Shape Memory Alloys Market Analysis

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

Nitinol
Copper-Based
Iron-Manganese-Silicon

End Use

Biomedical
Aerospace & Defense
Automotive
Consumer Electronics & Home Appliances

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of shape memory alloys is assessed at USD 18.87 Billion.

The 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. The major factors driving the growth of the market are rising demand for automotive, growing application of shape memory alloys in robotics, and rising deployment of shape memory alloys in fire alarm.

North America is set to gather share of about 30% by 2036, backed by growing manufacturing of aircraft in the region.

Dynalloy, Inc., Fort Wayne Metals, SAES Getters S.p.A., Nitinol Devices & Components, Admedes GmbH, Memry Corporation, Confluent Medical Technologies, Metalwerks, Johnson Matthey, Endosmart GmbH

Shape Memory Alloys Market Analysis