Shape memory alloy demand is rising, according to Fact.MR, a source of market research and competitive information, which attributes this to a global rise in the usage of medical implants. By the end of 2033, the shape memory alloys market is projected to have grown at a CAGR of 12.5%, reaching US$ 45.8 billion.
A growing number of people throughout the world have chosen medical implants in recent years as a way to improve their general health and manage specific healthcare issues. Shape memory alloys (SMAs) are frequently employed in the realm of biomedical applications, especially in clinical inserts, because of their biocompatibility.
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Key Takeaways from Market Study
- The global shape memory alloys market is estimated to be valued at US$ 14.1 billion in 2023.
- The market is estimated to reach US$ 45.8 billion by the end of 2033.
- Demand for shape memory alloys is predicted to increase at a high CAGR of 12.5% through 2033.
- Sales of shape memory alloys in Canada are anticipated to expand at a high-value CAGR of 11.7% from 2023 to 2033.
- The biomedical industry is estimated to hold a leading position as an end user of shape memory alloys.
- Demand for shape memory alloys in Germany is forecasted to increase at a CAGR of 11.6%.
According to a Fact.MR analyst, “The unique thermo-mechanical properties of shape memory alloys are increasing their usage in civil engineering for retrofitting existing concrete bridges.”
Key Suppliers
- Johnson Matthey PLC
- ETO Gruppe
- Memry Corporation
- Kellogg’s Research Labs
- Consolidated Aerospace Manufacturing
- Confluent Medical Technologies
- Kinalco
Recent Trends
Nitinol shape memory alloys are utilized for muscle implants, such as cardiovascular stents, dental applications, hip prostheses, intracranial staples, clinical staples, muscular screws, and plates. Orthodontic products also employ Nitinol alloys to close gaps between teeth, correct irregular bite patterns, and align and straighten teeth.
Orthodontic appliances, including both removable and fixed braces, are frequently used by individuals with jaw disorders and malocclusions. Due to the rapid increase in the number of people experiencing these conditions, the demand for orthodontic braces is expected to increase in the near future.
For instance:
- According to the European Journal of Pediatric Dentistry, malocclusion is a predominant condition among adolescents and children across the globe. To prevent and manage this condition, clinicians prioritize utilizing effective orthodontic treatments that commence during adolescence.
In the aerospace industry, shape memory alloys are primarily used for wing morphing in different planes. Increasing emphasis on multi-functionality and reliability is stimulating demand for certain active materials. Due to their temperature sensitivity, shape memory alloys are considered excellent solutions for various aerospace applications.
Competitive Analysis
Shape memory alloy manufacturers are increasing their spending to enhance their supply chain management systems to meet the global demand for these alloys. This enables them to uphold product standards and invest in new advancements. Additionally, manufacturers are striving to comply with safety, quality control, and environmental impact regulations set by relevant bodies.
Suppliers of shape memory alloys are involved in collaborations, agreements, and partnerships to produce high-quality SMAs and thus enhance their product portfolio.
Prominent manufacturers of shape memory alloys are investing actively in product launches and portfolio expansion to widen their geographical footprint.
For instance:
- In April 2021, Nippon Steel Corporation (Nippon Steel) launched ZAM®-EX. This coated steel sheet is corrosion-resistant and is launched for overseas markets.
- Nextremity Solutions, Inc. entered into an exclusive agreement in January 2021 with Fort Wayne Metals to commercialize implants made from magnesium alloys.
- In August 2021, Johnson Matthey and KBR entered into an agreement for the licensing of its innovative production technology.
Industry Segmentation
- By Type :
- Nitinol
- Copper-based
- Iron-Manganese-Silicon
- Others
- By End Use :
- Biomedical
- Aerospace & Defense
- Automotive
- Consumer Electronics & Home Appliances
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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