Shape Memory Alloy Market Outlook, Current and Future Industry Landscape Analysis by 2030

The COVID-19 pandemic is adversely impacting the shape memory alloys market. Demand from various end-use sectors has reduced, hence causing a downfall in sales of shape memory alloys. Reduced traveling amidst pandemic-induced restrictions is leading to lesser maintenance requirement as well declining demand for spare parts. This is indirectly impacting the sales of shape memory alloys, particularly in the aviation sector.

Construction activities have come to a standstill in several countries, worldwide, due to unavailability of labor and raw materials amid the pandemic. This, in turn, is dampening the demand for shape memory alloys in construction sector.

That said, governments have moved their focus from developing infrastructure to fulfilling basic human needs, which pull up the demand of shape memory alloys from the civil construction companies.

Moreover, the healthcare sector is emerging as a bright spot in the shape memory alloy market amid the pandemic. Case in point, staffs and students of IIT-Indore have developed optical thermal sensor using shape memory alloy. This device is fitted in patient’s fabric and temperature is further monitored without physical contact.

Regional Analysis of Shape Memory Alloy Market

North America continues to hold prominent share in shape memory alloy market.  The biomedical, automotive and aerospace sectors in the developed region account for major chunk of shape memory alloy demand. Further, the International Trade Administration (ITA) suggests that the US is the largest consumer of medical devices.

Moving forward, Asia Pacific (APAC) is anticipated to offer white spaces of growth to shape memory alloy manufacturers in the coming years. Growth in automotive sector and abundance of raw materials are pushing the demand for shape memory alloys in the region. While Japan alone produced 8.5 million passenger cars in 2019, China surpassed 21 million mark in car production in the same year. This surging production of vehicles in APAC is attracting huge attention of shape memory alloy manufacturers.

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Shape Memory Alloy Market – Competitive Landscape

The key focus of market players is consistent innovation and new product development. For instance, SAES Group has employed around 17% of its manpower specifically for R&D activities.

In addition, players are entering into collaborations to uphold their hegemony in marketplace. NASA’s Glen research institute has partnered with Boeing to incorporate shape memory alloys in deployable vortex generators (VGs). Subsequent developments with shape memory alloys result in smart VGs, which move in case of changes in external environment.

• Memory-Metalle GmbH
• TiNi Alloy Co.
• Ultimate NiTi Technologies Inc.
• Fort Wayne Metals Inc.
• Metalwerks PMD Inc.
• Endosmart GmbH.

Region

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

Shape Memory Alloy Market – Segmentation

Shape memory market can be segmented on the basis of following,