India shape memory alloy market is projected to be valued at US$ 81.1 million by 2022. Sales of shape memory alloys are anticipated to expand at a resilient CAGR of 13.2%. It is estimated to have a valuation of US$ 286.7 million by 2032. Rising demand from biomedical, aerospace, and construction sectors is expected to propel the market in the forecast period.
Shape memory alloys are a type of alloy that has the ability to ‘remember’ its shape, and may restore to its original shape even after being bent. Shape memory alloys, which are often deformed when cold, regain their natural shape when heated. These unique alloys are employed as functional materials in temperature sensors, actuators, clamping fixtures, and a wide variety of other applications.
These metals also have a property known as superelasticity, which allows them to be bent or stretched without maintaining their original shape, similar to rubber. This ability to re-shape after considerable deformation is used in everyday products, electrical & electronic appliances, and medical equipment.
In response to skyrocketing customer demand for improved performance and safety in automobiles, the automotive industry is developing actuators, sophisticated sensors, and microcontrollers. Growing preference for shape memory alloys over traditional actuators such as hydraulic and pneumatic systems in the automotive industry is pushing sales in the India market.
Shape memory alloy actuators are becoming increasingly popular among automakers due to their numerous features such as shape memory and extreme elasticity. Secondly, shape memory alloy actuators do not require a sophisticated and bulky design to function.
These types of alloys are currently used in very few automobile applications. However, rising investments in research and development activities by automakers in search of prospective applications such as climate control, engine control valves, door locks, and actuators are likely to propel sales of shape memory alloys in the automotive industry.
| Attributes | Key Insights |
|---|---|
| India Shape Memory Alloy Market Estimated Size (2023E) | US$ 83.1 million |
| Projected Market Valuation (2033F) | US$ 286.7 million |
| Value-based CAGR (2023 to 2033) | 13.2% |
| Collective Value Share: Key Players | 25% to 30% |
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According to Future Market Insights, the India market for shape memory alloys witnessed a rickety growth rate of 5.8% over the course of the historical period from 2018 to 2022, as compared to the resilient growth rate of 13.2% during the assessment period of 2023 to 2033.
The market is predicted to show resilient growth in the span of the next ten years owing to soaring demand from industries, as well as rising expenditure on research and development activities. The shape memory alloy market is not a standalone industry but rather depends upon several application sectors.
Growth in various application industries directly impacts expansion of the shape memory alloy market. Over the past few decades, growth in chemical, automotive, aerospace, and electrical industries have contributed significantly to expansion of the India market. Significant performance of application sectors is also anticipated to have a positive impact on the India market.
Shape memory alloys are made by using raw materials such as nickel, titanium, copper, and aluminum. Prices of these materials frequently fluctuate and show spikes in their prices which is a rising concern among key players.
On the other hand, shape memory alloys are widely utilized in the healthcare industry for making surgical tools and biomedical implants. But, in other end-use sectors such as automotive and consumer electronics, substitutes such as stainless steel is a preferred material. High price of shape memory alloys and easy availability of substitutes in India are a couple of factors that may hamper sales in the market.
Shape memory alloys have significant applications in the construction industry. They are used in civil construction projects such as for the construction of bridges, restoration of heritage structures, and shock & earthquake resistant buildings. Thermo-mechanical properties of shape memory alloys make them a viable option as reinforced metal elements in construction applications.
The construction sector in India is evolving at a rapid pace. Ongoing urban development projects, civil infrastructure projects, land connectivity programs, water conservation initiatives, and industrial development plans are driving the construction industry in the country. Owing to multiple advantages of shape memory alloys, their adoption in the India construction market is anticipated to surge during the forecast period. This will hence propel the shape memory alloy market in India.
Principal Consultant
Expansion of Transportation Systems in Gujarat and Maharashtra to Drive Shape Memory Actuator Demand
Due to substantial investments and presence of leading manufacturers in numerous states of West India such as Gujarat and Maharashtra, the region is predicted to capture a dominant portion of the market. Advantage of well-developed ports and transportation systems would also benefit the states of West India, thereby boosting international trade and initiating robust supply chains. The region is hence expected to hold more than one-third of the shape memory alloy market in India.
