Shape Memory Alloys Market worth $18.8 billion by 2026 | Key players SAES Getters, ATI Specialty Alloys & Components, Furukawa Electric, Nippon Steel & Sumitomo Metal, Johnson Matthey

According to recent market research "Shape Memory Alloys Market by Type (Nitinol, Copper based, Iron-Manganese-Silicon), End-use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics, and Home appliances) and Region - Global Forecast to 2026", The global shape memory alloys market size is projected to grow from USD 11.0 billion in 2021 to USD 18.8 billion by 2026, at a CAGR of 11.2% from 2021 and 2026. The growth in the market is highly attributed to the increasing demand for SMAs in the manufacturing of biomedical devices & surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for SMAs, owing to huge demand from biomedical device manufacturing. The growth in the market is also attributed to the increasing demand for high-quality life-saving medical devices and better automotive & aircraft components. The physical properties of SMAs are encouraging their use in various end-use industries. However, the high cost of implantable devices, which is the largest application of SMAs in the biomedical industry, is the major challenge for the growth of the SMAs market.

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By type, the Nitinol segment accounted for the largest share in the overall shape memory alloys market. Nitinol alloys are the largest type of SMAs, accounting for a major share of the market. The significantly growing biomedical end-use industry, especially for medical implants, is driving the demand for nitinol SMAs. These alloys are used in the form of wires, sheets, ribbons, and rods. Other types of SMAs include gold, cadmium, iron, zinc, and platinum-based alloys.

Biomedical is the largest end-use industry of SMAs, followed by aerospace & defense. The applications of SMAs in the automotive industry will increase as the EV market is gaining traction. SMAS are widely used in dentistry applications for the manufacturing of orthodontic wires due to their shape memory properties, super-elasticity, high ductility, and resistance to corrosion. However, due to the COVID-19 pandemic in 2020, and because of social distancing, only essential services were left open. Oral dental professionals were significantly affected due to the mass closure of dental offices. The pandemic has had a continuing effect on orthodontic treatment, which is a long process that requires regular visits. Thus, the demand for SMAs in dentistry applications declined in 2020.

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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 billion by 2026, at a CAGR of 11.2% between 2021 and 2026. The growth in the market is highly attributed to the increasing demand for SMAs in the manufacturing of biomedical devices & surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for SMAs, owing to huge demand from biomedical device manufacturing. The growth in the market is also attributed to the increasing demand for high-quality life-saving medical devices and better automotive & aircraft components. The physical properties of SMAs are encouraging their use in various end-use industries.

Shape Memory Alloys are metal alloys that can remember their former shape and have the ability to return to the preformed shape when subjected to heat. Two major characteristics of these alloys are pseudoelasticity and shape memory effect (SME). Several metal alloys show SME, but only a few of them have the ability to recover from the large strain. The major types of Shape Memory Alloys are nitinol, copper-based alloys, iron-manganese-silicon alloys (Fe-Mn-Si), and others. Shape Memory Alloys find applications in various end-use industries such as biomedical, aerospace & defense, automotive, and consumer electronics & home appliances. Shape Memory Alloys have gained importance in major end-use industries, such as biomedical and aerospace & defense, owing to their unique properties such as pseudoelasticity, kink resistance, biocompatibility, and high damping capability.

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ATI Specialty Alloys & Components is a manufacturer of specialty alloys and refractory metals for end-use industries such as aerospace & defense, oil & gas, automotive, electrical energy, and medical. The company operates through two major business segments, namely, High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). It offers different SMAs such as nickel-based alloys, titanium-based alloys, zirconium-based alloys, and other specialty alloys. The company has its manufacturing facilities in the US, the UK, Poland, and China.

SAES and its subsidiaries engage in the production of components and systems for industrial and scientific applications. The company operates through five business segments, namely, metallurgy, vacuum technology, medical, specialty chemicals, and advanced packaging. It offers a wide range of nitinol alloys and shape memory actuator devices for medical and industrial applications under its metallurgy business segment. The company has several patents registered of worth USD 0.96 million (EUR .78 million). It has a presence across the globe and operates through its subsidiaries and has a strong distribution network of authorized distributors. It has 10 manufacturing facilities located in European countries and the US. The company also offers semi-finished shape memory alloy products such as tubes, wires & strips, and sheets, among others, through Memry, one of its subsidiary companies. The company has over 300 registered inventions (SAES case/Patent Families) in 70 years.

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