couplings 11.3.2.4. Seismic Devices (Dampers and Isolators) 11.3.2.5. Fire Dampers 11.3.2.6. Others 11.3.3. Valves (Regulator/Pyrotechnic/Others) 11.3.3.1. Evaporative Emission Control 11.3.3.2. Water Purifier 11.3.3.3. Spacecraft 11.3.3.4. Vehicle Propulsion Systems 11.3.3.5. Others 11.3.4. Pipes 11.3.4.1. Structural Elements 11.3.4.2. Bridges & Pavements 11.3.4.3. Silos & Tanks 11.3.4.4. Others 11.3.5. Sensors 11.3.5.1. Surgical and Intervention Instruments 11.3.5.2. Engines 11.3.5.3. Others 11.3.6. Other 11.4. Shape Memory Alloy Market Attractiveness Analysis By Application 12. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by End Use Industry 12.1. Introduction / Key Findings 12.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By End Use Industry, 2017 to 2022 12.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By End Use Industry, 2023 to 2033 12.3.1.1. Biomedical 12.3.1.2. Aerospace & Defense 12.3.1.3. Automotive 12.3.1.4. Building & Construction 12.3.1.5. Consumer Electronics & Home Appliances 12.3.1.6. Others 12.4. Shape Memory Alloy Market Attractiveness Analysis By End Use Industry 13. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by Region 13.1. Introduction 13.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Region, 2017 to 2022 13.3. Current Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Region, 2023 to 2033 13.3.1. North India 13.3.2. South India 13.3.3. East India 13.3.4. West India 13.4. Shape Memory Alloy Market Attractiveness Analysis By Region 14. North India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022 14.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033 14.4.1. By Material Type 14.4.2. By Product Type 14.4.3. By Application 14.4.4. By End Use Industry 14.5. Shape Memory Alloy Market Attractiveness Analysis 14.5.1. By Material Type 14.5.2. By Product Type 14.5.3. By Application 14.5.4. By End Use Industry 14.6. Shape Memory Alloy Market Trends 14.7. Key Shape Memory Alloy Market Participants - Intensity Mapping 14.8. Drivers and Restraints - Impact Analysis 15. South India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022 15.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033 15.4.1. By Material Type 15.4.2. By Product Type 15.4.3. By Application 15.4.4. By End Use Industry 15.5. Shape Memory Alloy Market Attractiveness Analysis 15.5.1. By Material Type 15.5.2. By Product Type 15.5.3. By Application 15.5.4. By End Use Industry 15.6. Shape Memory Alloy Market Trends 15.7. Key Shape Memory Alloy Market Participants - Intensity Mapping 15.8. Drivers and Restraints - Impact Analysis 16. East India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022 16.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033 16.4.1. By Material Type 16.4.2. By Product Type 16.4.3. By Application 16.4.4. By End Use Industry 16.5. Shape Memory Alloy Market Attractiveness Analysis 16.5.1. By Material Type 16.5.2. By Product Type 16.5.3. By Application 16.5.4. By End Use Industry 16.6. Shape Memory Alloy Market Trends 16.7. Key Shape Memory Alloy Market Participants - Intensity Mapping 16.8. Drivers and Restraints - Impact Analysis 17. West India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022 17.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033 17.4.1. By Material Type 17.4.2. By Product Type 17.4.3. By Application 17.4.4. By End Use Industry 17.5. Shape Memory Alloy Market Attractiveness Analysis 17.5.1. By Material Type 17.5.2. By Product Type 17.5.3. By Application 17.5.4. By End Use Industry 17.6. Shape Memory Alloy Market Trends 17.7. Key Shape Memory Alloy Market Participants - Intensity Mapping 17.8. Drivers and Restraints - Impact Analysis 18. Shape Memory Alloy Market Structure Analysis 18.1. Shape Memory Alloy Market Analysis by Tier of Companies (Shape Memory Alloy) 18.2. Shape Memory Alloy Market Concentration 18.3. Shape Memory Alloy Market Share Analysis of Top Players 18.4. Shape Memory Alloy Market Presence Analysis 18.4.1. By Material Type Footprint of Players 18.4.2. By Regional Footprint of Players 19. Competition Analysis 19.1. Competition Dashboard 19.2. Competition Benchmarking 19.3. Competition Deep Dive 19.3.1. SMA Wires India 19.3.2. Mishra Dhatu Nigam Ltd (MIDHANI) 19.3.2.1. Overview 19.3.2.2. Product Portfolio 19.3.2.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.2.4. Sales Footprint 19.3.2.5. Strategy Overview 19.3.3. Thermo Fisher Scientific India Private Limited 19.3.3.1. Overview 19.3.3.2. Product Portfolio 19.3.3.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.3.4. Sales Footprint 19.3.3.5. Strategy Overview 19.3.4. ATI Specialty Alloy & Components 19.3.4.1. Overview 19.3.4.2. Product Portfolio 19.3.4.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.4.4. Sales Footprint 19.3.4.5. Strategy Overview 19.3.5. SAES Getters 19.3.5.1. Overview 19.3.5.2. Product Portfolio 19.3.5.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.5.4. Sales Footprint 19.3.5.5. Strategy Overview 19.3.6. Furukawa Electric Co., Ltd 19.3.6.1. Overview 19.3.6.2. Product Portfolio 19.3.6.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.6.4. Sales Footprint 19.3.6.5. Strategy Overview 19.3.7. Nippon Steel & Sumitomo Metal 19.3.7.1. Overview 19.3.7.2. Product Portfolio 19.3.7.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.7.4. Sales Footprint 19.3.7.5. Strategy Overview 19.3.8. Fort Wayne Metals 19.3.8.1. Overview 19.3.8.2. Product Portfolio 19.3.8.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.8.4. Sales Footprint 19.3.8.5. Strategy Overview 19.3.9. Johnson Matthey 19.3.9.1. Overview 19.3.9.2. Product Portfolio 19.3.9.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.9.4. Sales Footprint 19.3.9.5. Strategy Overview 19.3.10. Xian Saite Metal Materials Development Company Limited 19.3.10.1. Overview 19.3.10.2. Product Portfolio 19.3.10.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.10.4. Sales Footprint 19.3.10.5. Strategy Overview 19.3.11. Daido Steel Co., Ltd. 19.3.11.1. Overview 19.3.11.2. Product Portfolio 19.3.11.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.11.4. Sales Footprint 19.3.11.5. Strategy Overview 19.3.12. Ultimate NiTi Technologies Inc. 19.3.12.1. Overview 19.3.12.2. Product Portfolio 19.3.12.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.12.4. Sales Footprint 19.3.12.5. Strategy Overview 19.3.13. Metalwerks PMD Inc. 19.3.13.1. Overview 19.3.13.2. Product Portfolio 19.3.13.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region) 19.3.13.4. Sales Footprint 19.3.13.5. Strategy Overview 20. Assumptions and Acronyms Used 21. 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India Shape Memory Alloy Market
