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Shape Memory Alloys Market Growth Analysis, Outlook Report 2024-2033
Shape Memory Alloys Market Growth
As per the report, the shape memory alloys market size has grown rapidly in recent years. It will grow from $12.84 billion in 2023 to $14.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The shape memory alloys market size is expected to see rapid growth in the next few years. It will grow to $22.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
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Elevated Demand In Aerospace And Defense Industry Drives Shape Memory Alloys Market Growth
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.
Strategic Partnerships And Collaborations Drive Innovation In The Shape Memory Alloys Market
Strategic partnerships and collaborations are the key trends gaining popularity in the shape memory alloys market. Major players operating in the market are partnering and collaborating to develop a strong product portfolio and offer innovative products. For instance, in January 2021, Nextremity Solutions, a US-based company, partnered with Fort Wayne Metals to supply magnesium-based alloys for use in orthopedic implants. Through this partnership, Nextremity Solutions will develop an orthopedic product portfolio, obtain regulatory clearance, conduct research and development, and establish in-house manufacturing procedures to supply products by leveraging the benefits of Fort Wayne Metals' materials. Fort Wayne Metals is a US-based company that develops shape-memory alloys.
The shape memory alloys market covered in this report is segmented -
1) By Product Type: Sheets, Wires, Tubes, Rods, Springs
2) By Material: Nickel-Titanium, Copper-based, Iron-based, Silver-based, Gold-based, Cobalt-based
3) By End-Use Industry: Biomedical, Aerospace And Defence, Automotive, Consumer Electronics, Home Appliances
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Major companies operating in the shape memory alloys market report are SAES Getters SpA, Nippon Steel Corp., Fort Wayne Metals Research Products Corp., Xi'an Saite Metal Materials Development Co. Ltd., Dynalloy Inc., Allegheny Technologies Incorporated, Johnson Matthey Plc, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd., Metalwerks Inc., G. RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation, ALB Materials Inc., Seabird Metal Material Co. Ltd., Ultimate Niti Technologies Inc., GRIKIN Advanced Materials Co. Ltd., Nitinol Devices & Components Inc., Peiertech, Smart Ltd., Endosmart GmbH, Euroflex Fibek Ltd., Kellogg's Research Labs LLC, Confluent Medical Technologies India Pvt. Ltd., Kinalco Inc., E. T. O. Engineering GmbH, Consolidated Aerospace Manufacturing, Aerofits Products Inc., Ingpuls GmbH, PPG Industries Inc.
Contents of the report:
1. Executive Summary
2. Shape Memory Alloys Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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