Presence of Innovation Labs across South India to Propel Sales of Nitinol Memory Wires
The India shape memory alloy market is going through lots of innovations and developments for finding their novel applications in different end-use industries. States across South India such as Karnataka, Tamil Nadu, and Andhra Pradesh are driving these innovations due to presence of multiple innovation labs and research facilities in these areas. In response to these advancements, consumption of shape memory alloys is predicted to climb in the region's end-use sectors, resulting in the region recording a high growth rate among India's four regions.
Demand for Nickel Titanium Shape Memory Alloys to Expand across India by 2033
On the basis of material, the nickel-titanium (nitinol) alloy segment is likely to grab a key share of India shape memory alloy market by 2033. Nickel-titanium alloy, also known as nitinol is a significant alloy that exhibits shape memory effect below its transition temperature, as well as superelasticity above the transition temperature. This alloy has high biocompatibility that makes it suitable for biomedical applications.
Better elasticity, extreme corrosion resistance, and kink resistance are also few of the key characteristics of nitinol that makes it a prominent material for shape memory applications. In India, consumption of nitinol is expected to expand at a significant rate, and is anticipated to create an absolute dollar opportunity of more than US$ 183.6 million during the evaluation period.
High Demand for Shape Memory Materials for Making Biomedical Devices to Aid Sales
Among end-use industries, biomedical is anticipated to be the dominant consumer of shape memory alloys in India owing to its wide range of applications in the industry. Backed by high biocompatibility and enhanced reliability, shape memory alloys are extensively used in the production of various biomedical devices, orthopedic & orthodontic implants, and surgical intervention devices.
Increasing healthcare spending by the government, ongoing technological advancements, and high cost of imports are projected to surge the demand for domestic production of such devices. These factors are anticipated to create new opportunities in the India shape memory alloy market.
Increasing Adoption of Shape Memory Nitinol Wires to Surge among Stent and Dental Implant Makers
Based on application, the wires and tubes segment is likely to have a dominant share over the course of assessment period, says Future Market Insights. Shape memory materials in the form of wires and nanotubes are extensively used by the biomedical industry for dental, surgical, as well as endoscopic applications.
Wire form of shape memory alloy is easy to use in 3D applications. Adoption of shape memory alloys in dental implants, stents, and orthopedics is expected to surge at a collective CAGR of close to 15% in the next ten years. Hence, the wire and tubes application segment is anticipated to expand in India market in the forecast period.
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Increased expansion and collaboration efforts have been seen over the last few years, which has helped to increase the availability of shape memory alloys. Mergers, acquisitions, and joint ventures are the main methods used by numerous big market players to expand their product lines and establish a sizable market presence. Few key players are focusing on the expansion of their production capacities to cater to the growing demand.
One of the recent developments in India shape memory alloys market is listed below:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | US$ 83.1 million |
| Projected Market Valuation (2033) | US$ 286.7 million |
| Value-based CAGR (2023 to 2033) | 13.20% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (US$ million) and Volume (Tons) |
| Key Regions Covered | North India; South India; East India; and West India |
| Key Segments Covered | Material, Component, End-use Indutry, Application, and Region |
| Key Companies Profiled | Mishra Dhatu Nigam Ltd (MIDHANI); Thermo Fisher Scientific India Private Limited; ATI Specialty Alloys & Components; SAES Getters, Furukawa Electric Co., Ltd; Nippon Steel & Sumitomo Metal; Fort Wayne Metals; Johnson Matthey; Xian Saite Metal Materials Development Company Limited; Daido Steel Co., Ltd.; Ultimate NiTi Technologies Inc.; Metalwerks PMD Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is projected to US$ 83.1 million in sales by 2023.
The market is set to be worth US$ 286.7 million by 2033.
The market is estimated to exhibit a 13.2% CAGR through 2033.
Historically, the market value evolved between 2018 and 2022 at a CAGR of 5.8%.
