Shape Memory Alloys Market Size, Price, Demand, Growth, Revenue Statistics and Forecast 2020-2025

According to the latest report by IMARC Group, titled "Shape Memory Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global shape memory alloys market size reached US$ 6.8 Billion in 2019. Shape memory alloys (SMA) are metallic alloys that demonstrate super-elasticity and shape memory effect when exposed to temperature changes. They are capable of undergoing extreme reversible deformations while generating high thermal-mechanical driving forces. The changes in temperature and electromagnetic force are not only responsible for altering the physical form of the alloy but they also modify its stiffness, natural frequency and other mechanical properties. These alloys are further characterized by high fatigue resistance and biocompatibility. Consequently, SMAs are widely utilized across numerous industry verticals for the production of actuators, medical devices and heat detection devices.

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Global Shape Memory Alloys Market Trends:
The market is primarily driven by the growing application of SMAs in the healthcare sector. SMAs are widely used for the production of medical implants, such as stents, dental wires and orthopedic screws, and other medical devices. In line with this, increasing healthcare expenditure and the growing requirement for advanced treatment options are providing a thrust to the market growth. The increasing utilization of these alloys for manufacturing consumer electronics is also acting as a major growth-inducing factor. Since they form an essential component in the production of air conditioners, refrigerators and coffee machines due to their super-elasticity, the sales of SMAs are bolstering across the globe. These alloys are further replacing conventional actuator systems in aerospace and automobile industries on account of their lightweight, fatigue resistance and high mechanical strength, which is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the rising preference for nitinol alloys and the increasing utilization of SMAs in the manufacturing of several safety devices, such as anti-scalding valves and fire sprinklers. On account of the aforementioned factors, the market is projected to reach a value of US$ 12.1 Billion by 2025, growing at a CAGR of around 10% during 2020-2025.

Market Breakup by Alloy Type:
• Nickel-Titanium
• Copper-Based Alloys
• Iron-Manganese-Silicon
• Others

Market Breakup by End User Industry:
• Biomedical
• Aerospace and Defense
• Automotive
• Consumer Electronics
• Home Appliances
• Others

Market Breakup by Functionality Type:
• Super-Elasticity (or Pseudoelasticity)
• Constrained Recovery
• Free Recovery
• Others

Market Breakup by Application:
• Laser
• Motors and Actuators
• Transducers
• Structural Materials
• Sensors
• Others

Market Region Summary:
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).

The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include:
• Allegheny Technologies
• DYNALLOY Inc.
• EUROFLEX GmbH
• Fort Wayne Metals
• G.RAU GmbH & Co. KG
• Metalwerks Inc.
• Nippon Steel Group
• SAES Getters S.p.A.
• Furukawa Electric Co. Ltd.
• TiNi Aerospace Inc.
• Ultimate NiTi Technologies

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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This release was published on openPR.