New Study from StrategyR Highlights a $20 Billion Global Market for Shape Memory Alloys by 2026
SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Shape Memory Alloys - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 511
Companies: 48 - Players covered include ALB Materials Inc.; Ati Specialty Alloys & Components; Boston Centerless, Inc.; Confluent Medical Technologies; Dynalloy, Inc.; Euroflex GmbH; Fort Wayne Metals; Furukawa Electric Co., Ltd.; General Research Institute for Nonferrous Metals; Hangzhou Ualloy Material Co., Ltd.; Johnson Matthey PLC; M & T (Taiwan) Co., Ltd.; Metalwerks, Inc.; Microgroup; Nanoshel LLC; Nippon Seisen Co., Ltd.; Nippon Steel & Sumitomo Metal Corporation; Precision Castparts Corporation; SAES Getters S.p.A; Seabird Metal Material Co., Ltd.; Stanford Advanced Materials; Sunrise Titanium Technology Co., Ltd.; Ultimate R&D; Xi'an Saite Metal Materials Development Co., Ltd. (SAITE) and Others.
Coverage: All major geographies and key segments
Segments: Type (Nitinol, Copper-Based, Iron-Manganese Silicon, Other Types); End-Use (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Home Appliances, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Shape Memory Alloys Market to Reach US$20 Billion by the Year 2026
Shape memory alloys (SMAs) are materials with an interesting ability to get back to their original shape following deformation upon exposure to a specific temperature. The transition of these alloys from their high-temperature stronger form to low-temperature weaker form results in a phase change in their crystal structure. The inherent phase shift allows shape memory alloys to display compelling properties like super elasticity and shape memory effect. Growth in the global market is attributable to increasing application scope along with potential use of these alloys in diverse domains. Future expansion of the market is anticipated to be also bolstered by rising uptake of these alloys in various safety devices like fire sprinklers and anti-scalding. While the market expansion was restrained by COVID-19-led disruptions and impact on primary end-use industries, shape memory alloys are poised to gain from promising scope in the medical arena. The increasing focus on new material properties for industrial applications is set to expand the scope of shape memory alloys. Commercial application of these alloys is poised to increase consistently with ongoing advances and understanding into their properties. These alloys are slated to benefit from rising attention on shape memory materials that are key components of smart composites due to their intriguing characteristics like enhanced damping capacity, pseudoelasticity and shape memory effect.
Amid the COVID-19 crisis, the global market for Shape Memory Alloys estimated at US$12.5 Billion in the year 2022, is projected to reach a revised size of US$20 Billion by 2026, growing at a CAGR of 11.5% over the analysis period. Nitinol, one of the segments analyzed in the report, is projected to grow at a 11.6% CAGR to reach US$15.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Copper-Based segment is readjusted to a revised 14.1% CAGR for the next 7-year period. This segment currently accounts for a 13.2% share of the global Shape Memory Alloys market. Nickel-titanium alloys, collectively termed as nitinol, have emerged as the most popular and useful shape memory alloys in the recent years. Nitinol is witnessing increasing acceptance in several applications in the field of robotics, military, safety and medical. In addition to medical applications, nitinol is experiencing broader adoption in robotics actuators as well as micromanipulators for stimulating motion of the human muscle.
Long Shape Memory Alloy Tendons Find Use in Robotic Systems with Grippers
SMAs are used as actuators in robotic applications. Soft robotic systems hold a number of intriguing merits over conventional options, like enhanced compliance along with safe and adaptive interaction with humans and the environment. These systems eliminate the requirement of expensive and sophisticated control systems. Motor-driven and pneumatic tendon systems offer a promising soft actuator option for several robotic applications, including soft grippers and soft wearable devices. While shape memory alloys hold superior power density as well as require electric input for their actuation, they lack desirable performance related to soft robotic systems in real-world applications. The quest has prompted researchers to overcome these issues by leveraging different approaches and options. Shape memory alloy wires feature a small linear stroke, which can be significantly improved by embedding these wires into a polymeric matrix.
The addition of anisotropic components to the matrix leads to coupled bending or twisting deformations using one actuator. In addition, these actuators can be effectively used for achieving swimming robots, crawling robots and blooming flowers. The availability of soft grippers with different thickness levels can lead to hinge-like movements. Latest approaches in this direction focus on long shape memory alloy wires as the free-sliding tendons that can allow accommodation of long wires. The strategy allows researchers to achieve significant improvements in performance without compromising over the matrix design. In addition, the approach allows packaging of shape memory alloy wires into a module by leveraging pulleys while ensuring a compact footprint for the soft actuation system. The soft gripper can grab objects of different weight and shapes in various orientations. The gripper also generates significant pulling forces. The model can be effectively adapted for medical tools and a novel range of robotic applications.
The U.S. Market is Estimated at $4.3 Billion in 2022, While China is Forecast to Reach $3.5 Billion by 2026
The Shape Memory Alloys market in the U.S. is estimated at US$4.3 Billion in the year 2022. The country currently accounts for a 34.69% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.5 Billion in the year 2026 trailing a CAGR of 14.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.6% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. North America dominates market share due to strong focus of players on capacity expansions and new product development. The regional market is bolstered by notable expansion of the aerospace industry along with high medical implant demand. The Asia-Pacific market is likely to emerge as a lucrative market in the coming years on account of the presence of a sizeable automotive industry along with other manufacturing industries that are slated to create strong demand for these alloys.
Iron-Manganese Silicon Segment to Reach $1.3 Billion by 2026
In the global Iron-Manganese Silicon segment, USA, Canada, Japan, China and Europe will drive the 8.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$591.5 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$167.8 Million by the year 2026. More
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