Press release
Shape Memory Alloys Market Insights & Forecast over 2019 – 2025, Key Players are : Allegheny Technologies Incorporated, SAES Getters, Johnson Matthey, Nippon Steel and Sumitomo Metal, Furukawa Electric, Fort Wayne Metals, Xian Saite Metal Materials Deve
Shape Memory Alloys Market
Europe will also grow significantly in the coming years owing to growth of biomedical, aerospace and automotive industry in both Western and Eastern Europe. Asia Pacific shape memory alloy industry will also grow at around 14% CAGR in the upcoming years.
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Shape Memory Alloys Market is forecast to exceed USD 20 billion; according to a new research report. Growth in end-user industries such as automotive, biomedical and aerospace are likely to have a positive impact on shape memory alloys (SMA) market in the upcoming years. Asia Pacific will be a key region for shape memory alloys market growth due to increasing automotive production rates in Asian countries in the past few years.
Automotive industry in Asia Pacific will continue to grow further by 2025, positively impacting the SMA market development. Countries such as South Korea, India, Japan, etc. are witnessing increase in automotive production. Globally, China is a top automotive producer with well-established industry players having manufacturing bases in the country.
The key growth driving factor for the automotive industry in the region are increasing consumer spending, rising investment from the leading manufacturers, government initiatives, inexpensive labor, etc.
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Another important growth driving factor for the shape memory alloy industry is rising medical and aerospace industry in the U.S. The country is the largest producer of aircraft and a major vehicle manufacturer in the world. Additionally, the U.S. has also invested around USD 600 billion in the aerospace sector in 2016. These factors coupled with rising healthcare demand, well-established biomedical and automation sectors, and home appliances industry growth will propel shape memory alloy consumption in the country in the upcoming years.
On the basis of product, the market can be classified into copper-based alloys, NiTi (Nitinol) and others. Other SMAs consist of Ni-Fe-Ga, Fe-Mn-Si, etc. Nitinol is expected to have the highest share in the shape memory alloys market. Nitinol is utilized for demanding applications requiring properties such as high stability, high thermal and mechanical properties, practicability, etc. Copper-based SMAs will also grow significantly in the upcoming years.
On the basis of end-user industry, the market is categorized into automotive, bio-medical, home appliances, aerospace & defense and others. Automotive industry use shape memory alloys for a variety of applications such as to lower the aerodynamic force in automobiles, to monitor the flow of air in engine, in hatch vent of the vehicle, etc. The segment will hold around 15% share of product market in the upcoming years. Biomedical will be a key end-user which will grow significantly due to a wide range of shape memory alloy applications such as in stents, dental implants, catheters, etc.
Shape Memory Alloys Market by End-user
• Biomedical
• Aerospace & defense
• Automotive
• Home appliances
• Others
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Shape memory alloys industry share is highly competitive. The major players include Fort Wayne Metals, SAES Getters, Nippon Steel and Sumitomo Metal, Xian Saite Metal Materials Development, Allegheny Technologies Incorporated, Nippon Seisen, Furukawa Electric. Other companies in the SMA market consists of Seabird Metal Material, Ultimate Niti Technologies, Dynalloy, Metalwerks, Sunrise Titanium Technology, Euroflex, etc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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