Rise in demand from biomedical sector and surge in demand from the automotive industry have boosted the growth of the global shape memory alloys market.
PORTLAND, Ore., Oct. 18, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, and Others) and End-Use Industry (Biomedical, Aerospace & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global shape memory alloys industry was pegged at $9.2 billion in 2020, and is expected to reach $19.5 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in demand from biomedical sector and surge in demand from the automotive industry have boosted the growth of the global shape memory alloys market. However, fluctuation in raw material cost hinders the market growth. On the contrary, rise in demand from the electronics industry is expected to create lucrative opportunities for the market players in the future.
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- The Covid-19 pandemic resulted in disruption in supply chain, gap in supply and demand, and price volatility. Owing to scarcity of resources and challenges in procurement of raw materials hampered the manufacturing of shape memory alloys.
- Rise in production volume and attempts to develop innovative solutions at an affordable price would open new opportunities post-pandemic.
The nitinol segment held the lion's share
By type, the nitinol segment held the largest share in 2020, accounting for nearly two-fifths of the global shape memory alloys market, as it is biocompatible metal with qualities that make it appropriate for use in orthopedic implants. However, the copper-based segment is expected to register the highest CAGR of 8.3% during the forecast period, owing to its ability to return to pre-deformed shape after heating above the transformation temperature.
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The aerospace & defense segment to manifest the highest CAGR through 2030
By end-use industry, the aerospace & defense segment would showcase the highest CAGR of 9.1% from 2021 to 2030, due to use of shape memory alloys in various exterior components to improve efficiency of aircraft. However, the biomedical segment held the largest share in 2020, contributing to around one-third of the global shape memory alloys market, owing to the exceptional biocompatibility and computer tomography compatibility of the shape memory alloys for use in medical devices.
Asia-Pacific, followed by Europe and North America, held the largest share
By region, the global shape memory alloys market across Asia-Pacific, followed by Europe and North America held the largest share in 2020, accounting for nearly two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 8.3% during the forecast period, owing to rise in demand for advanced medical devices for low-cost diagnostic treatment.
Major Market Players
- Furukawa. Johnson Matthey
- G. Rau GmbH & Co. KG
- Metalwerks Inc.
- Xi'an Saite Metal Material
- Fort Wayne Metals
- Seabird Metal
- Saes Gaetters
- Ati Specialty Alloys & Components.
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