Shape Memory Materials Market - Forecast(2023 - 2028)

Shape Memory Material Market Overview

Shape Memory Material Market size is forecast to reach $23.3 billion by 2026, after growing at a CAGR of 10.9% during 2021-2026. Shape memory materials (SMMs) have the ability to recover its original shape from a significant and seemingly plastic deformation. The shape memory material is being widely used in structural engineering for protecting buildings against earthquakes due to its vibration-damping properties. Moreover, the beneficial properties of shape memory materials like high mechanical strength, fatigue resistance, Elastic buckling, and lightweight properties further drive the market growth. Besides, growth in end-use industries like biomedical, aerospace & defense, and consumer electronics in emerging countries like China, Brazil, Argentina, and India are also driving the shape-memory materials market share globally. Furthermore, the growing use of muscle wires in space missions, textile electronics, arterial stints, robotics, orthodontic braces, eyeglasses, and even magic tricks is also boosting the Shape Memory Material Industry growth. As muscle alloy is a highly processed strand of a nickel-titanium alloy called Nitinol, which is the type of shape memory alloy.

COVID-19 Impact

The growing pandemic situation has led to the weakening demand for Shape Memory Material due to a sharp decline in demand from major end-use industries. Shape Memory Material is used by various industries such as aerospace, aviation, automobile, and pharmaceutical, either polymer-based or alloy-based shape memory. Due to the pandemic, the industries were forced to close down their operation. Moreover, industries are still facing the effect of the pandemic due, to a decrease in demand, supply chain constraints, and lack of funds. For instance, the demand for aerospace industries has reduced, as the general public are avoiding traveling or traveling restriction imposed by governments, airline canceling orders from the manufacturer, and decrease in demand for spare parts. Therefore, these factors caused by the pandemic are hindering the growth of the market.

Shape Memory Material Market Report Coverage

The report: “Shape Memory Material Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Shape Memory Material Industry.

By Material: Alloy Type (Nickel – Titanium (Niti Based), Copper Based (Copper – Aluminum – Nickel, Copper – Zinc – Aluminum), Iron (FE) Based, Gold-Cadmium, and others), Polymer Type (Polytetrafluoroethylene (PFTE), Polylactide (PLA), Ethylene-Vinyl Acetate (EVA), Nylon, and Others.

By Process: Casting, Vacuum Arc Melting, 3D Printing, Extrusion, Induction Melting and Injection Molding.

By Memory Type: One Way Memory, Two Way Memory, and Others.

By Product Type: Sheets, Wires & Cables, Rods, and Others.

By Application: Biomedical Application (Cardiovascular Stents, Guide Wires, Organ Frame Retractors, and other), Civil Engineering (Bridges & Flyovers, Sewerages Systems, Pipelines, and others), Electro-Mechanical Actuators, Damping Systems or Vibration Control, Sealants & Self-Healing, Engines, and others.

By Industry Vertical: Building & Construction (Residential, Commercial, and Others), Aerospace & Defense, Textile, Automotive (Passenger, Light Commercial Vehicles, Heavy Commercial Vehicles), Electrical & Electronics, Sports & Fitness, Pharmaceutical, Energy & Power, and Others.

By Geography: North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

• APAC region is projected to witness the highest growth due to the developing aerospace and medical industries especially in China, South Korea, and India.

• Shape memory materials possess elastic buckling, Martensitic transformation, and Muscle wire, as they regain their original shape after an increase in temperature. These materials also comprise higher flexibility compared to other conventional materials.

• The strong presence of the leading medical and aerospace manufacturers in the North America region and the growth of the biomedical, automotive, and aerospace industries in the region, also contribute to the market growth.

• COVID-19 has impacted the global end-use industry, which will hamper the growth of the Shape Memory Material market during the forecast period.

• Shape memory material high manufacturing cost and less strength compared to steel and aluminum is hindering the growth of the market.

Shape Memory Material Market Segment Analysis - By Material  

The polymer segment is projected to witness the highest CAGR of 12.5% during the forecast period. Polymer Type materials such as Polytetrafluoroethylene, Nylon, and Polylactide are used for the manufacturing of shape-memory materials. Polymers can double their size, which enables them to produce more complex geometries design. Moreover, these polymers have a softer texture, with a rubbery consistency, which means they can be used for medical application as they do not damage the surrounding tissues. Furthermore, polymers are cheap, have low density, are easy to process, and exhibit superior mechanical properties, when compared to alloy materials. Therefore, due to these properties and their advantages polymers are more widely used than alloy.

Shape Memory Material Market Segment Analysis - By Process

The injection molding segment held the largest share of more than 30% in the Shape Memory Material Market in 2020. Injection molding is the most common method for mass production. Injection molding provides a clean finish surface, accurate dimension, and provides flexibility in producing the desired shape. Shape Memory is temperature sensitive and shows good fluid ability in a mold, so it does not require high-pressure injection. In this process, polyurethane or titanium hydride and nickel powders are used, which are then liquefied and injected into a specific mold. The molten cools in the mold, hardens, and takes the shape of the mold. This process enhances the strength of the final product, reduces the need for machining, faster production, and reduces wastage. Therefore, due to the above properties and advantages, injection moldings are widely used in the manufacturing of Shape Memory Material.

Shape Memory Material Market Segment Analysis - By Memory Type

Two Way Memory segment held the largest share of more than 35% in the Shape Memory Material Market in 2020. The Two-Way memory type is a novel class of shape memory with reversible and programmable shape-changing behavior, which has gained considerable attention compared to one-way shape memory. In the two-way shape memory effect, the material has two different shapes one at high temperature and one at low temperature. So, a material that exhibits two shape memory effect during heating and cooling is said to have two-way shape memory. Due to these properties, the two-way SMMs are mostly used for biomedical, aerospace, and electronic application.  Therefore, due to the benefits of two-way memory, they are usually selected over the one-way memory effect.

