Global Nitinol Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nitinol Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nitinol is a metal alloy of nickel and titanium with unique properties, including superelasticity or pseudoelasticity and “shape memory” properties. That means nitinol can remember its original shape and return to it when heated. It also shows great elasticity under stress.

When the deformation of a general metal material exceeds its elastic limit, it will produce permanent deformation, which is called plastic deformation. Heating in a solid state cannot completely recover this deformation. However, some special functional materials, such as shape memory alloys, can memorize the shape in the high-temperature phase state, that is, when the material is deformed at a low temperature, and then heated to a higher temperature, the deformation can be completely disappeared when it reversely transforms into the high-temperature phase, and return to the shape of the high-temperature phase state before deformation. This phenomenon is called the shape memory effect.

Market Overview:

The latest research study on the global Nitinol market finds that the global Nitinol market reached a value of USD 9078.26 million in 2022. It’s expected that the market will achieve USD 16095.56 million by 2028, exhibiting a CAGR of 10.01% during the forecast period.

Influence of COVID-19 Outbreak on Nitinol Industry Development

The COVID-19 outbreak has triggered disruptions in global supply chains and business processes. Most industries that use Nitinol, such as automotive, aerospace and defense, as well as consumer electronics and home appliances, have been negatively affected by the COVID-19 pandemic. Except for the biomedical sector, almost all industrial sectors experienced a decline. In addition, the blockade and quarantine regulations implemented by India, Canada, and European countries disrupted normal business, sales, new project demand and revenue in major industries including aviation, automobiles, and oil and gas.

One is the supply level, such as the shortage of raw materials and parts. At present, it is mainly the risks caused by the delay of core parts transportation and personnel resumption under regional control. Due to transportation restrictions, the entire raw material section is not supplied smoothly, and the transportation of raw materials is affected. The customs clearance speed and import volume of imported goods in various countries also have a significant slowdown.

The second is the demand level. Downstream demand is weakened, which makes midstream and upstream production enterprises have the risk of inventory backlog. The high inventory may lead to passive reduction of production.

Strength

Over the years, SMAs have provided incredible flexibility compared to other traditional materials, thus gaining a strong foothold. Among these shape memory alloys, Nitinol is an alloy composed of titanium and nickel. It contains these two elements in roughly equal atomic percentages. Nitinol has been used in a series of medical devices and has been the most important alloy in biomedical applications for more than three decades. Therefore, in the manufacture of medical devices, the increase in the utilization rate of this alloy has greatly replaced the consumption of stainless steel. Nitinol has been widely used in medical equipment, and its unique characteristics allow minimally invasive surgery and implants to improve the quality of life. Nitinol is popular in medical devices due to its elasticity, biocompatibility, and resistance to fatigue and kink.

Weakness

Although nickel-titanium memory alloys have made great progress in the medical field, because nickel-titanium memory alloys still contain nearly 50% of nickel, nickel is a potential carcinogen and allergen, giving nickel-titanium memory alloys as a kind of Long-term implants have brought great difficulties. Another major limitation faced by Nitinol is that it has been relatively difficult to process, form and connect with other materials.

Opportunities

With the growth of demand in the aerospace and defense industries, the demand for thin and light corrosion-resistant shape memory alloys is also growing. In addition, the market for negative magnetic memory alloys has grown rapidly in recent years, which has increased the demand for deformable-based inverse alloys in the biomedical industry. In addition, due to the global increase in the elderly population and the increasing incidence of vascular diseases such as peripheral artery disease and coronary artery disease, the Nitinol market has considerable potential for expansion, especially in developing countries. More and more minimally invasive procedures involving the use of micro-devices are driving the expansion of the Nitinol market, and there are great opportunities for development.

Threat

As the demand for shape memory alloys in the dental implant market increases, major companies are focusing on biomedical applications, but the high cost of these gold-containing and medical implants limits the growth of the shape memory alloy market. SMA's raw materials include metals such as nickel, copper, titanium, and aluminum. As the prices of these metals continue to rise, the input costs are increased. In addition, for many applications in the biomedical, automotive, and consumer electronics industries, stainless steel is more popular than SMA because the latter is expensive and has similar characteristics. Therefore, the rising cost of raw materials and the availability of substitutes will inhibit the growth of the Nitinol market to a certain extent.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (43.41% in 2022).

Company Overview:

ATI is one of the major players operating in the Nitinol market, holding a share of 3.76% in 2023.

ATI

ATI is a technology-driven key supplier for key aerospace and defense customers, focusing on maximizing growth opportunities for aero engines and airframes. HPMC is ready to meet the demand growth of the end market, producing long products, precision forgings and machined parts of titanium-based, nickel-based, cobalt-based alloys and other special metals.

Johnson Matthey

Johnson Matthey is divided into four main sectors: clean air, efficient natural resources, health and new markets. And now, as the world faces the challenges of climate change and scarcity of resources, Johnson Matthey will play a central role in accelerating transportation, energy, chemical production, and the major transformation required to create a circular economy.

Segmentation Overview:

Among different product types, 1-Way Memory Effect segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Medical applications segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Nitinol market covered in Chapter 3:

Nippon Steel & Sumitomo Metal
Baoji Seabird Metal Material
Ultimate Wireforms, Inc.
G.RAU GmbH & Co. KG
Confluent Medical Technologies
Metalwerks PMD
SAES Getters
Johnson Matthey
Fort Wayne Metals
ATI
Furukawa Electric

In Chapter 4 and Chapter 14.2, on the basis of types, the Nitinol market from 2018 to 2029 is primarily split into:

1-Way Memory Effect
2-Way Memory Effect
Full Memory Effect

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nitinol market from 2018 to 2029 covers:

Medical applications
Automotive
Defense
Aerospace industries

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)