Shape Memory Alloy Market - Forecast(2021 - 2026)

Shape memory alloys are unique materials, an alloy of two or more metals that can retain their original form, after being deformed due to stress, by the application of heat above a certain temperature or mechanical stress or both. It can also be induced by the presence of a magnetic field for Magnetic shape memory alloys. The shape memory alloy’s market is not well penetrated with only few players active in the market. The market players are from Europe, Asia and the US mainly.

Shape Memory Alloy (SMA) Market Outlook:

Shape memory alloys have two stable phases, Austenite and Martensite. Austenite is the high temperature phase and Martensite is the low temperature phase. On heating the alloy it changes from the martensite phase to the austenite phase and on cooling vice-versa, with or without mechanical load. This feature of it and its super-elasticity is what is used for all the application purposes. Shape memory alloys have found a major market in the automotive and bio-medical sectors. The most widely used shape memory alloy is NiTi- Nickel and Titanium alloy also called Nitinol. The shape memory Alloys are produced through methods of casting, heat treatment: Forming, forging, rolling, Cold-drawn extrusion; and Machining. Shape Memory alloys find a lot of use in the automotive and aerospace industry by replacing conventional actuators, such as hydraulic and pneumatic systems. It also finds application in the Medical and Healthcare sector: as orthodontic wires, in endoscopy, as extension or compression springs and many others. It also finds use in the electrical industry in phones and processors as wires.

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Shape Memory Alloy (SMA) Market Growth drivers:

Growth drivers for the Shape memory alloy market is the advantage that it gives over the conventional actuator systems that are setup in automotive and aerospace. Due to its temperature sensitiveness, it does not need a whole system to behave like an actuator. It is resilient, wear resistant, temperature activated, bio-compatible, flexible and non-corrosive. Its replacement in place of the conventional actuators is advantageous as it reduces the weight of the body and it is cost effective. Since it is temperature activated it also does not require any kind of secondary working system for the actuation. 

Another major growth driver for the Shape memory alloy has also been the boom in the medical sector in the use of shape memory alloy in dental, orthopedics, neural, vascular and surgical fields. This is due to its good bio-compatibility, excellent magnetic resonance and computer tomography compatibility. 

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Shape Memory Alloy (PP) Market Challenges:

Despite the many advantages of SMA in its applications in actuators, it still poses a few limitation that can be challenging depending on the scenario of application. One of the main challenges faced is the rate of heat transfer to the SMA in the actuator. The rate of heat transfer to the material to take it to a temperature above which it will undergo its solid-solid phase change is a limiting factor on the response time of the actuator. Even if this challenge was to be overcome by directing heating by passing electricity through the SMA, the rate of cooling of the SMA would also be a limiting factor on the actuator to return to its state of normalcy. To overcome this would require additional systems for the transfer of heat, which counter acts the reason for the application of SMA, as it would increase material costs, production costs and weight of the machinery.

Shape Memory Alloy Market Research Scope:

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Shape Memory Alloy market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the electric vehicle market, and their specific applications in different types of vehicles.

Shape Memory Alloy Market Report: Industry Coverage

Shape Memory Alloy– By Metal: Nickel-Titanium (NiTi) based, Copper (Cu) based, Iron (Fe) based, Silver (Ag) based, Gold (Au) based, Cobalt (Co) based and others.

Shape Memory Alloy– By Product Type: Sheets, Wires, Tubes, Rods, springs and others.

Shape Memory Alloy– By Application Type: Actuators, Quick releases, Footwear, Bra stays, Eyewear, Fasteners, Compression Springs, Orthodontic wires, Endoscopy and others.

Shape Memory Alloy Market – By End User Industry: Automotive Industry, Aerospace and Aviation, Robotics, Biomedical Industry, Textile and Fashion Industry, Electronics and electrical industry, Military and others.

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