Authored By: Sarah
01 Jul 2024

 Shape Memory Alloy (Sma) Market Size to grow by USD 2635.2 million between 2024-2028

According to a research report “ Shape Memory Alloy (Sma) Market” by Application (Biomedical, Automotive, A and D, Others) Type (Nickel-titanium, Copper-based, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2635.2 million, at a CAGR of  10.87% during the forecast period. In the realm of biomedical engineering, biocompatibility is a crucial factor for the success of medical devices. This term signifies that biomaterials used in the production of such devices should not elicit toxic responses when interacting with living tissues. The global population aging trend, as reported by The World Bank Group, presents a significant growth opportunity for the Shape Memory Alloy (SMA) market. With an increase of 1.26% to 8.70% between 2009 and 2021, translating to approximately 16 million additional individuals aged 65 and above yearly, there is a rising demand for medical devices, including those made from SMAs, to address the healthcare needs of this demographic.

Browse market data tables, figures, and in-depth TOC on “Shape Memory Alloy (Sma) Market” by Application (Biomedical, Automotive, A and D, Others) Type (Nickel-titanium, Copper-based, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Biomedical segment is projected to dominate the market size in 2024

The Shape Memory Alloy (SMA) market represents a significant growth opportunity for businesses, driven by the increasing demand for energy efficiency and lightweight solutions in various industries. SMAs, with their unique ability to return to a predetermined shape upon application of heat or mechanical stress, offer substantial benefits in sectors such as automotive, aerospace, and healthcare. Market expansion is further fueled by advancements in technology, enabling improved performance and cost reduction. Businesses can capitalize on this trend by investing in SMA research, development, and manufacturing to meet the growing market demand.

By Type, Nickel-titanium  segment is expected to hold the largest market size for the year 2024

The Shape Memory Alloy (SMA) market represents a significant business opportunity due to the material's unique ability to remember and return to a specific shape upon being triggered. This property makes SMA an ideal choice for various industries, including automotive, aerospace, medical, and construction. The global SMA market is projected to grow steadily, driven by increasing demand for lightweight, fuel-efficient, and high-performance applications. Companies specializing in SMA production and application development can capitalize on this trend to expand their business offerings and gain a competitive edge.

North America is forecasted to hold the largest market size by region in 2024

The Shape Memory Alloy (SMA) market represents a significant business opportunity due to the material's unique ability to return to a predetermined shape upon being heated. This property makes SMA an ideal choice for various industries, including automotive, aerospace, and healthcare, where applications range from actuators and sensors to medical implants. The global SMA market is projected to grow steadily, driven by increasing demand for lightweight, efficient, and smart technologies.

The Shape Memory Alloy (Sma) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Allegheny Technologies Inc.
  • Boston Centerless Inc.
  • Confluent Medical Technologies
  • DYNALLOY Inc
  • EUROFLEX GmbH
  • Fort Wayne Metals Research Products LLC
  • Furukawa Electric Co. Ltd.
  • Hangzhou Ualloy Material Co. Ltd.
  • Johnson Matthey Plc
  • LB Officine Meccaniche Spa
  • M and T (Taiwan) Co. Ltd.
  • Metalwerks Inc.
  • Nanoshel LLC
  • Nippon Seisen Co. Ltd
  • Nippon Steel Corp.
  • Precision Castparts Corp.
  • ResearchGate GmbH
  • SAES Getters Spa
  • Sea Bird Scientific
.

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Research Analysis Overview

Shape Memory Alloys (SMA), also known as memory metals, are metallic elements that exhibit the unique property of returning to their original form after being deformed at higher temperatures. This effect, known as shape memory effect, is due to the alloy's ability to undergo a phase shift in its crystal structure. SMAs exhibit pseudoelasticity, which means they can absorb large amounts of energy and return to their original shape, making them ideal for various industries. The market for SMAs is diverse, with applications ranging from aerospace & defense to home appliances and consumer electronics. Nickel titanium alloys and copper-based alloys, particularly Nitinol, are the most commonly used SMAs. The aerospace & defense industry uses SMAs for actuators and sensors due to their ability to respond to electromagnetic forces and temperature changes. In contrast, home appliances such as coffee makers and rice cookers use SMAs for temperature control. SMAs have found significant applications in the biomedical field for neuromuscular rehabilitation and neurology. In consumer electronics, SMAs are used in mobile phones, personal accessories, minidisc recorders, and cameras for temperature control and actuation. Weather control systems and Buyer electronics also utilize SMAs for their unique physical properties. Overall, the SMA market is expected to grow due to the increasing demand for energy absorption and shape memory materials in various industries.

Market Research Overview

The Shape Memory Alloy (SMA) market is witnessing a significant rise in demand due to its unique properties, including super-elasticity, fatigue resistance, and shape memory effect. The primary drivers of this market include defense expenditures in the aerospace sector and the increasing use of SMA in various industries such as automobiles, medical devices, and high-temperature motors. Nitinol alloys, specifically nickel titanium and copper-based alloys, dominate the market due to their excellent mechanical properties, such as high stiffness, natural frequency, and position control. The position and natural frequency of SMA wires can be controlled using electromagnetic force and temperature, making them ideal for actuators and sensors. SMA is widely used in the aerospace & defense industry for manufacturing aircraft components and engineering & manufacturing actuators. In the medical field, SMA is used in surgical equipment, neuromuscular rehabilitation, and neurology due to its biocompatibility and shape memory effect. The alloy composition and heat treatment significantly impact the transformation temperatures, crystal structure, and phase shift of SMA. The market for SMA is expanding into new applications, including home appliances, consumer electronics, and weather control systems. Iron-manganese-silicon, copper-aluminum-nickel, and copper-zinc-aluminum are some of the other metallic elements used in SMA production. The shape memory effect, also known as pseudoelasticity, occurs when the alloy undergoes a phase shift from austenite to martensite and then back to austenite when heated above the transformation temperatures. In summary, the SMA market is growing due to its unique properties and applications in various industries, including aerospace & defense, automobiles, medical devices, and consumer electronics. The alloy composition, heat treatment, and transformation temperatures significantly impact the mechanical properties and applications of SMA.

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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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