The global shape memory alloys market size is expected to reach USD 29.28 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 11.3% from 2025 to 2030. Shape memory alloy (SMA) refers to a metallic material that can be bent or stretched in its cool state. The alloy regains its original shape when heated above the transition temperature. Low temperature (martensite) and high temperature (austenite) are two stable phases of SMAs.

Nickel-titanium alloy (nitinol) is the key product type, which is largely used in medical devices. Medical devices made from nitinol include dental wires, needles, catheter tubes, guidewires, and other surgical instruments. The biomedical industry is facing many challenging applications that are testing the capability of SMAs. Recent research and development activities are aimed at improving the fatigue life of the material and producing materials with low inclusion sizes.

Gradual expansion of the automotive industry is likely to play a significant role in the demand for SMAs over the forecast period. SMA actuators are gaining popularity among automobile manufacturers owing to properties such as shape memory effect (SME) and super elasticity (SE). In addition, SMA actuators do not need complex and bulky design to function. Increasing R&D investments by automobile manufacturers to find potential applications such as climate control, door locks, engine control valve, and actuators are anticipated to drive market growth.

Aerospace and defense is another promising sector for SMAs. Rising focus on multi-functionality and reliability is driving demand for advanced materials in aerospace applications such as spacecraft, rotorcraft, and fixed-wing aircraft.

Asia Pacific is projected to remain a key region for the market over the coming years. Various research institutes and organizations are focusing on the development of new industrial applications. The region is undergoing significant infrastructural development in railways, roadways, industrial, commercial, and residential sectors. Furthermore, globalization has made the region a lucrative place for investment to aid the development of the economy while catering to a larger population. Asia Pacific also boasts a large aerospace and defense industry, creating novel opportunities for SMAs to be incorporated.

The market is competitive, with various small and large participants. Mergers and acquisitions, R&D investments, and new product launches are key strategic initiatives adopted by market players. For instance, in March 2024, Montagu Private Equity LLP, a private equity firm, announced its plans to acquire Johnson Matthey Plc's Medical Device Components (MDC) business. MDC develops and manufactures specialized components for minimally invasive medical devices. It also focuses on complex and high-precision parts made from platinum group metals and nitinol.

Shape Memory Alloys Market Report Highlights

• The biomedical segment had the largest market share, over 55%, in 2024. This segment's large share is attributed to increasing R&D in medical devices and surgical instruments.
• The nickel-titanium alloys (nitinol) segment dominated the market by capturing the largest share of 79.6% in 2024. Increasing R&D activities for application-specific products are aiding the growth of this segment.
• North America shape memory alloys market secured the largest market share of 35.1% in 2024
• Asia Pacific shape memory alloys market is anticipated to expand at the fastest CAGR of 11.7% from 2025 to 2030. Increasing production activities in the aerospace and automotive industries are likely to contribute to market growth.

Shape Memory Alloys Market Segmentation

Grand View Research has segmented the global shape memory alloys market report on the basis of product, end use, and region

Shape Memory Alloys Product Outlook (Revenue, USD Million, 2018 - 2030)

• Nickel-Titanium (Nitinol) Alloys
• Copper-Based Alloys
• Others

Shape Memory Alloys End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Biomedical
• Automotive
• Aerospace & Defense
• Consumer Electronics & Household
• Others

Shape Memory Alloys Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central and South America
  • Brazil
• Middle East and Africa
  • Saudi Arabia

Key Players of Shape Memory Alloys Market

• ATI
• Baoji Seabird Metal Material Co., Ltd.
• Dynalloy, Inc.
• Fort Wayne Metals Research Products Corp
• Furukawa Electric Co., Ltd.
• Johnson Matthey
• Mishra Dhatu Nigam Limited (MIDHANI)
• Nippon Seisen Co., Ltd.
• Nippon Steel Corporation
• SAES Group

Order a free sample PDF of the Shape Memory Alloys Market Intelligence Study, published by Grand View Research.