Shape Memory Alloys Market Industry Revenue Pockets

The global Shape Memory Alloys Market size is estimated to be USD 11.0 billion in 2021 and is projected to reach USD 18.8 billionby 2026, at a CAGR of 11.2% between 2021 and 2026.  The Shape Memory Alloys market is expected to witness a steady growth forecast period due to growth in the biomedical, aerospace &defense, and automotive industry.

Download PDF at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=83856907

Shape memory alloys (SMAs) are metal alloys that have the ability to remember their original shape and revert to a preformed shape when heated. These alloys are typically made by casting, vacuum arc melting, or induction melting technique with the combination of different metals. Some of the major types of SMAs are nickel-titanium (nitinol), copper-based alloys, and iron-manganesesilicon (Fe-Mn-Si). These alloys are primarily used in medical devices and implants. Apart from biomedical, other end-use industries of SMAs include aerospace &defense, automotive, and consumer electronics & home appliances.

Based on type, the Shape Memory Alloys market is segmentednickel-titanium (nitinol), copper-based alloys, iron-manganese-silicon (Fe-Mn-Si), and others. Nitinol alloys are the most widely used type of shape memory alloys. These alloys are extensively used in the biomedical industry. They show the characteristics of pseudoelasticity, high fatigue strength, and biocompatibility.Copper-based alloysare predominantly used in the manufacturing of valves, pumps, propeller shafts, fasteners, electrical & electronic components, springs, chemical processing equipment, boiler feedwater heaters, and heat exchangers.Fe-Mn-Si has a lower melting point and is lower in cost than nitinol shape memory alloys. The increasing application of Fe-Mn-Si alloys in construction and advanced engineering is driving their demand globally.

Click Here for Request Sample of Report

Based on end-use industry, the market is segmented into biomedical, aerospace &defense, automotive, consumer electronics & home appliances, and others. Biomedical is the largest end-use industry of SMAs, followed by aerospace &defense. Biomedical utilize shape memory alloys in implantable devices, bone staples vascular stents, guide wires, stents, orthodontic arches, implantable active devices, surgical tools, dental implants, andbeds. Shape memory alloys are widely used in biomedical industry due to their shape memory properties, biocompatibility, super-elasticity, high ductility, and resistance to corrosion. In aerospace &defense, shape memory alloys are utilized inactuators, engine (turbine, compressor, inlet, burner, nozzle), winglet, aileron, fin, rudder, elevator, stabilizer, fuselage, landing gear, wing, vortex generators. Nitinol alloys are used owing to their low weight, excellent high-temperature properties, high strength, and corrosion resistance.Shape Memory Alloys is also utilized in automotive, consumer electronics & home appliances, and othersindustry. Other industry includes construction, personal accessories, industrial machinery and transport machinery.

The Shape Memory Alloys market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. North Americaaccounted for the largest share of the Shape Memory Alloys market in 2020, followed by APACand Europe.The increase in the aging population and the prevalence of chronic diseases have propelled the demand for life-saving medical implants. Decrease in fertility rate and an increase in life expectancy rate increases the aging population.Shape memory alloys are widely used in biomedical applications, particularly in medical implants, owing to their biocompatibility. Nitinol are widely used for medical implants owing to their characteristics such as kink resistance, constancy of stress, high elasticity, and corrosion resistance.  US dominate the market for shape memory alloys increasing use in various end-use industries, such as biomedical, aerospace and defense, automotive, consumer electronics & home appliances. APAC expect the fastest-growing market for shape memory alloys owing to increase in demand from China, India, and Japan.

The COVID-19 pandemic in 2020 impacted the global economy, with the government enforcing regulations and restrictions to minimize the spread of the virus. According to International Monetary Fund (IMF), the world GDP growth rate in 2020 was -3.3% and projected to grow 6% in 2021 and 4.4% in 2022.Major economies contracted during 2020: the US by 5.9%, Japan by 5.2%, the UK by 6.5%, Germany by 7%, France by 7.2%, Italy by 9.1%, and Spain by 8%.The businesses are coping with lost revenue and disrupted supply chains due to factory shutdowns and quarantine measures.The disruption in supply of raw material resulted in price inflation of various raw materials, including nickel, steel, silicon, and manganese.The global commercial aviation industrywitnessed a significant decrease in demand for new commercial airplanes and services, with delays in the purchase of new jets by airlines, slowing delivery schedules, and deferment of elective maintenance. In China, almost two-thirds of automobile production has been directly affected by its industrial shutdown, which largely impacted their suppliers. Moreover, the shortage of Chinese-made parts has had a heavy impact on global production.Due to increase in COVID cases, dental elective procedures were postponed. This resulted in the reduction in the number of dental patients opting for dental treatments in hospitals and dental clinics.According to the American Dental Association (ADA), the US witnessed a decline of 66% in dental spending in 2020. Around 32% of reduction in the US dental spending is expected in 2021.