Shape Memory Alloys Market Advancements Highlighted By Share Forecast Till 2030

Allied Market Research recently published a comprehensive 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." According to the report, the global shape memory alloys market was valued at $9.2 billion in 2020 and is projected to reach $19.5 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/8062

Key Market Drivers, Restraints, and Opportunities
The market growth is primarily driven by:

- Increased demand in the biomedical sector due to shape memory alloys' biocompatibility.
- Rising adoption in the automotive industry for applications requiring materials with excellent deformation recovery.

However, market growth faces challenges from fluctuating raw material costs. Nevertheless, the growing demand in the electronics industry presents lucrative future opportunities for market expansion.

Market Segmentation Insights

By Type:

The nitinol segment dominated the market in 2020, accounting for nearly 40% of the global market. Nitinol's biocompatibility makes it ideal for orthopedic implants.
Copper-based alloys are anticipated to have the highest CAGR of 8.3% during the forecast period due to their transformation temperature flexibility.

By End-Use Industry:

- Aerospace & Defense is projected to exhibit the highest CAGR of 9.1% through 2030, driven by the alloys' use in various aircraft components to enhance performance.
- The biomedical segment held the largest market share in 2020 (about one-third) due to the alloys' compatibility with medical imaging and biocompatibility in medical devices.

Regional Market Analysis:

Asia-Pacific, followed by Europe and North America, held the largest market share in 2020, representing nearly 40% of the market. This region is also expected to experience the highest CAGR of 8.3% during the forecast period, largely due to the increasing demand for advanced, cost-effective medical devices.

Key Market Players

Some of the prominent players 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
- Dynalloy Inc.
- Seabird Metal
- SAES Getters
- ATI Specialty Alloys & Components

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/shape-memory-alloy-market-A07697

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.