Top 3 Trends Fueling Shape Memory Alloys Market Expansion | Key Players are Allegheny Technologies Incorporated, SAES Getters, Johnson Matthey, Nippon Steel and Sumitomo Metal

Reports estimate that the global shape memory alloys market size could cross USD 20 billion in terms of annual valuation by 2025.

The shape memory alloys market is witnessing exponential demand worldwide owing to its application in key end-use sectors like automobile, aerospace, and biomedical. Asia Pacific has emerged as a key consumption belt for shape memory alloys owing to the rising automobile production. The auto industry in China, India, South Korea, and Japan has benefited from the rise in disposable income among the people as well as the robust FDI.

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China, in particular, has emerged as a leading automobile manufacturer globally with numerous pioneered automakers having their manufacturing bases in the nation. The main growth driving factor behind the development of the automotive sector is the changing vehicle demands of the people, government efforts, and the rising investment from prominent vehicle companies.

The industry is home to numerous notable SMA producers including Dynalloy, SAES Getters, Fort Wayne Metals, Furukawa Electric, Ultimate Niti Technologies, and Metalwerks, among various others. Enlisted below are some of the integral factors likely to influence the industry growth in the coming years.

Widening scope of SMAs in the automotive applications

Shape memory alloys find extensive use in the automobile sector for various applications such as to reduce the aerodynamic force in vehicles to monitor the flow of air in engines, and in the hatch vent of automobiles, among others. The automotive sector is poised to capture more than 15% revenue share of the shape memory alloys market in the coming years.

Nitinol to witness consistent demand in key applications

With respect to the type of the product, the market was bifurcated into Nitinol, copper-led alloys, and others. Other SMAs comprise of Ni-Fe-Ga, Fe-Mn-Si, and others. Among these, nitinol is likely to hold a significant share in the shape memory alloys industry. The material is used high-performance applications that require properties like superior thermal and mechanical characteristics, high stability, and practicability, among others.

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North America – a key market for shape memory alloys

North America shape memory alloys market has witnessed commendable gains due to the presence of various small and large shape memory alloy producers. Additionally, the presence of well-established automobiles and biomedical companies will boost the product adoption in the coming years.

The U.S. in particular has emerged as a key consumer of shape memory alloys due to the growing medical and aerospace sector. The nation invested close to USD 600 billion in the aerospace industry in the year 2016.

These factors along with the growing healthcare demand, established automation and biomedical sectors, and an expanding home appliances sector will steer the consumption of shape memory alloys across the country.

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The advent of COVID-19 pandemic has severely disrupted the global automobile and aerospace sectors due to restriction on the movement of people and raw materials within country and across borders. In addition to this, the fall in the sales of cars due to limited cash flow among people has also adversely affected the developments in the automobile market, further affecting the demand for shape memory alloys.

However, gradual relaxations being announced by the government in many countries to get the economy back on track could strengthen the shape memory alloys market outlook immensely.

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