Lucintel's latest market report analyzed that shape memory material provides attractive opportunities in the aerospace, automotive, robotics, and healthcare & medical sectors. The shape memory material market is expected to reach $XX billion by 2028 with a CAGR of 8% to 10%. In this market, alloy material is the largest segment by product, whereas healthcare & medical is largest by application. Growth of the consumer electronics industry and increased uses of SMA in neurology and neuromuscular rehabilitation provides strategic growth path in this market.
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Based on product, the shape memory material market is segmented into alloy material, polymer material, and others. The alloy material segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during 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.
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The Shape Memory Material Market is marked by the presence of several big and small players. Some of the prominent players offering shape memory material include BASF, Evonik, Johnson Matthey, Covestro AG, Memry, Spintech, Fort Wayne Metals, SMP Technologies, SAES Getters, and Nippon Steel & Sumitomo Metals.
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