PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616798
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616798
Shape Memory Alloys Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Shape Memory Alloys Market was valued at USD 17.65 billion in 2023 and is projected to grow at a CAGR of 13% from 2024 to 2032. This robust growth is primarily driven by the expanding biomedical, aerospace, defense, and automotive sectors. Emerging markets in aerospace are expected to significantly increase demand for SMAs as several countries ramp up their investment in this area. Furthermore, heightened government spending on defense across both developed and developing nations will likely contribute to the growth of the shape memory alloys market in the coming years. The Nitinol segment is set to dominate the market, with expectations to reach USD 35.43 billion and exhibit a CAGR of 12.4% through 2032. Nitinol is favored in many applications due to its exceptional stability and thermo-mechanical properties, making it a practical choice over other alloys.
Other categories of shape memory alloys, such as Fe-Mn-Si and Ni-Fe-Ga, are also gaining traction. The potential for technological advancements will enable the introduction of these alloys in new applications, thereby boosting demand. The biomedical sector accounted for 43.24% of the market share in 2023, totaling USD 7.63 billion, with a projected CAGR of 11.8% from 2024 to 2032. The extensive use of SMAs in applications such as dental implants, stents, and catheters is a key factor driving this growth. Additionally, the burgeoning biomedical industry in developing countries is expected to further propel demand for shape memory alloys throughout the forecast period.
Shape memory alloys are also increasingly utilized in home appliances, contributing to their market growth. Rising disposable incomes, rapid urbanization, and a growing demand for advanced home appliances will boost the usage of SMAs in this sector. In North America, the shape memory alloys market is projected to reach USD 15.5 million, growing at a CAGR of 12.4% from 2024 to 2032. The region is witnessing strong growth, driven by technological advancements and increased demand across multiple sectors. Key trends include a surge in SMA applications in the aerospace, automotive, and medical fields, where their unique characteristics-such as flexibility and reliability-are highly valued.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $17.65 Billion |
| Forecast Value | $39.44 Billion |
| CAGR | 13% |
Innovations in manufacturing processes and materials science are further enhancing product performance and lowering costs, which will contribute to the overall expansion of the market.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Key manufacturers
- 3.1.2 Distributors
- 3.1.3 Profit margins across the industry
- 3.2 Industry impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Booming global biomedical sector
- 3.2.1.2 Increasing product demand in aerospace & defense industry
- 3.2.1.3 Growing automobile industry worldwide
- 3.2.2 Market challenges
- 3.2.2.1 Volatility in raw material prices
- 3.2.3 Market opportunity
- 3.2.3.1 New opportunities
- 3.2.3.2 Growth potential analysis
- 3.2.1 Growth drivers
- 3.3 Raw material landscape
- 3.3.1 Manufacturing trends
- 3.3.2 Technology evolution
- 3.3.2.1 Sustainable manufacturing
- 3.3.2.1.1 Green practices
- 3.3.2.1.2 Decarbonization
- 3.3.2.1 Sustainable manufacturing
- 3.3.3 Sustainability in raw materials
- 3.3.4 Pricing trends (USD/Ton), 2021 - 2032
- 3.3.4.1 North America
- 3.3.4.2 Europe
- 3.3.4.3 Asia Pacific
- 3.3.4.4 Latin America
- 3.3.4.5 Middle East & Africa
- 3.4 Regulations & market impact
- 3.5 Porter's analysis
- 3.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Company market share analysis
- 4.2 Competitive positioning matrix
- 4.3 Strategic outlook matrix
Chapter 5 Market Size and Forecast, By Product, 2021-2032 (USD Billion, Tons)
- 5.1 Key trends
- 5.2 NiTi
- 5.3 Copper-based
- 5.4 Others
Chapter 6 Market Size and Forecast, By End-User, 2021-2032 (USD Billion, Tons)
- 6.1 Key trends
- 6.2 Biomedical
- 6.3 Aerospace & defense
- 6.4 Automotive
- 6.5 Household appliances
- 6.6 Others
Chapter 7 Market Size and Forecast, By Region, 2021-2032 (USD Billion, Tons)
- 7.1 Key trends
- 7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 France
- 7.3.4 Italy
- 7.3.5 Spain
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 Japan
- 7.4.4 South Korea
- 7.4.5 Australia
- 7.5 Latin America
- 7.5.1 Brazil
- 7.5.2 Mexico
- 7.5.3 Argentina
- 7.6 MEA
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 South Africa
Chapter 8 Company Profiles
- 8.1 Allegheny Technologies Incorporated
- 8.2 Fort Wayne Metals
- 8.3 Furukawa Electric Co., Ltd.
- 8.4 Johnson Matthey
- 8.5 Nippon Seisen Co., Ltd.
- 8.6 Nippon Steel Corporation
- 8.7 SAES Getters
- 8.8 Seabird Metal Material Co., Ltd.
- 8.9 Sumitomo Metal Mining Co., Ltd.
- 8.10 Xi'an Saite Metal Materials Development Co., Ltd.