The wires and tubes segment is predicted to sustain growth at 15% CAGR.
Nitinol ought to generate an absolute dollar opportunity of US$ 183.6 million.
1. Executive Summary | India Shape Memory Alloy Market
1.1. India Shape Memory Alloy Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. India Shape Memory Alloy Market Overview
2.1. Shape Memory Alloy Market Coverage / Taxonomy
2.2. Shape Memory Alloy Market Definition / Scope / Limitations
3. Key India Shape Memory Alloy Market Trends
3.1. Key Trends Impacting the Shape Memory Alloy Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. India Shape Memory Alloy Market Demand Analysis 2017 to 2022 and Forecast, 2023 to 2033
5.1. Historical Shape Memory Alloy Market Volume (Tons) Analysis, 2017 to 2022
5.2. Current and Future Shape Memory Alloy Market Volume (Tons) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. India Shape Memory Alloy Market - Pricing Analysis
6.1. Regional Pricing Analysis By Material Type and Pricing Forecast
6.1.1. Distributor Level pricing
6.1.2. Manufacturer Level pricing
6.2. India Average Pricing Analysis Benchmark
7. India Shape Memory Alloy Market Demand (in Value or Size in US$ million) Analysis 2017 to 2022 and Forecast, 2023 to 2033
7.1. Historical Shape Memory Alloy Market Value (US$ million) Analysis, 2017 to 2022
7.2. Current and Future Shape Memory Alloy Market Value (US$ million) Projections, 2023 to 2033
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Shape Memory Alloy Market Background
8.1. Macro-Economic Factors
8.1.1. India GDP Growth Outlook
8.1.2. India Automotive Shape Memory Alloy Market Growth Outlook
8.1.3. India Urbanization Outlook
8.1.4. India Construction Industry Outlook
8.1.5. Other Macro-economic factors
8.2. Forecast Factors - Relevance & Impact
8.2.1. Top Companies Historical Growth
8.2.2. GDP Growth forecast
8.2.3. Manufacturing Industry forecast
8.2.4. Key Shape Memory Alloy Market Developments
8.2.5. End Use Industry Demand Outlook
8.2.6. Other Forecast Factors
8.3. Value Chain
8.3.1. Raw Material Suppliers
8.3.2. Product Manufacturers (Product Portfolio & End-Use Industry)
8.3.3. Suppliers/Distributors
8.3.4. Probable End Users
8.3.5. Average Profitability Margins
8.4. COVID-19 Crisis – Impact Assessment
8.4.1. Current Statistics
8.4.2. Short-Mid-Long Term Outlook
8.4.3. Likely Rebound
8.5. Shape Memory Alloy Market Dynamics
8.5.1. Drivers
8.5.2. Restraints
8.5.3. Opportunity Analysis
8.6. Trade Overview
8.7. PESTLE Analysis
8.8. Patent Analysis
8.9. Overview of Domestic Production Vs. Imports
8.10. Overview of reasons for lack of production facilities in India
8.11. Criss-Cross Analysis, 2021 (End-Use Industry by Material Type)
9. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Material Type
9.1. Introduction / Key Findings
9.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Material Type, 2017 to 2022
9.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Material Type, 2023 to 2033
9.3.1. Nickel-Titanium (Nitinol)
9.3.2. Copper-based
9.3.3. Fe-Mn-Si
9.3.4. Others
9.4. Shape Memory Alloy Market Attractiveness Analysis By Material Type
10. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component Type
10.1. Introduction / Key Findings
10.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Component Type, 2017 to 2022
10.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Component Type, 2023 to 2033
10.3.1. Ingots
10.3.1.1. Round Bar
10.3.1.2. Square Bar
10.3.2. Sheets
10.3.3. Blocks
10.3.4. Wires & Tubes
10.3.5. Pipes
10.4. Shape Memory Alloy Market Attractiveness Analysis By Component Type
11. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by Application
11.1. Introduction / Key Findings
