Shape Memory Alloys Market Trends

Growth Drivers

• Rising Demand for Automotive
• Approximately 65 million vehicles were sold around the world in 2021, however the total sales rose to about 66 million in 2022. Hence, the adoption of shape memory alloys is also set to rise. Shape memory alloys have many potential applications in the automobile sector, especially in light of upcoming advances. Shape memory alloys are going to be crucial to the automation of cars in the future, despite the fact that they are currently mostly utilized in the cooling circuit or to operate mixing valves. The construction of automated automobiles requires actuators. Noiseless phase shift is possible with nickel-titanium-based shape memory alloys. Therefore, systems and actuators centered around shape memory alloys work and respond softly, avoiding any unwelcome engine noise within the car.
• Growing Application of Shape Memory Alloys in Robotics
• A new class of material known as shape memory alloys has the capacity to convert thermal power into motion. It is possible to generate repeated cyclical motions and employ these alloys as thermal-mechanical actuators in robotic applications by controlling the heating and cooling of them with pulsed direct electrical current.
• Rising Deployment of Shape Memory Alloy in Fire Alarm 
• A temperature-sensitive component for fire alarms is made of a shape-memory alloy. A temperature-sensitive element for fire alarms is made of a shape-memory alloy. After turning cold, this element returns to its original impressed shape shortly after being heated to a critical temperature, usually within 70° C., and it continues to retain this shape even after being cooled again. A self-holding alarm signal is triggered as a result of the element moving, either directly through closing contacts or indirectly.

Challenges

• High Cost of Raw Material - The main obstacle to the market expansion for shape memory alloys during the projection period is the costly nature of raw materials. Only a small number of companies, including the medical industry, can afford the costs and research needed to build new markets. For instance, Nitinol has a very low composition and a very expensive price. The fact that producers use it by the inch rather than the pound is one of the main issues on the market.
• Risk of Shape Memory Alloys to Health
• Lack of Awareness Regarding these Alloys