The global shape memory alloy market size was US$ 15.9 billion in 2021. The global shape memory alloy market is forecast to grow to US$ 57.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.
Shape memory alloys are widely recognized for their properties of transforming back to their original shape when deformed. Moreover, these lightweight alloys are available in different varieties, such as nickel-titanium or nitinol alloy, copper-magnesium alloys, iron-manganese-silicon alloys, and copper-aluminium-nickel alloys, etc.

Factors Influencing the Market
The vital applications of shape memory alloy in the aerospace sector will drive the growth of the market. Further, the benefits of these alloys, such as high mechanical strength, lightweight, fatigue resistance, etc., will also propel the market forward.
Moreover, the rising focus of the aerospace industry on multifunctionality and reliability will also offer several growth opportunities for the shape memory alloy market.
Medical applications of shape memory alloy will accelerate the growth of the market. Shape memory alloy is forecast to witness a substantial boom in terms of revenue due to its applications across the dental, orthopedics, neural, and vascular sector. Further, rising healthcare expenditure will also contribute to the growth of the market.

COVID-19 Impact Analysis
The global shape memory alloy market witnessed a sharp decline due to the COVID-19 outbreak. Due to the pandemic, industrial activities stopped for a significant period, which hampered the demand for shape memory alloy. Further, dental surgeries and other treatments were put on halt due to the high risk of virus spread, which ultimately impeded the demand for shape memory alloy. Moreover, import-export restrictions created delays in R&D activities. As a result of all these factors, the market for shape memory alloy witnessed a sharp decline.

Regional Analysis
North America is forecast to dominate the shape memory alloy market due to high healthcare expenditure and rising investments in the medical device sector. Further, growing vehicle and aircraft production in the region will offer lucrative growth opportunities for the shape memory alloy throughout the forecast period.
The Asia-Pacific shape memory alloy will also record substantial growth due to the availability of labor at a cheap cost and favorable government policies. Further, the rising demand for shape memory alloy from various end-use industries, including automotive, biomedical, aerospace and defense, electronics, and home appliances, will drive the market forward.

Competitors in the Market
Nippon Seisen Co. Ltd.
Advanced Technology & Materials Co. Ltd.
ATI
Dynalloy Inc.
Fort Wayne Metals
Furukawa Co. Ltd.
Grinm Advanced Materials Co. Ltd.
Johnson Matthey Inc.
Lumenous Peiertech
Nippon Steel & Sumitomo Metal Corp.
Saes Getters Group
Other Prominent Players

Market Segmentation
The global shape memory alloy market segmentation focuses on Type, End-Use Industry, and Region.
By Type
Nitinol Alloys
Copper-based Alloys
Iron-Manganese-Silicon Alloys
Others
By End-use Industry
Biomedical
Aerospace & Defense
Automotive
Consumer Electronics & Home Appliances
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America