New York, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global shape memory alloys market size is slated to expand at ~13% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 47 billion by the end of 2035, up from a revenue of ~USD 15 billion in the year 2022.The rising demand for robots in the world is the major factor that is augmenting the market growth. In 2021, 517,385 new industrial robots were placed in workplaces around the globe.
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According to the World Robotics study. This marks a 31% overtime increase and a 22% increase above the prior to the pandemic record of robot installation in 2018. Nowadays, the global stock of operating robots has reached a new high of over 3.5 million units. Industrial robot use has expanded significantly over the previous decade owing to benefits such as higher production, uniform speed and quality, increased security for employees, and better use of floor space in the factories. Because they do not require the same amount of floor space as people, the excess space can be used for other manufacturing operations.
Rising Establishment of Data Centers is to Boost the Growth of the Shape Memory Alloys Market
In 2021, data center capacity expanded by 30-35% as a result of the increasing popularity of remote working and more people using the internet. Temperature control is important in data centers, therefore the use of shape memory alloys becomes crucial as they respond to temperature fluctuation. These alloys can be incorporated with heat sinks and cooling systems and maintain an adequate temperature by changing the shape of the equipment when the temperature changes. Moreover, shape memory alloys also create the environment of a damping system therefore they are also employed in the equipment that generates vibrations.
Shape Memory Alloys Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Production of Automobiles is to Boost the Market Growth in the North America Region
Over time, the United States Motor Vehicle Assemblies is expected to be approximately 11 million units in 2024 and around 12 million units in 2025. Moreover, sales of new vehicles in the United States were anticipated to have increased by roughly 13% in the first six months of 2024. Shape memory alloys can be found in a wide range of automobile systems, including variable mirrors, screen wipers, door locks, intelligent bonnets, blow flaps, governor valves, fog louvers, hatch vents and many others. Ni-Ti alloys are the most widely used economically accessible SMAs in the majority of these applications.
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Expanding Aerospace Industry is to Elevate Market Growth in Asia-Pacific
For the aircraft leasing industry, the aerospace sector's center of attention has migrated to Asia Pacific. Many prominent lessors and OEM manufacturers now expect that this Asia Pacific region is going to generate 40-50% of their global aircraft income in 2019 and 2020. The Asia Pacific aviation fleet size was around 2 thousand narrow-body aircraft in 2021. This is projected to increase by 2031 when the Asia Pacific area is expected to have around 4 thousand aircraft. Moreover, the APAC Office is accredited to 39 contracting States and works with two Chinese Special Administrative Regions and Thirteen other Colonies. With 49 Flight Information Regions, the Asia/Pacific Region has a wide airspace.
Shape Memory Alloys, Segmentation by Type
- Nitinol
- Copper-Based
- Iron-Manganese-Silicon
Based on the type, the nitinol segment in shape memory alloys market is expected to be responsible for the largest market share. The growth of the segment is majorly attributed to the growing use of nitinol in various industries. Nickel-titanium alloys, also known as nitinol, are shape memory alloy (SMA) that is extensively utilized in many industries including actuators, aircraft, biomedical, actuators, aircraft, automotive, and MEMS devices. Therefore, the growing demand for vehicles and aircraft is expected to boost the segment’s growth. Tata Group recently announced an order of 470 planes from airline giants Airbus and Boeing. The total amount of the transactions is believed to be around USD 80 billion.
Shape Memory Alloys, Segmentation by End Use
- Biomedical
- Aerospace & Defence
- Automotive
- Consumer Electronics & Home Appliances
On the basis of end use, the biomedical segment is expected to gain the highest market revenue over the forecasted period. Shape memory alloys, due to their unique traits and qualities, provide fresh perspectives for the creation of materials in bioengineering for the development of artificial organs and better surgical equipment. It is projected that more than 120,000 Americans, including more than 100,000 in the United States, require a kidney transplant. Moreover, according to the commission of Harvard University, around 143 million extra surgical procedures are required each year to save lives as well as avoid impairments.
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A few of the well-known indsutry leaders in shape memory alloys market that are profiled by Research Nester are Dynalloy, Inc., Fort Wayne Metals, SAES Getters S.p.A., Nitinol Devices & Components, Admedes GmbH, Memry Corporation, Confluent Medical Technologies, Metalwerks, Johnson Matthey, and Endosmart GmbH
Recent Developments in the Shape Memory Alloys Market
- Fort Wayne Metals in collaboration with NASA’s Glenn Research Center are developing shape memory alloys technology. Fort Wayne Metals and NASA Glenn are currently working together to research the expected operational conditions on the moon and to create initial Nitinol materials for diverse lunar purposes.
- SAES Getters S.p.A. confirmed the successful completion of the acquisition of an another 51% of the issued and outstanding share capital of SAES RIAL Vacuum S.r.l., of which SAES already owns 49%, putting into effect the agreements agreed on October 25, 2021, and subsequently formalized.
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