The global market value of shape memory alloys was more than $8 billion in 2020. The global shape memory alloy market is forecast to grow at a compound annual growth rate (CAGR) of more than 7% during the forecast period from 2021-2027.

Shape memory alloys can be deformed and then returned to their original shape through heating. With shape memory alloys, the phase shift occurs after cooling from a tough, high-temperature state to a weaker, low-temperature state. These alloys possess unique properties, including shape memory and super elasticity, due to their inherent phase change. Martensitic alloys are easy to form into new shapes when in a martensitic state. A heated alloy reverts to its original form with significant force when heated to its transformation temperatures. That process is called shape memory. The temperature at which the alloy remembers its austenite form can fluctuate by heat treatment and minor changes in the alloy composition. The degree of recovery can vary in certain situations to control the end or beginning of the recovery process.

Factors Affecting the market

• The primary factor driving the growth of the shape memory alloys market is the increase in demand for biomedical devices and surgical tools, aircraft components, engineering & manufacturing actuators, and consumer electronics. 
• Increasing demand for medical devices and components for the automotive and aerospace industries can also explain the market growth. SMAs have applications in a wide range of end-use industries due to their physical properties. 
• Although medical implants are one of the most common applications of shape memory alloy in the biomedical field, high costs hinder market expansion.

Covid-19 Impact

• Globally, COVID-19 has spread throughout almost all countries, with the World Health Organization stating it to be a public health emergency.

• A shape memory alloy finds widespread application in the medical, automotive, aerospace, and defense sectors.

• Many countries have seen their economies drop due to the shutdown of several industries, including transport and supply chains. Due to the lockdown, no development occurs, resulting in a lack of demand for the product.

• During the COVID-19 pandemic, the demand-supply gap, disruptions in raw material procurement, and price volatility may hinder the industry's growth.

• COVID-19 has negatively affected the manufacturing and industrial industries across the globe due to a scarcity of resources. The market's top players review their strategies to meet the challenge and are concerned about its prospects.

• The company is integrating various production techniques to increase production volume and create innovative solutions at an affordable price that can meet customer demands while supporting the overall breakthrough required to increase fragrance product penetration sustainability.

Asia Pacific Region Dominated the Market

Region-wise, the market of Asia-Pacific held the largest share in 2020. It is forecast that the market will grow during the forecast period. It is due to the high growth in the consumer electronics & home appliances industries in developing countries due to improving standards of living and income levels. Increasing consumer durable penetration and growing customer base have provided growth opportunities to the electronics sector, which will drive growth in the SMAs market.

Key Players in the Market

The leading prominent companies in the global shape memory alloy market are:

• Fort Wayne metals
• Johnson Matthey
• Furukawa Electric Co., Ltd.
• Metalwerks Inc.
• G. Rau GmbH & Co. KG
• Seabird Metal Material Co., Ltd.
• Dynalloy, Inc. 
• Saes Getters S.p.A.
• Xi’an saite metal material Co., Ltd 
• Ati Specialty Alloys & Components
• Other Prominent Players

Aim of the Report

The global shape memory alloy market segmentation focuses on Type, End-User, and Region.

Segmentation based on Type

• Nickel Titanium Alloys
• Copper-Based Alloys
• Fe-Mn-Si based alloys
• Others

Segmentation based on End-User

• Biomedical
• Aerospace & Defense
• Automotive
• Others

Segmentation based on Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Brazil
  • Argentina
  • Rest of South America