(MENAFN- GetNews) Market Research Future (MRFR) has launched a comprehensive report on the global shape memory alloys market and has projected the market to reach USD 11,079.1 Mn at a CAGR of 10.79% by the end of 2017-2023.
Shape Memory Alloys Market Driven by Consistent Demand from Medical Device Industry
Shape memory alloys (SMA) are a unique class of materials, which are able to regain their original shape by heating after deformations. These smart materials are used across diverse industry verticals for their superior properties such as thermo-mechanical properties and high corrosion resistance. Market Research Future (MRFR) has launched a comprehensive report on the global shape memory alloys market and has projected the market to reach USD 11,079.1 Mn at a CAGR of 10.79% by the end of 2017-2023.
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SMAs experience consistent growth from industries such as healthcare, spacecraft, and others. in the healthcare industry, SMA finds application in orthopedic, neurology, and neuromuscular rehabilitation purposes. They are being extensively used for the development of laparoscopy tools, intra-aortic balloon pump, and other surgical instruments, which is boosting the growth of the market.
The spacecraft industry is also responsible for generating a considerable portion of the market demand. Initiation of a number of space missions in countries such as the US, China, India, Russia, and Japan are likely to fuel the growth of the shape memory alloys market. Other driving factors include technological advancements and growing usage of shape memory alloys in the production of aircraft components. Overate fluctuating price of raw materials and high cost of SMA is estimated to restrain the growth of the market over the forecast period.
Segmentation
The shape memory alloys market has been segmented based on type, application, and end-use industry.
By type, the shape memory market has been segmented into nickel-titanium, Cu-Al-Ni, Cu-Zn-Al, and others. Type-wise, the nickel-titanium segment is likely to exhibit remarkable growth on account of the high adoption rate in the medical device and aerospace industry.
By application, the shape memory market has been segmented into superelastic, actuators, constrained recovery, frangible, vibration dampers, shock absorbers, and others. Application-wise, the superelastic segment captured 33% share of the global market in 2017 and is likely to exhibit a CAGR of 12.18% over the forecast period. Superelastics are being increasingly used in the production of wires, bone anchors, stents, surgical instruments, and others due to which the segment is expanding. The actuators segment is also likely to gain prominence in the coming years.
By end use industry, the shape memory alloys market has been segmented into biomedical, aircraft, spacecraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others. The biomedical segment held the largest share of the market in 2017 and is expected to retain its position through the forecast period. Shape memory alloys are extensively used for the production of various medical devices
Regional Analysis:
Region-wise, the shape memory alloys market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
In 2017, the global shape memory alloys market was dominated by North America. Expansion of the biomedical, aerospace, transportation, and spacecraft industries can be credited for the growth of the market.
APAC shape memory alloys market held almost 25% share of the global market in 2017. The developing countries of China, South Korea, Japan, and India are in the midst of rapid industrialization, which creates a conducive environment for the growth of the market. Spiraling growth of end use industries such as the medical device industry, construction, spacecraft, and transportation have generated massive demand for the product. China is the most significant contributor to the APAC market and is likely to reach USD 1,010.5 Mn by the end of the forecast period. The APAC shape memory alloys market is due to reach USD 2,998.3 Mn at a CAGR of 12.18% over the forecast period.
Europe was a shareholder of almost 26.1% in 2017 and is anticipated to exhibit a CAGR of 9.48% over the forecast period. The presence of a robust manufacturing base for the transportation sector has impacted the growth of the market positively. The UK, Spain, France, and Germany are among the key contributors to the Europe market.
The growth of the building & construction industry in MEA is expected to boost the growth of the MEA shape memory alloys market.
Competitive Landscape:
Metalwerks PMD Inc., Johnson Matthey Inc., ENDOSMART GmbH, Admedes Schuessler GmbH, TiNi Alloy Co, Burpee Materials Technology LLC., EUROFLEX GmbH, FURUKAWA ELECTRIC CO., LTD, SAES Getters S.p.A, Fort Wayne Metals Inc., Baoji TITANIUM INDUSTRY CO., LTD, Confluent Medical Technologies, Inc., DYNALLOY, Inc., XSMA, Inc., TiNi Aerospace, Baoji Seabird Metals Materials Co., Ltd., Ultimate NiTi Technologies Inc., and Aerofits Products Inc. are the eminent players in the shape memory alloys market.
Industry Updates:
February 2019 - researchers from Colorado School of Mines are working on shape memory alloys to better understand the complex shape memory behavior of the material and is the first-of-its-kind research.
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