Shape Memory Alloys Market A Rising Trajectory Skyrocketing Market Size Envisioned Ahead

Allied Market Research recently released a report titled "Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, and Others) and End-Use Industry (Biomedical, Aerospace & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." The global shape memory alloys industry was valued at $9.2 billion in 2020, and it is projected to reach $19.5 billion by 2030, with a CAGR of 8.2% from 2021 to 2030.

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Key Drivers, Restraints, and Opportunities:

The growth of the global shape memory alloys market is driven by increased demand from the biomedical sector and a surge in demand from the automotive industry. However, fluctuations in raw material costs hinder market growth. Conversely, the rise in demand from the electronics industry is expected to create lucrative opportunities for market players in the future.

COVID-19 Impact:

The COVID-19 pandemic disrupted the supply chain, created gaps in supply and demand, and caused price volatility. Resource scarcity and challenges in raw material procurement hampered the manufacturing of shape memory alloys. After the pandemic, increased production volume and efforts to develop innovative solutions at affordable prices are expected to create new opportunities.

Nitinol Segment Dominates:

In 2020, the nitinol segment accounted for the largest share of the global shape memory alloys market, due to its biocompatible properties suitable for use in orthopedic implants. However, the copper-based segment is expected to register the highest CAGR of 8.3% during the forecast period, owing to its ability to return to its pre-deformed shape after heating above the transformation temperature.

Highest CAGR in Aerospace & Defense Segment:

The aerospace & defense segment is projected to exhibit the highest CAGR of 9.1% from 2021 to 2030, driven by the use of shape memory alloys in various aircraft exterior components to improve efficiency. In 2020, the biomedical segment held the largest share, accounting for around one-third of the global shape memory alloys market, due to the exceptional biocompatibility and computer tomography compatibility of shape memory alloys for use in medical devices.

Asia-Pacific Dominates, Followed by Europe and North America:

Asia-Pacific held the largest share of the global shape memory alloys market in 2020, followed by Europe and North America, with nearly two-fifths of the market. Asia-Pacific is expected to have the highest CAGR of 8.3% during the forecast period, driven by increased demand for advanced medical devices for low-cost diagnostic treatment.

Key Market Players:

Major companies in the shape memory alloys market include Furukawa, Johnson Matthey, G. Rau GmbH & Co. KG, Metalwerks Inc., Xi'an Saite Metal Material, Fort Wayne Metals, Dynalloyinc, Seabird Metal, Saes Gaetters, and Ati Specialty Alloys & Components.

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