February 24, 2020
According to the research report titled ‘Shape Memory Alloys Market Size By Product (NiTi, Copper based, Others), By End-user (Biomedical, Aerospace & Defense, Automotive, Household Appliances, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, South Korea, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC, Israel), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global shape memory alloys market is expected to surpass USD 20 billion by the year 2025.
Growing aerospace, biomedical, and automotive industries are driving the shape memory alloys market growth. There has been an upsurge in production rate of automobiles in Asia-Pacific region. This factor coupled with amplifying aerospace and medical industries in U.S. are further aiding the market expansion. Escalating investments in aerospace sector, growing demand for advanced healthcare facilities, booming automation and biomedical industry, and growing home appliances industry are fostering the demand for shape memory alloys across the U.S., thus facilitating the business scenario.
As per product type, the nitinol (NiTi) shape memory alloys market segment is expected to register substantial growth during the forecast period. Rising adoption of the product for applications that require high practicability, superior mechanical & thermal properties, and high stability is fueling the segmental growth. On the other hand, the demand for copper based shape memory alloys is presumed to expand significantly during the estimated timeframe.
Citing the end-use landscape, automotive industry is predicted to hold 15% share of shape memory alloys market by the year 2025. Increasing utilization of the product to monitor airflow in engine, to reduce aerodynamic force, and in hatch vents of automobile will foster the segmental share. However, biomedical industry will witness lucrative growth opportunities over the analysis timeframe owing to use of shape memory alloys in catheters, dental implants, and stents.
Considering the geographical landscape, North America shape memory alloys industry held the largest regional share in the year 2018. High concentration of key industry players coupled with flourishing biomedical and automotive industries are augmenting the regional demand for the product.
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On the other hand, shape memory alloys market in Europe is poised to acquire substantial gains in the subsequent years due to growing automotive, aerospace, and biomedical industries. Whereas, Asia-Pacific shape memory alloys market is presumed to expand with 14% CAGR during 2019-2025.
The prominent companies operating in shape memory alloys market are Stanford Sunrise Titanium Technology, Stanford Materials, Euroflex GmbH, Ultimate Niti Technologies, Dynalloy, Inc., Seabird Metal Material Co. Ltd., Metalwerks Pmd., Xian Saite Metal Materials Development Co. Ltd., Nippon Seisen Co. Ltd., Nippon Steel and Sumitomo Metal, Johnson Matthey, SAES Getters S.p.A., and Allegheny Technologies, Inc. among others.
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