July 2022
28 Aug 2024
The global shape memory alloys market was exhibited at USD 13.94 billion in 2023 and is anticipated to touch around USD 40.74 billion by 2033, poised to grow at a CAGR of 11.32% during the forecast period. The rising investment in the biomedical field, aircraft, electronic devices, automotive field and various other sectors boost the growth of the shape memory alloys market.
The shape memory alloys market is one of the significant industries in the alloy market, primarily iron, silicon, copper, and some other elements used in various sectors. These can be deformed by applying heat and also can restore their shape. Due to their inherent change in phase super elasticity and shape memory, these are the two special features of the shape memory alloy.
With the rising demand for high-quality surgical equipment contributes to the growth of the shape memory alloys market. The growing population and the spreading of chronic diseases are also among the major reasons behind the growth of the market. Several major market players are also launching their advanced version, which will widen the usage of shape memory alloy. With innovation, the supply of lightweight components of shape memory alloy increases and broadens its application in various fields.
Aging Population and Increasing Demand for Biomedical Products are Driving the Shape Memory Alloys Market
Shape memory alloys are significantly used in the biomedical sector for several purposes, especially Nitinol products, which are extensively used in medical equipment. Due to their characteristics of elasticity, corrosion resistance, stress, and various other properties associated with these alloys, it is the most preferable one in this field. With the rising population of the old population, the demand for such products is ultimately growing as the medical requirements are directly connected to this.
The prices of raw materials are constantly growing resulting in the growth of charges of shape memory alloy. Also, the availability of raw materials to produce such products is difficult, and hence, shortage of products leads to restraining the shape memory alloys market.
Recent Development by Hyundai in the Shape Memory Alloys Market
| Company Name | Hyundai |
| Headquarters | South Korea |
| Development | In December 2023, Hyundai announced its collaboration with Kia Corporation to develop a snow chain tire integrated technology with the help of advanced shape memory alloy. It is developed to provide safe driving during winter conditions. |
Recent Development by Cambridge Mechatronics Limited in the Shape Memory Alloys Market
| Company Name | Cambridge Mechatronics Limited |
| Headquarters | United Kingdom |
| Development | In June 2024, Cambridge Mechatronics Limited announced the development of motion solutions, which are useful for several markets. The company is well-known for developing compact actuators, which are made by using shape memory alloy. |
Asia Pacific is expected to show the fastest growth in the shape memory alloys market over the forecast period with countries like China, India, and South Korea. The easy access to raw materials and lower production costs have driven the market growth in the region. Further, the increasing demand for biomedical and consumer electronics has resulted in the expansion of shape memory alloys market growth.
Key players have been working together with other market giants to expand themselves while focusing on cost-effective manufacturing and customization of products for the market. They have been contributing to making strategies to capitalize on emerging opportunities that will further expand the shape memory alloys market in Asia Pacific.
North America dominated the shape memory alloys market in 2023 with countries like the U.S. due to the growing manufacturing of aircraft, defense, and biomedical sectors. In addition, the rapid adoption of advanced technologies and the growth of industrial infrastructure have fueled the growth of the shape alloy market in this region. The government’s imposition of strict quality standards and laws has contributed to the development of high-quality shape memory alloys.
Prominent players have been taking the initiative to implement strategies related to the growth of the shape memory alloys market in North America. To enhance their presence in the market, these industry giants have begun partnering, acquiring other companies, and making strategic alliances, bringing innovations to the market.
The technology has been going through numerous stages of development, transforming wearable technologies and IoT devices. These innovations have led to the growth of the shape memory alloys market across the globe. Also, the integration of shape memory alloys in consumer electronics has resulted in the development of responsive components, which include miniaturized actuators and flexible displays that can adapt according to changing conditions, providing a better user experience to the users.
Further, the medical field has been witnessing various transformations, such as the increasing use of shape memory alloys in stents, orthodontic wires, and other medical devices that keep the blood vessels open and are also used in braces. The use of shape memory alloy allows them to return to their original shape after use. Therefore, many medical institutes, hospitals, and even small clinics nowadays have begun using these devices to get better outcomes. As the medical field expands with the advancement of technology, the demand for shape memory alloys to be used in these applications is also increasing, creating new opportunities in the medical field and related technologies.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 15.52 Billion |
| Market Revenue by 2033 | USD 40.74 Billion |
| CAGR | 11.32% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Product
By End-use
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