The global shape memory alloys market is expected to be worth $14.1 billion in 2023 and $45.8 billion by the end of 2033, growing at a CAGR of 12.5% between 2023 and 2033.
In recent years, a rising number of people worldwide have turned to medical implants to improve their general health and manage a variety of healthcare issues. Shape memory alloys (SMAs) are frequently employed in biomedical applications, notably in clinical inserts, because they are biocompatible.
The mechanical qualities of the materials utilised for the implant have a significant impact on the healing process after the procedure. Nitinol shape memory alloys are widely used in therapeutic inserts because of its superior corrosion resistance, flexibility, stress stability, and resistance to deformation.
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Key Takeaways from Market Study
- The global shape memory alloys market is estimated to be valued at US$ 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.”
Competitive Landscape
Shape memory alloy manufacturers are increasing their investment in supply chain management systems to meet worldwide demand for these alloys. This allows them to maintain product standards while investing in new advances. Furthermore, producers strive to comply with applicable regulatory organisations' safety, quality control, and environmental impact standards.
Shape memory alloy suppliers collaborate, enter into agreements, and form partnerships to develop high-quality SMAs and expand their product offering.
To broaden their global reach, leading shape memory alloy manufacturers are investing heavily in new product launches and portfolio expansion.
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.
Recent Trends
Nitinol shape memory alloys are used in a variety of muscle implants, including cardiovascular stents, dental applications, hip prosthesis, intracranial staples, clinical staples, muscular screws and plates. Orthodontic products also use Nitinol alloys to repair gaps between teeth, correct uneven bite patterns, and align and straighten teeth.
People with jaw abnormalities and malocclusions typically employ orthodontic appliances, such as detachable and fixed braces. Because of the substantial increase in the number of persons suffering from these problems, demand for orthodontic braces is projected to rise 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.
Old Source: https://www.globenewswire.com/news-release/2023/03/03/2620095/0/en/Shape-Memory-Alloys-Market-Is-Projected-To-Reach-US-45-8-Billion-by-the-End-of-2033-Fact-MR-Report.html
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