Shape Memory Alloys Market size was over USD 16.92 Billion in 2023 and is expected to reach USD 80.99 Billion by the end of 2036, witnessing around 12.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of shape memory alloys is assessed at USD 18.87 Billion. The major element influencing the market growth is a rise in the number of data centers. Currently, about 7,999 data centers are present all across the world. Hence, with this, there has been growing research for deployment of shape memory alloys in data centers. Data centers consume a huge amount of energy and also tends to heat up. Hence, with the deployment of these alloys, the energy efficiency is set to improve data centers, further optimizing airflow.
Additionally, the expanding range of applications for SMAs has worked as an opportunity for improvements in SMA technology. The performance and dependability of SMAs are improved through the development of new alloys and production processes. The fact that these materials are vital for numerous industries also means that this market tends to get more attention and assistance from various governing bodies in the form of advantageous incentives and regulations.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
12.8% |
|
Base Year Market Size (2023) |
USD 16.92 Billion |
|
Forecast Year Market Size (2036) |
USD 80.99 Billion |
|
Regional Scope |
|
End Use (Aerospace & Defense, Biomedical, Automotive, Consumer Electronics & Home Appliances)
The biomedical segment is poised to garner a share of about 40% over the projected period. Due to their characteristics including pseudoelasticity, biocompatibility, and damping properties, shape memory alloys are frequently employed in a variety of medical implantable devices. In addition, the current rapid advancements in the healthcare and medical sectors have generated additional demand.
Type (Nitinol, Copper-Based, Iron-Manganese-Silicon)
Shape memory alloys market from the nitinol segment is projected to gather share of approximately 50% over the forecast period due to the exceptional elasticity of nitinol alloys, that is greater than 10 to 30 times more than the comparable amount of other metals. Good strength against fatigue, biocompatibility, low impact resistance, great corrosion resistance, and superb damping capabilities are a few additional characteristics of nitinol alloys that are assisting this segment growth.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
End Use |
|
North American Market Forecast
The shape memory alloys market in North America is projected to gather share of about 30% over the forecast period, backed by growing manufacturing of aircraft. In 2021, the number of general aviation aircraft in the US fleet was projected to increase to roughly 204,404 aircraft. On the contrary hand, the number of aircraft in the fleet of for-hire carriers fell to approximately 5,814 units. It is anticipated that in 2022, there will be about 6,869 carrier aircraft that are available for lease. Additional factors encouraging the market size in this region include considerable bioengineering research and development.
APAC Market Analysis
The shape memory alloys industry in Asia Pacific is also estimated to have significant growth over the forecast period. Due to lower costs of production and straightforward access to raw materials, automobile and other manufacturing industries have experienced rapid expansion. As a result, this factor is also anticipated to promote market growth in the years to come.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?