Shape Memory Material Market Segment Analysis - By Product Type

Sheet segment held the largest share of more than 35% in the Shape Memory Material Market in 2020. A Shape Memory sheets can either be alloy-based or polymer-based. In alloy type, a shape  memory sheet is mostly Ni-Ti-based that retains its original shape when deformed. These alloy sheets are made from combinations of two or more elements that are generally processed through a hot working process such as forging or hot rolling and finished by the cold working process to achieve dimensional control and enhanced surface quality. As the cold process suppresses the shape memory response of these alloys and also raises the strength and decreases the ductility. These sheets are widely used across various industry verticals like aerospace, medical oil & gas, and others. The growing uses of Nitinol (Ti-Ni alloy) sheets in cell phone antennas, children's toys, experimental materials, eyeglasses components, and medical equipment such as surgical stitching wire further drive the market growth.

Shape Memory Material Market Segment Analysis - By Application

Biomedical application segment held the largest share of more than 30% in the Shape Memory Material Market in 2020. Shape Memory Materials (SMMs) are used as a biomaterial for medical devices and to interact with biological systems. These SMMs have excellent mechanical properties, biochemical compatible, have excellent break resistance, and MR compatible. For example, shape memory polymer-based catheters soften at body temperature, which reduces the risks for soft tissue damage of organ injuries during their surgical delivery.  Moreover, they are also used for implants for treating obesity, self-fitting vascular, and coronary grafts.

Shape Memory Material Market Segment Analysis - By Industry Vertical

Automotive segment is projected to witness the highest growth of 6.7% in the Shape Memory Material Market during the forecast period. Increasing demand for safer, comfortable, and better performance vehicles have increased the uses of Shape Memory Material (SMMs) in vehicle engines, battery modules, and in safety system such as child locks. Thus, the growth in the automotive sector is likely to boost the market growth. For instance, as per the Alliance of Automobile Manufacturers report in 2019, the vehicles sales in the US were 17.1 million units in 2017 which increased to 17.2 million in 2018. Moreover, as per National Investment Promotion & Facilitation Agency, the Indian automobile production registered a growth of 6.26% from 2018 29.08 million units to 2019 30.91 million units.  Such growth in the automotive industry fills further drives the demand for Shape Memory Material.

Shape Memory Material Market Segment Analysis - By Geography

North American segment is projected to witness a significant CARG of 5.3% in the Shape Memory Material Market during the forecast period due to healthy established medical industry in the region, especially in the United States. The shape-memory materials are widely used in various medical applications like surgical instruments to remove kidney, bladder, and bile duct stone due to their elastic buckling, Martensitic transformation, and Muscle wire properties. Moreover, these materials are also widely used in aerospace and aviation application such as rotor blades for fixed-wing aircraft, fuselage, landing gear, and engine applications. Therefore, a rise in the aerospace industry will drive the demand for the Shape Memory Material market. For instance, as per Aerospace Industries Association (AIA) the US aerospace & defense industry accounted for a sale of $865 billion in 2017, which increased by 7% to reach $929 billion in 2018. But in 2019, the market contracted by -6.7% accounting for $909 billion due to the pandemic

Figure: North America Shape Memory Materials Market Revenue, 2020-2026 (US$ Million)

Shape Memory Material Market Drivers

Growing Construction Activities Worldwide

The SMMs are used in the building and construction sector to decrease the effect of natural disasters and enhance the structural performance of the building. Moreover, these materials are used to reduce vibration effect by enhanced damping and are integrated into building envelopes to prevent the adverse effect on the environment and improve the energy efficiency of the structure. Therefore, a rise in construction activities will drive the demand for shape memory material. Factors such as the use of prefabrication and modularization, use of robotics, and 3-D printing, which is simplifying the construction business, coupled with an increase in global population and consumer income is driving the demand for the construction industry, which in turn is driving the demand for Shape Memory Material Market.

Surging Consumer Electronic Industry

The developing consumer electronics sector globally is also contributing to the growth of the shape memory material market. Shape Memory Materials are used in manufacturing consumer electronics like air conditioners, coffee makers, refrigerators, and others. Shape Memory Materials have low mass, are highly reliable, can easily be fabricated, have excellent impact & radiation resistance, and provide excellent thermal and electric insulation at low cost. Thus, the superior properties of SMM’s make them suitable to use across various consumer electronic products, which in turn drive the market growth. Therefore, the rise in demand for electronic products due to advancements in technologies, increase access to cheap internet, and an increase in disposable income of consumers is driving the demand for the electronic industry. Which in return is fueling the growth of shape-memory materials.

Shape Memory Material Market Challenges

Fluctuating Raw Material Prices

One of the main challenges of Shape Memory Material (SMMs) growth is its cost and availability. The manufacturing cost of the shape memory involves the cost of raw materials, processing, heat treatment, and machining. Shape memory material depends on both metallic & polymer material whose price fluctuates over time, which influences the cost. Thus, the volatile raw material prices act as a challenging factor to market growth.

Shape Memory Material Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Shape Memory Material Market report. Major players in the Shape Memory Material Market are Allegheny Technologies, Inc., SAES Getters S.p.A., SMP Technologies, Inc., Furukawa Electric Co., Ltd., MedShape, Inc., Nippon Steel Corp., Covestro AG, Mitsubishi Heavy Industries, Ltd., Fort Wayne Metals Research Products Corp., Nanoshel LLC., and among others.

Relevant Reports

Shape Memory Alloy Market – Forecast (2021 - 2026)

Report Code: CMR 0555

Shape-memory Polymer Market – Forecast (2021 - 2026)

Report Code: CMR 74459

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