In-Depth Analysis Of The Shape Memory Alloys Market: Growth Forecast From 2023 To 2032 || SAES Getters S.p.A., Nippon Steel Corporation, Fort Wayne Metals Research Products Corp

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Shape Memory Alloys Market Size, Growth Rate, And Forecast

The global shape memory alloys market size grew from $11.68 billion in 2022 to $13.2 billion in 2023 at a compound annual growth rate (CAGR) of 13.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The shape memory alloys market size is expected to grow to $21.41 billion in 2027 at a CAGR of 12.9%.

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Shape Memory Alloys Market Drivers

The rapidly growing aerospace and defense industry is significantly contributing to the growth of the shape memory alloys market. The aerospace and defense industry is involved in designing, manufacturing, and developing advanced space systems, aircraft, and defense capabilities. Shape memory alloys have an elastic modulus and a degree of strength enough for parts, structural members, and complexity of a system making it light and highly reliable it can reduce drag throughout the flight and improve overall performance offering direct benefits for passengers. The growing aerospace and defense sector due to demand for advanced infrastructure will propel the use of shape memory alloys. For instance, according to India Brand Equity Foundation, the aerospace and defense sector will reach $70 billion by 2030 due to demand for advanced infrastructure. Therefore, the rapidly growing aerospace and defense industry will promote the growth of the shape memory alloys market.

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Shape Memory Alloys Market Segments

• By Product Type: Sheets, Wires, Tubes, Rods, Springs

• By Material: Nickel-Titanium, Copper-based, Iron-based, Silver-based, Gold-based, Cobalt-based

• By End-Use Industry: Biomedical, Aerospace And Defence, Automotive, Consumer Electronics, Home Appliances

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the shape memory alloys market.

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Shape Memory Alloys Market Key Players
Major competitors in the shape memory alloys market are SAES Getters S.p.A., Nippon Steel Corporation, Fort Wayne Metals Research Products Corp, Xi'an Saite Metal Materials Development Co. Ltd., Dynalloy Inc., ATI Specialty Alloys & Components, Furukawa Electric Co. Ltd.

The Business Research Company's "Global Shape Memory Alloys Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.

The Table Of Content For The Shape Memory Alloys Market Include:
1. Executive Summary
2. Shape Memory Alloys Market Characteristics
3. Shape Memory Alloys Market Trends And Strategies
4. Shape Memory Alloys Market - Macro Economic Scenario
5. Shape Memory Alloys Market Size And Growth
………………
27. Shape Memory Alloys Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Shape Memory Alloys Market
29. Shape Memory Alloys Market Future Outlook and Potential Analysis
30. Appendix

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