The growth of the global shape memory alloys market is driven by increased demand from the biomedical sector and the automotive industry.
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — Allied Market Research recently released a report titled “Shape Memory Alloys Market by Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030″. The global shape memory alloys industry was valued at $9.2 billion in 2020 and is projected to reach $19.5 billion by 2030, with a CAGR of 8.2% during 2021–2030.
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Drivers, Restraints, and Opportunities:
The growth of the global shape memory alloys market is driven by increased demand from the biomedical sector and the automotive industry. However, fluctuating raw material costs act as a restraint. On the bright side, the rise in demand from the electronics industry presents lucrative opportunities for market players.
The COVID-19 pandemic disrupted the supply chain, leading to supply-demand gaps and price volatility. Manufacturing of shape memory alloys was hampered due to resource scarcity and challenges in raw material procurement. Post-pandemic, increased production volume and innovative solutions are expected to create new opportunities.
The nitinol segment dominated the market in 2020, accounting for nearly two-fifths of the global market share, driven by its biocompatibility for use in orthopedic implants.
The copper-based segment is expected to witness the highest CAGR of 8.3% during the forecast period, attributed to its ability to return to pre-deformed shape after heating above the transformation temperature.
End-Use Industry Analysis:
The aerospace & defense segment is anticipated to register the highest CAGR of 9.1% from 2021 to 2030, driven by the use of shape memory alloys in various aircraft components to enhance efficiency.
The biomedical segment held the largest share in 2020, contributing around one-third of the global market, owing to the exceptional biocompatibility and computer tomography compatibility of shape memory alloys for medical devices.
Asia-Pacific, Europe, and North America collectively held the largest share in 2020, with Asia-Pacific expected to exhibit the highest CAGR of 8.3% during the forecast period, driven by the rising demand for advanced medical devices.
Major Market Players:
Key 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, Dynalloyinc, Seabird Metal, Saes Gaetters, and Ati Specialty Alloys & Components.
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