11.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Application, 2017 to 2022
11.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Application, 2023 to 2033
11.3.1. Wires & Tubes
11.3.1.1. Orthopedic
11.3.1.2. Dental Implants
11.3.1.3. Stents
11.3.1.4. Catheters
11.3.1.5. Orthodontic
11.3.1.6. Endoscopic Guide Tubes
11.3.1.7. Others
11.3.2. Motor/Actuators/Transducer
11.3.2.1. Motor Vehicles
11.3.2.2. Aircraft Engine
11.3.2.3. Pipe Couplings
11.3.2.4. Seismic Devices (Dampers and Isolators)
11.3.2.5. Fire Dampers
11.3.2.6. Others
11.3.3. Valves (Regulator/Pyrotechnic/Others)
11.3.3.1. Evaporative Emission Control
11.3.3.2. Water Purifier
11.3.3.3. Spacecraft
11.3.3.4. Vehicle Propulsion Systems
11.3.3.5. Others
11.3.4. Pipes
11.3.4.1. Structural Elements
11.3.4.2. Bridges & Pavements
11.3.4.3. Silos & Tanks
11.3.4.4. Others
11.3.5. Sensors
11.3.5.1. Surgical and Intervention Instruments
11.3.5.2. Engines
11.3.5.3. Others
11.3.6. Other
11.4. Shape Memory Alloy Market Attractiveness Analysis By Application
12. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by End Use Industry
12.1. Introduction / Key Findings
12.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By End Use Industry, 2017 to 2022
12.3. Current and Future Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By End Use Industry, 2023 to 2033
12.3.1.1. Biomedical
12.3.1.2. Aerospace & Defense
12.3.1.3. Automotive
12.3.1.4. Building & Construction
12.3.1.5. Consumer Electronics & Home Appliances
12.3.1.6. Others
12.4. Shape Memory Alloy Market Attractiveness Analysis By End Use Industry
13. India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033, by Region
13.1. Introduction
13.2. Historical Shape Memory Alloy Market Size (US$ million) and Volume Analysis By Region, 2017 to 2022
13.3. Current Shape Memory Alloy Market Size (US$ million) and Volume Analysis and Forecast By Region, 2023 to 2033
13.3.1. North India
13.3.2. South India
13.3.3. East India
13.3.4. West India
13.4. Shape Memory Alloy Market Attractiveness Analysis By Region
14. North India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022
14.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033
14.4.1. By Material Type
14.4.2. By Product Type
14.4.3. By Application
14.4.4. By End Use Industry
14.5. Shape Memory Alloy Market Attractiveness Analysis
14.5.1. By Material Type
14.5.2. By Product Type
14.5.3. By Application
14.5.4. By End Use Industry
14.6. Shape Memory Alloy Market Trends
14.7. Key Shape Memory Alloy Market Participants - Intensity Mapping
14.8. Drivers and Restraints - Impact Analysis
15. South India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022
15.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033
15.4.1. By Material Type
15.4.2. By Product Type
15.4.3. By Application
15.4.4. By End Use Industry
15.5. Shape Memory Alloy Market Attractiveness Analysis
15.5.1. By Material Type
15.5.2. By Product Type
15.5.3. By Application
15.5.4. By End Use Industry
15.6. Shape Memory Alloy Market Trends
15.7. Key Shape Memory Alloy Market Participants - Intensity Mapping
15.8. Drivers and Restraints - Impact Analysis
16. East India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022
16.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033
16.4.1. By Material Type
16.4.2. By Product Type
16.4.3. By Application
16.4.4. By End Use Industry
16.5. Shape Memory Alloy Market Attractiveness Analysis
16.5.1. By Material Type
16.5.2. By Product Type
16.5.3. By Application
16.5.4. By End Use Industry
16.6. Shape Memory Alloy Market Trends
16.7. Key Shape Memory Alloy Market Participants - Intensity Mapping
16.8. Drivers and Restraints - Impact Analysis
17. West India Shape Memory Alloy Market Analysis 2017 to 2022 and Forecast 2023 to 2033
