Categories: Market Research

Shape Memory Alloys Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Shape memory alloys are defined as metal alloys that remember their original shape and regain their shape when the deforming force is removed. They change their shape when exposed to heat. They possess high strength, good elasticity, and are lightweight. These are used as functional materials in various fields due to their super elasticity property.

Sizing and Forecast
The shape memory alloys market size has grown rapidly in recent years. It will grow from $12.84 billion in 2023 to $14.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to aerospace industry adoption for applications like actuators and valves, growing use in medical devices for minimally invasive surgeries, expansion in the automotive industry for smart materials and components, increased demand in consumer electronics for shape memory alloy actuators, growing demand for biomedical applications.

The shape memory alloys market size is expected to see rapid growth in the next few years. It will grow to $22.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to growth of the smart materials market, with smas, expansion in the energy sector, increasing adoption in structural engineering, surge in demand for shape memory alloys in the defense and security sector, growing emphasis on sustainability. Major trends in the forecast period include advancements in biomedical engineering, development of novel industrial applications in robotics and automation, miniaturization of shape memory alloy components for portable devices, integration of shape memory alloys in wearable technology for enhanced functionality, research and development focus on new shape memory alloy compositions for improved properties.

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Segmentation & Regional Insights
The shape memory alloys market covered in this report is segmented –

1) By Product Type: Sheets, Wires, Tubes, Rods, Springs
2) By Material: Nickel-Titanium, Copper-based, Iron-based, Silver-based, Gold-based, Cobalt-based
3) By End-Use Industry: Biomedical, Aerospace And Defence, Automotive, Consumer Electronics, Home Appliances

North America was the largest region in the shape memory alloys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shape memory alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rapidly growing aerospace and defense industry is significantly contributing to the growth of the shape memory alloys market. The aerospace and defense industry is involved in designing, manufacturing, and developing advanced space systems, aircraft, and defense capabilities. Shape memory alloys have an elastic modulus and a degree of strength enough for parts, structural members, and complexity of a system making it light and highly reliable it can reduce drag throughout the flight and improve overall performance offering direct benefits for passengers. The growing aerospace and defense sector due to demand for advanced infrastructure will propel the use of shape memory alloys. For instance, according to India Brand Equity Foundation, the aerospace and defense sector will reach $70 billion by 2030 due to demand for advanced infrastructure. Therefore, the rapidly growing aerospace and defense industry will promote the growth of the shape memory alloys market.

Key Industry Players
Major companies operating in the shape memory alloys market report are SAES Getters SpA, Nippon Steel Corp., Fort Wayne Metals Research Products Corp., Xi’an Saite Metal Materials Development Co. Ltd., Dynalloy Inc., Allegheny Technologies Incorporated, Johnson Matthey Plc, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd., Metalwerks Inc., G. RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation, ALB Materials Inc., Seabird Metal Material Co. Ltd., Ultimate Niti Technologies Inc., GRIKIN Advanced Materials Co. Ltd., Nitinol Devices & Components Inc., Peiertech, Smart Ltd., Endosmart GmbH, Euroflex Fibek Ltd., Kellogg’s Research Labs LLC, Confluent Medical Technologies India Pvt. Ltd., Kinalco Inc., E. T. O. Engineering GmbH, Consolidated Aerospace Manufacturing, Aerofits Products Inc., Ingpuls GmbH, PPG Industries Inc.

The shape memory alloys market report table of contents includes:

1. Executive Summary

2. Shape Memory Alloys Market Characteristics

3. Shape Memory Alloys Market Trends And Strategies

4. Shape Memory Alloys Market – Macro Economic Scenario

5. Global Shape Memory Alloys Market Size and Growth

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31. Global Shape Memory Alloys Market Competitive Benchmarking

32. Global Shape Memory Alloys Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Shape Memory Alloys Market

34. Shape Memory Alloys Market Future Outlook and Potential Analysis

35. Appendix