According to the latest report by IMARC Group, titled "Shape Memory Alloy Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global market reached a value of US$ 6.8 Billion in 2019..Shape memory alloys (SMAs) are metallic elements that return to their predetermined shape on heating. Owing to this, they are widely used in the manufacturing of advanced actuators, sensors and microcontrollers for automobiles. Moreover, as they offer high elasticity and resistance to corrosion, they are utilized in the production of consumer electronics, such as coffee makers, furnaces, air conditioners and refrigerators. They are also employed in the aerospace, healthcare and petroleum industries across the globe.
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Owing to their excellent biocompatibility and computer tomography compatibility, SMAs are utilized in orthodontics, endodontics, orthopedics and neurosurgery. This, coupled with the increasing healthcare expenditure around the world, represents one of the major factors impelling the market growth. Moreover, due to high mechanical strength, fatigue resistance and lightweight properties, SMAs are preferred over conventional actuator systems in the aerospace industry. Apart from this, the introduction of innovations, such as wire stents and micro coils, along with the boosting sales of automobiles worldwide, are also expected to drive the market in the coming years.
Market Breakup by Application:
- Laser
- Motors and Actuators
- Transducers
- Structural Material
- Sensors
- Others
- Biomedical
- Aerospace & Defense
- Automotive
- Consumer Electronics & Home Appliances
- Others
- Nickel-Titanium
- Copper-Based Alloys
- Iron-Manganese-Silicon
- Others
- Super-elasticity (or Pseudoelasticity)
- Constrained Recovery
- Free Recovery
- Others