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Shape Memory Alloys Market to garner considerable profits from automotive sector through 2025

Shape Memory Alloys Market

Shape Memory Alloys Market

Growing demand of air travel and incessant progress of the automotive sector have helped shape memory alloys market as a lucrative investment arena globally. SMAs possess properties such as capability to remember original shape, converting from one form to another and back to the initial through heating. These characteristics of shape memory alloys have enabled them to foray into aerospace and automotive sector and enhance SMAs industry trends.

Product-based shape memory alloys market can be classified into NiTi (Nitinol), copper-based alloys, and others. Nitinol is anticipated to gain the highest share in shape memory alloys industry size. Nitinol is used for applications which require properties such as practicability, high mechanical and thermal properties, high stability, etc. Shape memory alloys market forecast report has predicted that copper based SMAs segment is expected to grow substantially in the forthcoming years.

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SMAs industry has lucrative end-user segments such as aerospace and defense, bio-medical, automotive, home appliances, and others. Automotive sector leverages shape memory alloys for a number of applications such as to check the flow of air in engine, to reduce the aerodynamic force in vehicles, in hatch vent of automobile, etc.

Shape memory alloys market forecast report has anticipated that automobile segment will account for almost 15% share in the industry over 2019-2025. As an end-user segment, biomedical is also anticipated to contribute significantly to the growth of SMAs industry size owing to several applications such as in catheters, dental implants, stents, etc.

In the past few years, automotive manufacturing rates in Asia Pacific have increased which has designated it as a key region for shape memory alloys market growth. Automotive sector in APAC region will witness continuous growth by 2025 which is going to offer impetus to SMAs industry size expansion. Asia Pacific shape memory alloys market is anticipated to witness a CAGR of around 14% over 2019-2025.

Countries including Japan, India, South Korea, etc. have been experiencing continuous growth in automotive manufacturing. Globally, China has ranked itself as a top automobile manufacturer with the presence of well-established industry players having production bases in the nation. The major growth driving aspects for the automotive sector in the region are growing investment from the top manufacturers, multiplying consumer spending, inexpensive labor, government initiatives, etc.

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Among numerous other growth driving factors, shape memory alloy market share will be fueled by escalating aerospace and medical sector in the U.S. The country has been noted to be the largest manufacturer of aircraft and a key automobile producer in the world. Furthermore, the U.S. has also reportedly invested almost $600 billion in the aerospace sector in the year 2016. These parameters along with growing healthcare demand, escalating home appliances sector, and well-established automation and biomedical sectors, are likely to uplift shape memory alloys industry share in the U.S. in the ensuing years.

To conclude, the ability of SMAs market to fix substantial gaps in the automotive and aerospace sectors will allow it to draw in significant revenue in the upcoming years. As per reliable evaluations, shape memory alloys industry share will surpass annual revenues of more than $20 billion by 2025.

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Contact Person: Arun Hegde
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Global Market Insights, Inc.
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About Global Market Insights:
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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