Shape Memory Alloys Market Worth $ 18.8 Billion By 2026
CHICAGO, August 3, 2021 / PRNewswire / – According to the new market research report “Shape Memory Alloys Market By Type (Nitinol, Copper Based, Iron Manganese Silicon), End Use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Home Appliances) and Region – Global Forecast to 2026“, published by MarketsandMarkets ™, the size of the global shape memory alloys market is expected to increase from $ 11.0 billion in 2021 to $ 18.8 billion by 2026, at a CAGR of 11.2% between 2021 and 2026. Market growth is strongly attributed to the increasing demand for SMA in the manufacture of biomedical devices and surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for ADMs, due to the huge demand for the manufacture of biomedical devices. The growth of the market is also attributed to the growing demand for high quality life-saving medical devices and better automotive and aircraft components. The physical properties of SMAs encourage their use in various end-use industries. However, the high cost of implantable devices, which is the biggest application of AMS in the biomedical industry, is the major challenge for the growth of the AMS market.
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Nitinol-Type Segment Expected to Dominate the Shape Memory Alloys Market in 2020
By type, the Nitinol segment accounted for the largest share of the overall shape memory alloys market. Nitinol alloys are the largest type of SMA, accounting for a significant share of the market. The growing biomedical industry of end uses, especially for medical implants, is driving AMS ‘demand for nitinol. These alloys are used in the form of wires, sheets, ribbons and rods. Other types of AMS include alloys based on gold, cadmium, iron, zinc, and platinum.
The biomedical end-use segment is estimated to be the largest segment of shape memory alloys
Biomedical is the largest ADM end-use industry, followed by aerospace and defense. The applications of ADS in the automotive industry will increase as the market for electric vehicles gains ground. SMAS are widely used in dental applications for the manufacture of orthodontic wires due to their shape memory properties, super elasticity, high ductility and corrosion resistance. However, due to the COVID-19 pandemic in 2020, and due to social distancing, only essential services have been left open. Oral dentistry professionals have been significantly affected by the massive closures of dental offices. The pandemic has had an ongoing effect on orthodontic treatment, which is a long process that requires regular visits. Thus, the demand for SMA in dental applications decreased in 2020.
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North America is expected to account for the largest share of the shape memory alloys market during the forecast period
North America is expected to have the largest share of the global shape memory alloys market, in terms of value, from 2021 to 2026. North America SMA market growth is primarily driven by new product development and expansion strategies capacity adopted by the main players in this region. In addition, the region is the primary market for ADMs in the biomedical industry due to the increased demand for medical implants. The United States is expected to continue to dominate the market, followed by Canada, in North America. It is a developed market for ADMs, with the main players in the world market having their headquarters in the country.
The global shape memory alloys market includes major manufacturers such as SAES Getters (Italy), ATI Specialty Alloys & Components (USA), Furukawa Electric Co., Ltd (Japan), Nippon Steel & Sumitomo Metal (Japan), and Johnson matthey (UK). Expansions, acquisitions, joint ventures and new product developments are some of the main strategies adopted by these key players to strengthen their positions in the shape memory alloys market.
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