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Shape Memory Alloy Market Size (US$ million) and Volume Trend Analysis By Shape Memory Alloy Market Taxonomy, 2017 to 2022
17.4. Shape Memory Alloy Market Size (US$ million) and Volume Forecast By Shape Memory Alloy Market Taxonomy, 2023 to 2033
17.4.1. By Material Type
17.4.2. By Product Type
17.4.3. By Application
17.4.4. By End Use Industry
17.5. Shape Memory Alloy Market Attractiveness Analysis
17.5.1. By Material Type
17.5.2. By Product Type
17.5.3. By Application
17.5.4. By End Use Industry
17.6. Shape Memory Alloy Market Trends
17.7. Key Shape Memory Alloy Market Participants - Intensity Mapping
17.8. Drivers and Restraints - Impact Analysis
18. Shape Memory Alloy Market Structure Analysis
18.1. Shape Memory Alloy Market Analysis by Tier of Companies (Shape Memory Alloy)
18.2. Shape Memory Alloy Market Concentration
18.3. Shape Memory Alloy Market Share Analysis of Top Players
18.4. Shape Memory Alloy Market Presence Analysis
18.4.1. By Material Type Footprint of Players
18.4.2. By Regional Footprint of Players
19. Competition Analysis
19.1. Competition Dashboard
19.2. Competition Benchmarking
19.3. Competition Deep Dive
19.3.1. SMA Wires India
19.3.2. Mishra Dhatu Nigam Ltd (MIDHANI)
19.3.2.1. Overview
19.3.2.2. Product Portfolio
19.3.2.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.2.4. Sales Footprint
19.3.2.5. Strategy Overview
19.3.3. Thermo Fisher Scientific India Private Limited
19.3.3.1. Overview
19.3.3.2. Product Portfolio
19.3.3.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.3.4. Sales Footprint
19.3.3.5. Strategy Overview
19.3.4. ATI Specialty Alloy & Components
19.3.4.1. Overview
19.3.4.2. Product Portfolio
19.3.4.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.4.4. Sales Footprint
19.3.4.5. Strategy Overview
19.3.5. SAES Getters
19.3.5.1. Overview
19.3.5.2. Product Portfolio
19.3.5.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.5.4. Sales Footprint
19.3.5.5. Strategy Overview
19.3.6. Furukawa Electric Co., Ltd
19.3.6.1. Overview
19.3.6.2. Product Portfolio
19.3.6.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.6.4. Sales Footprint
19.3.6.5. Strategy Overview
19.3.7. Nippon Steel & Sumitomo Metal
19.3.7.1. Overview
19.3.7.2. Product Portfolio
19.3.7.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.7.4. Sales Footprint
19.3.7.5. Strategy Overview
19.3.8. Fort Wayne Metals
19.3.8.1. Overview
19.3.8.2. Product Portfolio
19.3.8.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.8.4. Sales Footprint
19.3.8.5. Strategy Overview
19.3.9. Johnson Matthey
19.3.9.1. Overview
19.3.9.2. Product Portfolio
19.3.9.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.9.4. Sales Footprint
19.3.9.5. Strategy Overview
19.3.10. Xian Saite Metal Materials Development Company Limited
19.3.10.1. Overview
19.3.10.2. Product Portfolio
19.3.10.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.10.4. Sales Footprint
19.3.10.5. Strategy Overview
19.3.11. Daido Steel Co., Ltd.
19.3.11.1. Overview
19.3.11.2. Product Portfolio
19.3.11.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.11.4. Sales Footprint
19.3.11.5. Strategy Overview
19.3.12. Ultimate NiTi Technologies Inc.
19.3.12.1. Overview
19.3.12.2. Product Portfolio
19.3.12.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.12.4. Sales Footprint
19.3.12.5. Strategy Overview
19.3.13. Metalwerks PMD Inc.
19.3.13.1. Overview
19.3.13.2. Product Portfolio
19.3.13.3. Profitability by Shape Memory Alloy Market Segments (Product/Channel/Region)
19.3.13.4. Sales Footprint
19.3.13.5. Strategy Overview
20. Assumptions and Acronyms Used
21. Research Methodology
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India Shape Memory Alloy Market
