According to a market report by Lucintel, the future of the shape memory material market looks promising with opportunities in the aerospace, automotive, robotics, and healthcare & medical sectors. The global shape memory material market is expected to grow with a CAGR of 8% to 10% from 2023 to 2028. The major drivers for this market are increasing demand of shape memory material in aircraft components, consumer electronics, surgical instruments, and biomedical devices.
In this market, alloy and polymer material are the major segments by product type. Lucintel forecasts that alloy material will remain the largest segment over the forecast period due to increasing investments in R&D to develop advanced alloy material and rising focus on new material properties for industrial applications.
Within this market, healthcare & medical is expected to remain the largest segment as shape-memory material has an excellent biocompatibility in the manufacturing of various medical devices and growing preference towards quality-based medical treatment.
North America will remain the largest region due to new product development strategies adopted by the leading players in this region. Additionally, increasing demand for shape memory polymers from the aerospace and medical sectors.
Emerging trends, which have a direct impact on the dynamics of the industry, include growth of the consumer electronics industry and increased uses of SMA in neurology and neuromuscular rehabilitation. BASF, Evonik, Johnson Matthey, Covestro AG, Memry, Spintech, Fort Wayne Metals, SMP Technologies, SAES Getters, and Nippon Steel & Sumitomo Metals are the major suppliers in the global shape memory material market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global shape memory material market by product, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Shape Memory Material Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global shape memory material market by shape memory material market by product, application, and region, as follows:
Shape Memory Material Market by Product [Value ($B) Shipment Analysis from 2017 to 2028]:
· Alloy Material
· Polymer Material
· Others
Shape Memory Material Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Aerospace
· Automotive
· Robotics
· Healthcare & Medical
· Others
Shape Memory Material Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Shape Memory Material Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the shape memory material market by product (alloy material, polymer material, and others), application (aerospace, automotive, robotics, healthcare & medical, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?