This Shape Memory Alloy market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Shape Memory Alloy market.
The global shape memory alloy market is slated to grow at a tremendous rate over the forecast period, 2020-2030. Shape memory alloys (SMA) are commonplace in several end-use industries including, consumer electronics, biomedical, and aerospace & defense, given their umpteen benefits of shape memory effect, pseudo elasticity, and high damping properties. While market players continue to capitalize on the biomedical industry, they are uncovering new revenue streams in the automotive industry.
Shape Memory Alloy – Eminent Component in Various Industries
The biomedical sector is slated to be the key revenue generator in the shape memory alloy market, attributable to exceptional computer tomography compatibility and biocompatibility SMAs. Such benefits of shape memory alloys are broadening their adoption in minimal invasive techniques, fracture treatments, treatment of cerebral aneurysms, and orthodontic treatment.
Moving ahead, shape memory alloys are majorly used for wing morphing in planes in the aerospace industry. Greater emphasis on reliability and multi-functionality in the end-use industry is propelling the demand for active materials. Temperature sensitivity of SMAs make them ideal for aerospace use cases.
Distinctive thermo-mechanical feature of shape memory alloys are enabling their application in civil constructions. These alloys are used for retrofitting of existent deficient bridges. Coupled with sensors, SMAs are used to construct reinforced concrete bridges.
Consumers’ demand for better performance, safety, and safety in automobiles is paving for development of advanced sensors, actuators, and microcontrollers in the automotive sector. Rising preference for shape memory effect over conventional actuators – hydraulic and pneumatic systems - from automotive industry is pushing the sales of shape memory alloys.
Shape Memory Alloy Market – Growth Restraints
While the shape memory alloy market has been making significant strides, high initial costs of these alloys are restricting their adoption. Complex motion control and thermo-mechanical properties of shape memory alloys are limiting their usage to large-scale companies. Further, poor fatigue and low operational speed are among the major challenges for market players.
Impact of COVID-19 Pandemic on Shape Memory Alloy Market
The COVID-19 pandemic is adversely impacting the shape memory alloys market. Demand from various end-use sectors has reduced, hence causing a downfall in sales of shape memory alloys. Reduced traveling amidst pandemic-induced restrictions is leading to lesser maintenance requirement as well declining demand for spare parts. This is indirectly impacting the sales of shape memory alloys, particularly in the aviation sector.
Construction activities have come to a standstill in several countries, worldwide, due to unavailability of labor and raw materials amid the pandemic. This, in turn, is dampening the demand for shape memory alloys in construction sector.
That said, governments have moved their focus from developing infrastructure to fulfilling basic human needs, which pull up the demand of shape memory alloys from the civil construction companies.
Moreover, the healthcare sector is emerging as a bright spot in the shape memory alloy market amid the pandemic. Case in point, staffs and students of IIT-Indore have developed optical thermal sensor using shape memory alloy. This device is fitted in patient’s fabric and temperature is further monitored without physical contact.
Regional Analysis of Shape Memory Alloy Market
North America continues to hold prominent share in shape memory alloy market. The biomedical, automotive and aerospace sectors in the developed region account for major chunk of shape memory alloy demand. Further, the International Trade Administration (ITA) suggests that the US is the largest consumer of medical devices.
Moving forward, Asia Pacific (APAC) is anticipated to offer white spaces of growth to shape memory alloy manufacturers in the coming years. Growth in automotive sector and abundance of raw materials are pushing the demand for shape memory alloys in the region. While Japan alone produced 8.5 million passenger cars in 2019, China surpassed 21 million mark in car production in the same year. This surging production of vehicles in APAC is attracting huge attention of shape memory alloy manufacturers.
Shape Memory Alloy Market - Competitive Landscape
The key focus of market players is consistent innovation and new product development. For instance, SAES Group has employed around 17% of its manpower specifically for R&D activities.
In addition, players are entering into collaborations to uphold their hegemony in marketplace. NASA’s Glen research institute has partnered with Boeing to incorporate shape memory alloys in deployable vortex generators (VGs). Subsequent developments with shape memory alloys result in smart VGs, which move in case of changes in external environment.
- Memory-Metalle GmbH
- TiNi Alloy Co.
- Ultimate NiTi Technologies Inc.
- Fort Wayne Metals Inc.
- Metalwerks PMD Inc.
- Endosmart GmbH.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Shape Memory Alloy Market – Segmentation
Shape memory market can be segmented on the basis of following,
- One way
- Constrained Recovery
- Free Recovery
- Actuation Recovery
- Motor and Actuators
- Structural Material
- Aerospace & Defense
- Consumer Electronics & Household
Frequently Asked Questions
What research methodology is used to develop the Shape Memory Alloy Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Shape Memory Alloy Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Shape Memory Alloy Market report?
In addition to up-to-date market figures and customized of the Shape Memory Alloy Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.