Shape Memory Alloys Market to Hit Around USD 42.92 Bn by 2033
The shape memory alloys market size was exhibited at USD 14.45 billion in 2023 and is projected to hit around USD 42.92 billion by 2033, growing at a CAGR of 11.5% during the forecast period 2024 to 2033.
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Shape Memory Alloys Market Key Takeaways:
Rising investment in healthcare within the biomedical industry is expected to drive the need for shape memory alloys. As per the United Nations, the global population is expected to reach around 9.7 billion by 2050. With such a rapid increase in population, healthcare expenditure is also expected to witness incessant growth. To develop new medical devices, many companies have increased their R&D expenses on novel materials such as nickel-titanium (nitinol) alloys.
Shape-memory alloy (SMA) is a specialized type of alloy capable of being deformed at low temperatures and reverting to its original, pre-deformed shape when subjected to heat.
Nitinol alloys are the most extensively used SMAs, especially in the healthcare sector. Nitinol is extensively utilized in medical components such as catheters, stents, and retrieval baskets owing to its shape memory and biocompatibility. These properties make it ideal for in-body applications as it can easily return to its original shape and is safe for human tissue.
Shape Memory Alloys Market By Product Insights
“By product segmentation, nickel-titanium held the largest revenue share of over 88% in 2023.”
Based on product, the market for shape memory alloys is segmented into nickel-titanium alloys (nitinol), copper-based alloys, and others. Increasing investments in R&D to develop advanced nitinol products such as specialty guidewire, wire stents, and micro-coils is driving segment growth. Self-expanding stents made from nitinol are used to treat peripheral vascular diseases.
The copper-based alloys segment is also anticipated to register lucrative growth. This is attributed to the increasing use of copper-based alloys in safety valves, actuators, couplings, and fluid connectors. Copper-based alloys include copper-zinc-aluminum (CuZnAl) and copper-aluminum. CuZnAl is relatively less expensive compared to other materials.
Shape Memory Alloys Market By End-use Insights
“Biomedical accounted for the highest revenue share of over 68% in 2023.”
Biomedical segment’s market share is attributed to the excellent biocompatibility and computer tomography compatibility of SMEs. Rising demand for SMEs in orthodontics, endodontics, orthopedics, and neurosurgery is driving the segment. In addition, increasing healthcare expenditure across the globe will boost segment growth over the forecast period. According to the U.S. Centers for Medicare & Medicaid Services, the National Health Expenditure grew to 4.1% in 2022 from 2021, reaching USD 4.5 trillion. It is expected to grow to 5.6% from 2024 to 2033.
Further, the rising demand for enhanced performance, safety, and comfort in modern vehicles is contributing to the development of advanced actuators, sensors, and microcontrollers. Growing adoption of shape memory effect over conventional actuators, such as pneumatic and hydraulic systems, is driving the segment growth.
Shape Memory Alloys Market By Regional Insights
“The U.S. held over 25% revenue share of the global shape memory alloys market.”
The North America shape memory alloys market held a global revenue share of over 35% in 2023. The region has a well-established medical and healthcare industry, resulting in the demand for technologically advanced biomedical equipment. This is one of the factors fueling the growth of SMAs in the region.
U.S. Shape Memory Alloys Market Trends
The shape memory alloys market in the U.S. is driven by increasing healthcare expenditure in the country coupled with growing obesity among the population. According to the latest study by the Centers for Disease Control and Prevention, 4 out of every 10 Americans are obese. Obesity increases the risk of heart attacks and other cardiovascular diseases. SMAs are used extensively in stents to support weakened or narrowed blood vessels.
Europe Shape Memory Alloys Market Trends
The shape memory alloys market in Europe is anticipated to register a CAGR of 11% over the forecast period. Europe is a forerunner in green energy and sustainability initiatives to curb carbon and greenhouse gas emissions caused by various industrial activities and electricity generation through conventional sources.
Germany shape memory alloys market is recognized globally for its automotive, manufacturing, and engineering industries. SMAs are used in vehicles to improve their fuel efficiency, reduce their emissions, and increase vehicle safety. Growth in end use industries is thus expected to augment SMA growth in Germany over the coming years.
The shape memory alloys market in the UK is driven by the use of SMAs in smart home technologies and adaptive architectural elements. For instance, SMA actuators can be integrated into window systems and climate control devices to improve energy efficiency. Growing construction spending in the UK construction industry is anticipated to augment market growth.
Asia Pacific Shape Memory Alloys Market Trends
The shape memory alloys market in Asia Pacific is expected to grow at a CAGR of 11.6% across the forecast period. The region is undergoing significant infrastructural development in railways, roadways, industrial, commercial, and residential sectors. Furthermore, globalization has made the region a lucrative place for investment to aid the development of the economy while catering to a larger population. Asia Pacific also boasts a large aerospace and defense industry, creating novel opportunities for SMAs to be incorporated.
The China shape memory alloys market is fueled by the rapid expansion of the consumer electronics market, owing to the availability of low-cost labor, which is a significant driver for the adoption of SMAs. As one of the world's largest consumer electronics markets, the demand for compact, efficient actuators and sensors is increasing in China.
The shape memory alloys market in India is expected to witness robust growth through the forecast period. This can be attributed to the growing aerospace & defense, automotive, and consumer electronics sectors. Companies are increasingly setting up their factories in the country, owing to governmental initiatives such as Make in India, which attract investments in the country.
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Central & South America Shape Memory Alloys Market Trends
The shape memory alloys market in Central & South America is advancing at a promising growth rate, owing to the ongoing development in the electronics and automotive industries. The favorable upturn in economic indicators within the region has notably augmented consumers' purchasing power, consequently exerting a positive influence on the expansion of the shape memory alloys market.
Middle East & Africa Shape Memory Alloys Market Trends
The Middle East & Africa shape memory alloys market is expected to be an emerging market for medical devices over the next couple of years. The flourishing healthcare sector in countries such as Saudi Arabia, Qatar, and other GCC countries will likely boost the use of SMAs in biomedical applications over the forecast period.
Shape Memory Alloys Market Recent Developments
Some of the prominent players in the shape memory alloys market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the shape memory alloys market
Product
End Use
Regional
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