Shape Memory Alloy market is expected to reach USD 26.87 billion by 2025, from USD 10.62 billion growing at a CAGR of 12.3% during the forecast period of 2020 to 2025. Shape memory alloys are the special alloys and they return to their original shape when they are heated. They have gained a lot of attention in past few years gained much attention in the recent as this alloys have unique characteristics, properties, and application which help in addressing typical design complexities.
Major Market Competitors/Players: Global Shape Memory Alloy Market
Some of the major players operating in the global shape memory alloy market are – ATI Specialty Alloys & Components, SAES, Johnson Matthey, Nippon Steel & Sumitomo Metal, Furukawa Electric Company, Fort Wayne Metals, Nippon Seisen Co. Ltd., Xian Saite Metal Materials Development Company Limited, Seabird Metal Material Co., Ltd., Dynalloy Inc, Metalwerks PMD, Ultimate Niti Technologies, General Research Institute for Nonferrous Metals (GRINM), Euroflex GmbH, Confluent Medical Technologies, Precision Castparts Corp., Nanoshel LLC, Stanford Advanced Materials, Sunrise Titanium Technology, Boston Centerless, Microgroup Inc., Sma Wires India, ALB Materials Inc., M & T (Taiwan) Co., Ltd., Hangzhou Ualloy Material Co., Ltd among others.
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Shape memory alloy can be broadly segmented as one way shape memory and two way shape memory. In case of one way shape memory transformation to desired shape occurs only upon heating whereas in two way shape deformation shape is remembered during both cooling and heating.
Market Segmentation: Global Shape Memory Alloy Market
- The global shape memory alloy market is segmented based on, type, end-use industry and geographical segments.
- Based on type, the global shape memory alloy market is segmented into nickel-titanium (nitinol), copper-based alloys, iron-manganese-silicon (FE-MN-SI) and others.
- On the basis of end-use industry, the global shape memory alloy market is classified into biomedical, aerospace & defence, automotive, consumer electronics & home appliances and others
Competitive Analysis: Global Shape Memory Alloy Market
The global shape memory alloy market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of shape memory alloy market for global, Europe, North America, Asia Pacific and South America.
Major Market Drivers and Restraints:
- Rapidly growing medical implants industry
- Growing demand in aerospace & defence industry
- High growth of consumer electronics & home appliances industry.
- High Cost of Implantable Devices
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