(PharmaNewsWire.Com, February 27, 2020 ) The report "Shape Memory Alloys Market by Type (Nitinol, Copper-Based, Iron-Manganese Silicon), End-Use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Home Appliances), and Region - Global Forecast to 2027", The shape memory alloys market is projected to reach USD 33.89 billion by 2027, at a CAGR of 12.3% from an estimated USD 11.92 billion in 2018. The growth of the Shape Memory Alloys (SMAs) market can be attributed to the increasing demand from the biomedical, aerospace & defense`, and consumer electronics & home appliances industries across the globe. The shape memory alloys market is expected to witness significant growth during the forecast period due to the superior characteristics of shape memory alloys, such as pseudo elasticity, shape memory effect, and high damping properties and the increasing demand from medical implant and electronic applications, which are factors expected to boost the demand for SMAs during the forecast period.
Among types, the nitinol alloys market is projected to grow at the highest CAGR during the forecast period from 2018 to 2027
Based on type, the shape memory alloys market has been segmented into nitinol alloys, copper-based alloys, iron-manganese-silicon alloys, and others. The nitinol alloys segment accounted for the largest share of the shape memory alloys market in 2018 and is projected to grow at the highest CAGR during the forecast period. Nitinol alloys are largely used in the manufacture of implantable medical devices, surgical instruments, and automotive actuators. Thus, an increase in the demand for nitinol alloys for biomedical, automotive, and consumer electronics & home appliances industries is projected to drive the market for shape memory alloys.
The biomedical industry segment is projected to grow at the highest CAGR between 2018 and 2027
The biomedical industry segment accounted for the largest share of the shape memory alloys market in 2018. Shape memory alloys are used in various applications ranging from medical implants, such as cardiovascular & endoscopic stents, orthopedic screws and wires, dental archwires, to the manufacture of automotive actuators, aircraft, and electronic components. Bio-medical and consumer electronics & home appliances are the fastest-growing end-use industries of the shape memory alloys market. Ageing populations, poor eating habits and lifestyles, and increasing instances of chronic diseases are the major factors fueling the demand for SMAs from the biomedical industry.
Browse in-depth TOC on "Shape Memory Alloys Market” 77 - Market Data Tables 39 - Figures 124 - Pages
Asia Pacific shape memory alloys market is projected to grow at the highest CAGR during the forecast period
The growth of the APAC shape memory alloys market can be attributed to the increasing demand from the biomedical and consumer electronics & home appliances industries. The region is expected to witness the highest growth because of rapid economic expansion, especially in China and India. Rapid industrialization in this region is also expected to fuel the demand for shape memory alloys from the electronics and construction applications. In this region, the demand as well as manufacture of consumer electronics has increased significantly and is expected to drive the requirement for shape memory alloys in the near future. Moreover, increasing defense budgets, investments in aerospace industries, spending on healthcare, and availability of best healthcare services are expected to propel the demand for SMAs from the aerospace & defense and biomedical industries in the region. Further, increase in manufacturing activities combined with the region’s emergence as a cost-effective production hub is expected to drive the shape memory alloys market. These factors are expected to propel the demand for shape memory alloys in the region.
ATI Specialty Alloys & Components (US), SAES (Italy) Johnson Matthey (UK), Nippon Steel & Sumitomo Metals (Japan), Furukawa Electric Company (Japan), Fort Wayne Metals (US), Nippon Seisen (Japan), Xian Saite Metal Materials (China), Seabird Metal Material (China), DYNALLOY, Inc. etc. are the key players operating in the shape memory alloys market.
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