Magnetic Shape Memory Market Size, Share, Growth, and Industry Analysis, By Type (One-way Memory Effect, Two-way Memory Effect and Other), By Application (Aircraft, Medical surgery, Automotive, Home Appliance and Other), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

magnetic shape memory market Report Overview

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The global magnetic shape memory market size was USD 6838.6 million in 2021 and is expected to reach USD 10906.97 million by 2027, at CAGR of 8.09% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the magnetic shape memory market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Magnetic shape memory (MSMA) is a type of shape memory alloy (SMA) that can change its shape in response to a magnetic field. MSMA alloys are typically made of ferromagnetic materials, such as nickel, iron, and cobalt. When these materials are exposed to a magnetic field, they can undergo a structural change that causes them to deform. This deformation can be reversed by removing the magnetic field.

The magnetic shape memory effect is caused by the interaction of the magnetic field with the magnetic domains in the material. Magnetic domains are regions of the material that have a uniform magnetization. When a magnetic field is applied, the magnetic domains align themselves with the field. This alignment causes the material to deform.

COVID-19 Impact: Pandemic Decreased the Market Demand Owing to Stoppage in Materials Manufacturing

The COVID-19 pandemic has had a significant impact on the magnetic shape memory market share. The lockdown measures implemented by governments to contain the spread of the virus disrupted the supply chain for magnetic shape memory materials and components. This was because many of the countries that produce MSMA materials and components are located in Asia, which was one of the hardest hit regions by the pandemic. The lockdown measures also hampered the production of MSMA products. This was because many MSMA manufacturers were forced to shut down their factories or operate at reduced capacity. The pandemic also led to a decrease in demand for magnetic shape memory products in some industries. For example, the automotive industry, which is a major user of MSMA actuators, was severely affected by the pandemic.

Latest Trends

"Development of New MSMA Materials with Improved Properties is Expected to Fuel the Growth in the Market"

This can improve the shape memory effect, magnetic field sensitivity, and corrosion resistance of the material. For example, adding niobium to nitinol alloy can improve the shape memory effect and magnetic field sensitivity. By changing the heat treatment process: This can also improve the properties of the material. For example, annealing the material can improve the corrosion resistance. By using new manufacturing techniques: This can produce materials with more uniform properties. For example, additive manufacturing can be used to produce magnetic shape memory materials with complex shapes and structures. The development of new MSMA materials with improved properties is opening up new applications for MSMA in various industries. For example, new MSMA materials with increased shape memory effect can be used in actuators that require a large amount of force. New MSMA materials with higher magnetic field sensitivity can be used in sensors that need to detect small changes in the magnetic field. And new MSMA materials with better corrosion resistance can be used in applications where the material is exposed to corrosive environments.

magnetic shape memory market Segmentation

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• By Type Analysis

According to type, the market can be segmented into One-way Memory Effect, Two-way Memory Effect and Other.

• By Application Analysis

Based on application, the market can be divided into Aircraft, Medical surgery, Automotive, Home Appliance and Other.

Driving Factors

"Increasing Demand for Actuators and Sensors in Various Industries to Foster the Market Growth"

Actuators are devices that convert energy into motion. They are used in a wide variety of applications, such as power steering, active suspension, and braking systems in the automotive industry; valves and pumps in the industrial sector; and robotics and prosthetics. Sensors are devices that detect and measure physical quantities, such as temperature, pressure, and force. They are used in a wide variety of applications, such as medical devices, industrial automation, and environmental monitoring. MSMA actuators and sensors are becoming increasingly popular because they offer a number of advantages over traditional actuators and sensors. For example, MSMA actuators are more compact and lightweight than traditional actuators, and they can operate in a wider range of temperatures and environments. Magnetic shape memory sensors are more sensitive and accurate than traditional sensors, and they can be used to detect smaller changes in physical quantities.

"Growing Adoption of magnetic shape memory in Medical Devices to Result in the Expansion of the Market"

MSMA is used in a variety of medical devices, such as stents, heart valves, and drug delivery systems. These devices are used to treat a wide range of medical conditions, such as coronary artery disease, heart defects, and cancer. MSMA is used in medical devices because it offers a number of advantages over traditional materials. For example, MSMA is biocompatible, which means that it is safe to use in the body. MSMA is also flexible and strong, which makes it ideal for use in medical devices that need to be implanted in the body. MSMA actuators are used in fuel-efficient and environmentally friendly vehicles, such as hybrid and electric vehicles. The increasing demand for these vehicles is driving the demand for MSMA actuators. Advances in manufacturing technology are making it possible to produce MSMA products at a lower cost. This is making MSMA more affordable and accessible to a wider range of industries.

Restraining Factors

"Limited Availability of Raw Materials to Hamper the Market Growth"

The limited availability of MSMA raw materials is one of the major restraining factors of the MSMA market. The main raw materials for MSMA are nickel, titanium, and copper. These metals are not abundant and are also used in other industries, such as the aerospace and defense industries. This can make it difficult to obtain the necessary quantities of MSMA raw materials at a reasonable price.

magnetic shape memory market Regional Insights

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"Asia Pacific to Lead the Market Owing to the Presence of Major MSMA Manufacturers in the Region. "

The Asia Pacific region has shown the highest magnetic shape memory market growth. The Asia Pacific region is home to some of the major MSMA manufacturers, such as ATI Industrial Automation, Nitinol Devices & Components, and Dynalloy. These companies are investing in research and development to improve the properties of MSMA materials and to develop new MSMA products.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market.  "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Burpee Materials Technology (U.S.)
• Aerofits Products (U.S.)
• Dynalloy (U.S.)
• Bose (U.S.)
• Endosmart (Switzerland)
• Euroflex (France)
• SAES Getters (Italy)
• Nitinol Devices & Components Inc. (U.S.)
• EchoBio (U.S.)

Report Coverage

This report examines an understanding of the magnetic shape memory market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.