Global Shape Memory Alloys Market size was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027 to exhibit a CAGR of XX % during a forecast period.
An alloy is a combination of metals. Shape memory alloys are defined as alloys that get back to their original shape when deformed. Shape memory alloys are light weight and are substitutes to conventional actuators such as pneumatic, motor-based, hydraulic systems.
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Increasing demand from the medical implant and electronic applications are expected to boost the demand for shape memory alloys market during the forecast period. The growth of the shape memory alloys market is growing due to the rising demand from the biomedical, aerospace & defence, and consumer electronics & home appliances industries across the globe. However, the increasing cost of raw materials and the availability of substitutes are limiting the growth of the shape memory alloys market. The high cost of implantable devices is major challenges of the market.
The nitinol alloys segment is accounted for the largest share of the shape memory alloys market, owing to the nitinol alloys are mainly used in the manufacture of implantable medical devices, surgical instruments, and automotive actuators. An increase in the demand for nitinol alloys for biomedical, automotive, and consumer electronics & home appliances manufacturing is also projected to grow at the highest CAGR during the forecast period.
The biomedical end-user segment is accounted for the largest share of the shape memory alloys market, owing to the shape memory alloys are used in various applications ranging from medical implants such as cardiovascular & endoscopic stents, orthopedic screws and wires, dental archwires. Aerospace and aeronautics hold a prominent share in the shape memory alloys market owing to widespread application of shape memory alloys in damping, coupling, actuators, shelf healing, and morphing.
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the growing demand from the biomedical and consumer electronics & home appliances industries. The Asia Pacific region is expected to witness the highest growth as of rapid economic expansion, mainly in China and India. Moreover, growing defense budgets, investments in aerospace industries, spending on healthcare, and availability of best healthcare services are expected to propel the demand for shape memory alloys from the aerospace & defense and biomedical industries in the region. The existence of strong automotive and manufacturing industries is the key factor driving the shape memory alloys market in the Asia Pacific. The small cost of production due to the easy availability of raw materials and inexpensive labor is one more factor in expanding market growth in the Asia Pacific region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global shape memory alloys market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in global shape memory alloys market.
Scope of Global Shape Memory Alloys Market:
Global Shape Memory Alloys Market, By Type:
• Nitinol Alloys
• Copper-based Alloys
• Iron-Manganese-Silicon Alloys
Global Shape Memory Alloys Market, By Application:
• Super Elastic
• Constrained Recovery
Global Shape Memory Alloys Market, By End-Users:
• Electrical Appliances
• Hot Water Supply
• Construction & Housing
• Automobiles & Trains
• Aerospace Engineering
• Bio- Medical
Global Shape Memory Alloys Market, By Region:
• North America
• Middle East & Africa
• Asia Pacific
• South America
The Key Players Operating In the Global Shape Memory Alloys Market:
• Saes Getters S.P.A
• Nippon Steel & Sumitomo Metals
• Fort Wayne Metals
• Xi’an Saite Metal Materials
• Dynalloy, Inc.
• Ati Specialty Alloys & Components
• Johnson Matthey
• Furukawa Electric Company
• Nippon Seisen
• Seabird Metal Material
• Ultimate Niti Technologies Inc.
• Metalwerks Pmd Inc.
• Endosmart Gmbh
• Admedes Schuessler Gmbh
• Euroflex Gmbh
• Confluent Medical Technologies, Inc.
• Aerofits Products Inc.
• Burpee Materials Technology Plc.
• Tini Aerospace
• Baoji Seabird Metals Materials Co., Ltd.
• Baoji Titanium Industry Co., Ltd
• Xsma, Inc.
Global Shape Memory Alloys Market https://www.maximizemarketresearch.com/request-sample/24552
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: MAXIMIZE MARKET RESEARCH PVT. LTD.