ATI Specialty Alloys & Components (US) and SAES Getters S.P.A. (Italy) are the Leading Players in the Shape Memory Alloys Market.

Northbrook, IL 60062 -- (SBWire) -- 11/22/2023 --The report "Shape Memory Alloys Market by Type (Nitinol, Copper based, Iron-Manganese-Silicon), End-use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics, and Home appliances) and Region - Global Forecast to 2026" The global shape memory alloys market size is projected to grow from USD 11.0 billion in 2021 to USD 18.8 billion by 2026, at a CAGR of 11.2% from 2021 and 2026. The growth in the market is highly attributed to the increasing demand for SMAs in the manufacturing of biomedical devices & surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for SMAs, owing to huge demand from biomedical device manufacturing. The growth in the market is also attributed to the increasing demand for high-quality life-saving medical devices and better automotive & aircraft components. The physical properties of SMAs are encouraging their use in various end-use industries. However, the high cost of implantable devices, which is the largest application of SMAs in the biomedical industry, is the major challenge for the growth of the SMAs market.

Browse in-depth TOC on "Shape Memory Alloys Market"
- 224 market data Tables
- 65 Figures
- 230 Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=83856907

Nitinol type segment estimated to lead the shape memory alloys market in 2020
By type, the Nitinol segment accounted for the largest share in the overall shape memory alloys market. Nitinol alloys are the largest type of SMAs, accounting for a major share of the market. The significantly growing biomedical end-use industry, especially for medical implants, is driving the demand for nitinol SMAs. These alloys are used in the form of wires, sheets, ribbons, and rods. Other types of SMAs include gold, cadmium, iron, zinc, and platinum-based alloys.

Biomedical end-use segment is estimated to be the largest segment of shape memory alloys
Biomedical is the largest end-use industry of SMAs, followed by aerospace & defense. The applications of SMAs in the automotive industry will increase as the EV market is gaining traction. SMAS are widely used in dentistry applications for the manufacturing of orthodontic wires due to their shape memory properties, super-elasticity, high ductility, and resistance to corrosion. However, due to the COVID-19 pandemic in 2020, and because of social distancing, only essential services were left open. Oral dental professionals were significantly affected due to the mass closure of dental offices. The pandemic has had a continuing effect on orthodontic treatment, which is a long process that requires regular visits. Thus, the demand for SMAs in dentistry applications declined in 2020.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=83856907

North America is projected to account for the largest share of the shape memory alloys market during the forecast period
North America is projected to have the largest share in the global shape memory alloys market, in terms of both value, from 2021 to 2026. The growth of the North American SMAs market is mainly driven by new product development and capacity expansion strategies adopted by the leading players in this region. In addition, the region is the leading market for SMAs in the biomedical industry owing to the increased demand for medical implants. The US is projected to continue dominating the market, followed by Canada, in North America. It is a developed market for SMAs, with major global market players headquartered in the country.

The global shape memory alloys market comprises major manufacturers such as SAES Getters (Italy), ATI Specialty Alloys & Components (US), Furukawa Electric Co., Ltd (Japan), Nippon Steel & Sumitomo Metal (Japan), and Johnson Matthey (UK). Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the shape memory alloys market.

ATI Specialty Alloys & Components is a manufacturer of specialty alloys and refractory metals for end-use industries such as aerospace & defense, oil & gas, automotive, electrical energy, and medical. The company operates through two major business segments, namely, High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). It offers different SMAs such as nickel-based alloys, titanium-based alloys, zirconium-based alloys, and other specialty alloys. The company has its manufacturing facilities in the US, the UK, Poland, and China.

SAES and its subsidiaries engage in the production of components and systems for industrial and scientific applications. The company operates through five business segments, namely, metallurgy, vacuum technology, medical, specialty chemicals, and advanced packaging. It offers a wide range of nitinol alloys and shape memory actuator devices for medical and industrial applications under its metallurgy business segment. The company has several patents registered of worth USD 0.96 million (EUR .78 million). It has a presence across the globe and operates through its subsidiaries and has a strong distribution network of authorized distributors. It has 10 manufacturing facilities located in European countries and the US. The company also offers semi-finished shape memory alloy products such as tubes, wires & strips, and sheets, among others, through Memry, one of its subsidiary companies. The company has over 300 registered inventions (SAES case/Patent Families) in 70 years.