Shape Memory Alloys Market Size, Share & Trends Analysis Report By Product (Nitinol, Copper-based), By End-use (Biomedical, Automotive), By Region, And Segment Forecasts, 2024 - 2030

Shape Memory Alloys Market Size & Trends

“2030 shape memory alloys market value to reach USD 29.29 billion.”

The global shape memory alloys market size was estimated at USD 13.90 billion in 2023 and is projected to witness a CAGR of 11.3% from 2024 to 2030. 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.

Drivers, Opportunities & Restraints

The growing need for medical devices is one of the major growth drivers for the market. The rising geriatric population and the prevalence of chronic diseases are driving the need for innovative medical devices that utilize SMAs, which are highly valued for their shape memory effect and superelasticity, allowing them to return to their original shape after deformation. This makes them ideal for stents, guidewires, and other medical implants that must navigate the body's complex vascular system and adapt to physiological movements.

Apart from medical, SMAs have a lot of growth potential in the aerospace and automotive industries. The researchers at NASA Glenn have incorporated SMAs into various technologies that can be used to cater to applications of different industries. Some of them include Shape Memory Alloy Rock Splitters, SMA-enabled actuators, and Innovative SMA composites.

Despite the growth potential of SMAs the market faces hindrances on account of certain factors. One such restraint is the fluctuation in metal prices. The growing geopolitical tensions among countries, changing outputs of mines, and changes in demand from various industries relying on metals, including titanium, nickel, copper, and iron, lead to fluctuation in prices. In addition, any disruption in the supply chain of these materials results in volatility of prices.

Market Concentration & Characteristics

The global market is anticipated to register moderate growth over the forecast period. Technological innovations are being witnessed in the industry. For instance, in July 2023, GalaxyCore Shanghai Limited Corporation, a prominent mobile sensor manufacturer, developed a new sensor-shift optical image stabilization technology using SMA. This technology offers accurate image stabilization across a wider range of use cases and low power consumption, which are anticipated to spur the demand for SMAs in the smartphone market.

The threat of substitutes is moderately low for the market. While other materials, such as traditional metals and polymers, can replace SMAs in some applications, they often lack the unique shape memory and superelastic properties that SMAs provide. However, advances in alternative materials and technologies, such as advanced composites and smart materials, pose a potential threat. The choice of material depends on specific application requirements, and in many cases, SMAs offer unparalleled advantages that limit the effectiveness of substitutes.

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.

The others segment includes Nickel Manganese Gallium (NiMnGa), Cobalt Nickel Gallium (CoNiGa), and iron-based alloys. They are now being explored due to the limited temperature range and high manufacturing costs. Increasing demand from high-temperature alloys for industrial applications is likely to contribute to the segment’s growth.

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 2023 to 2032.

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.

The aerospace and defense sector is also one of the key consumers of SMAs. These products are used as sensors, actuators, or structural members. Many government and private institutes have contributed heavily to the research and development of SMAs over the years. For instance, NASA has been working on SMA products for more than a decade on testing infrastructure, new alloys, and modeling tools.

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.

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.

Key Shape Memory Alloys Company Insights

Some of the key players in the global shape memory alloys industry include SAES Group, ATI, and Johnson Matthey.

• ATI was established in 1996 and is headquartered in Texas, U.S. It is a global producer of high-performance materials and solutions for the aerospace and defense markets and critical applications in electronics, medical, and specialty energy. Its business operations are divided into two segments, which are HPMC and AA&S.

• Established in 1940, SAES Group is headquartered in Milan, Italy. The company designs, produces, and sells parts and systems for industrial applications. It also provides semi-finished materials, parts, equipment, and shape memory alloys.

• Johnson Matthey, headquartered in London, UK, and established in 1817, provides specialty chemicals & sustainable technologies, including catalysts and corresponding technologies for the automobile, pharmaceutical, and chemical processing sectors.

Recent Developments

• In March 2024, Montagu, a private equity firm, announced its plans to acquire the Medical Device Components (MDC) business from Johnson Matthey. MDC develops and manufactures specialized components for minimally invasive medical devices. It focuses on the development of complex and high-precision parts made from platinum group metals and nitinol.

• In December 2023,Fluid-o-Tech, an Italy-based manufacturer of magnetic pumps and drives, announced the expansion of its product offerings beyond traditional magnetic systems. The company has made strategic investments and collaborations to develop new products, including piezo valves, pumps, and SMA-actuated valves.

• In January 2022, Exergyn raised USD 35 million in a Series A funding round to commercialize its innovative thermal management solutions. The company uses SMA technology to eliminate the need for destructive refrigerants, significantly reducing carbon emissions across various industries, including Heating, Ventilation, Air Conditioning, and refrigeration (HVACR), automotive, and aerospace.

Shape Memory Alloys Market Report Scope

Global Shape Memory Alloys Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global shape memory alloys market report on the basis of product, end use, and region:

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Nickel-titanium (Nitinol) Alloys

  • Copper-Based Alloys

  • Others

• End Use Outlook (Revenue, USD Million; 2018 - 2030)

  • Biomedical

  • Automotive

  • Aerospace & Defense

  • Consumer Electronics & Household

  • Others

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa