The demand for Shape Memory Alloy market is projected to reach 20.1 billion USD by 2025, actuating at an estimated CAGR of 10.2% from 2019 to 2025. Shape memory alloys (SMAs) are a unique class of smart multifunctional material. Ability to change shape and other special properties make them material of choice for actuation systems across various industries including aerospace, biomedical, construction, automotive applications, amongst others. Owing to properties such as shape memory effect and pseudoelasticity, the material has gained much importance in diverse field of engineering. Adoption rate of shape memory alloys in medical application have experienced high over the past few years. The growing usage of alloys such as nitinol, in manufacturing of better improved stents, bone plates, catheters, and various other medical procedures have driven the demand for SMA and have open pool of opportunity across the entire value chain. SMA is playing a crucial role in shaping medical technology and holds promising future of medical material.

Key findings from the report:

The global Shape Memory Alloy market is expected to reach 20.1 USD billion by 2025 at a CAGR of 10.2%
Based on Type:
Nitinol is widest adopted shape memory alloy, and is accounted to hold majority share of the market in 2018.
Based on Application:

SMA as motor and actuator application hold majority share of the market and is expected to continue its dominance over the forecast period
Based on Region
North America held the majority of the share of the global market in 2018. Asia-Pacific is expected to exhibit high CAGR over the forecast period
Some of the key companies operating in the market include 1) Euroflex GmbH, SAES, ATI Specialty Alloys & Components, Ultimate Niti Technologies, Nippon Steel & Sumitomo Metal, Johnson Matthey, Stanford Advanced Materials, ALB Materials Inc., Fort Wayne Metals Inc., Memory-Metalle GmbH, TiNi Alloy Co, among others
Shape Memory Alloy : Adding smart wings to aircrafts

SMAs as actuators have high potential applications in aircraft and space due to lighter weight, thus making them more energy efficient as compared to bulky mechanical actuators. In the light of recent advancement, NASA demonstrated a nickel-titanium SMA actuator used in folding the outer portions of wings during flight. The SMA based actuator helps in changing the plane angle easily in accordance to wind direction, reducing energy use during maneuvering. Among many alternatives, SMA is promised to be most suitable alternate for hydraulic systems. Smart wings incorporating shape memory alloys, requires less component for movement without compromising even at subsonic and supersonic speeds. The NASA project Spanwise Adaptive Wing (SAW) aims at exploring these smart materials further, and consider it to be a key aeronautical technology for the aircraft of tomorrow. These developments tend to have positive impact on the overall growth of Shape memory alloy market.

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Regional Insight

North America is the largest SMA market over the globe in 2018. Continuous innovation and R&D in field of smart material engineering, position North America above other region. High defence budget coupled with advanced and large aerospace infrastructure has led to the rising demand of SMA in the region. Moreover, U.S being at the forefront in the innovation of new and better medical devices strengthen its position in the global SMA market. Asia-Pacific is expected to be the prominent region in the global SMA market, registering highest CAGR over the forecast period. Rapid industrialization with economies thriving, demand for multifunctional and intelligent material across various industries has grown rapidly in the region. Upgrading healthcare industry, increasing and evolving consumer electronics, increasing aerospace and defence budget primarily in big economies such as India and China provides boost the growth of SMA market in the region.

The report segments global Shape Memory Alloy market on the basis of Type , memory effect, function, application, end-use and region.

SMA Market, By Type

Nitinol
Cu-Zn-Al-Ni
Cu-Al-Ni
Iron-Magnese-Silicon
Nickel-Aluminium
Nickel-Titanium
Others
SMA Market, By Memory Effect

One way
Two-Way
Shape Memory Alloy Market, By Function

Pseudoelasticity
Constrained Recovery
Free Recovery
Actuation Recovery
Shape Memory Alloy Market, By Application

Motor and Actuators
Transducer
Structural Material
Sensors
Others
Shape Memory Alloy Market, By End-Use

Medical
Catheters
Medical guide wires
Bone plates
Stents
Others
Aircraft
Wings
Engine
Stabilizer
Landing gear
Others
Civil
Reinforcing material
Damping devices
Structural connection
Isolation devices
Frames
Automotive
Body frame
Engines
Battery
Others
Optics
Robotics
Consumer Electronics
Other

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