Expansions and agreements are the key strategies adopted by the leading players to strengthen their positions in the shape memory alloys market
The shape memory alloys market is estimated at USD 10.62 billion in 2017 and is projected to reach USD 18.97 billion by 2022, at a CAGR of 12.3% between 2017 and 2022. Expansions and agreements are the key strategies adopted by the major players to strengthen their footholds in the shape memory alloys market. The North American region, followed by the APAC and European regions witnessed the maximum number of strategic developments undertaken by various players between 2012 and 2018.
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The key players operating in the shape memory alloys market are SAES (Italy), Nippon Steel & Sumitomo Metals (Japan), ATI Specialty Alloys & Components (US), Furukawa Electric Company (Japan), Johnson Matthey (UK), Fort Wayne Metals (US), Nippon Seisen (Japan), Saite Metal Materials (China), DYNALLOY, Inc. (US), and Seabird Metal Material (China).
ATI Specialty Alloys & Components (US) is one of the leading manufacturers of shape memory alloys. The company has been focusing on agreements and joint ventures to maintain its leading position in the shape memory alloys market. For instance, in July 2017, ATI entered into a joint venture with GE Aviation (US) and established an R&D pilot production facility in Pennsylvania, US to develop the meltless titanium alloy powder manufacturing technology. The company also signed a long-term purchase agreement with Pratt & Whitney (US) for the supply of isothermal forgings and nickel-based powder alloys to Pratt & Whitney for next-generation jet engines.
SAES (Italy) and Johnson Matthey (UK) are other major players in the shape memory alloys market investing largely in developments. For Instance, in January 2016, Johnson Matthey opened a new Platinum Group Metal (PGM) refinery in Zhangjiagang, China. The expansion was a part of the company’s strategic development to meet the growing demand for PGM refining and recycling in China. The company also signed an agreement with Anglo American Platinum Limited (South Africa) for the supply management of platinum products to provide Anglo Platinum with PGM market research services in 2013.
In November 2012, Actuator Solutions GmbH (Germany), a 50% owned joint venture of SAES acquired the SMA-based actuators manufacturing business of Alfmeier Präzision AG (Germany). This agreement allowed SAES to become a manufacturing company of SMA actuators for consumer electronic applications.
This report provides a detailed analysis of the shape memory alloys market and segments the same based on type, end-use industry, and region. Based on type, the market has been segmented into nitinol alloys, copper-based alloys, iron-manganese-silicon alloys, and others. Based on end-use industry, the market has been segmented into biomedical, aerospace & defense, automotive, consumer electronics & home appliances, and others. Based on region, the market has been segmented into North America, APAC, Europe, South America, and the Middle East & Africa.
The shape memory alloys market is projected to reach USD 18.97 billion by 2022, registering a CAGR of 12.3% between 2017 and 2022. The key drivers that are expected to have substantial impact on the growth of market globally, include the rapidly growing medical implants industry, increasing demand from the aerospace & defense industry, and the growing automotive and electronics industry.
The major challenge to the growth of the shape memory alloys market is the high cost of implantable devices. Medical implants are the largest application of shape memory alloys. Shape memory alloys are largely used in the manufacture of implantable medical devices, such as cardiovascular stents & wires, orthopedic screws & wires, dental wires, and surgical instruments owing to their characteristics, such as pseudo elasticity, shape memory effect, high fatigue life, high damping quality, and biocompatibility.
Among types, the market for nitinol alloys is projected to grow at the highest CAGR between 2017 and 2022. Nitinol alloys are suitable materials for use in medical implants owing to their characteristics, such as high fatigue strength, moderate impact resistance, biocompatibility, and excellent corrosion resistance. Apart from biomedical industries, these alloys are also largely used in the automotive and consumer electronics & home appliances industries. Improving standards of living and rising income levels are driving the automotive and electronics industries globally, which in turn are propelling the demand for shape memory alloys for these end-use industries.
The APAC shape memory alloys market is projected to grow at the highest CAGR between 2017 and 2022. The growth of the APAC region can be attributed to the rising demand from consumer electronics & home appliances and aerospace & defense industries in the region, coupled with economic growth. Increasing industrialization and the region’s emergence as a cost-effective production hub are also factors fueling demand for shape memory alloys for various applications. North America is projected to be the largest market for shape memory alloys during the forecast period owing to significant consumption in the biomedical industry. Aging populations, increasing instances of chronical diseases, and poor lifestyles in the region are major factors propeling the demand for shape memory alloys, especially from the biomedical industry.
Some of the key players operating in the shape memory alloys market are SAES (Italy), Nippon Steel & Sumitomo Metals (Japan) ATI Specialty Alloys & Components (US), Furukawa Electric Company (Japan), Johnson Matthey (UK), Fort Wayne Metals (US), Nippon Seisen (Japan), Saite Metal Materials (China), DYNALLOY, Inc. (US), and Seabird Metal Material (China). Most of these companies have adopted the expansions, agreements, and acquisitions strategies to strengthen their positions in the shape memory alloys market.
