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.
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.
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.
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.
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.
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.
Shape memory market can be segmented on the basis of following,
By Type
By Effect
By Function
By Application
By End-use
Explore Similar Insights
Shape Memory Alloy Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
