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Shape Memory Alloys industry Trends
The nitinol segment dominated the market, accounting for almost 40% of the total market share, owing to its biocompatibility.
WILMINGTON, DE, UNITED STATES, September 25, 2024 /EINPresswire / -- According to a new report published by Allied Market Research titled "Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, Others) and End-Use Industry (Biomedical, Aerospace & Defense, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021–2030", the global shape memory alloys market was valued at $9.2 billion in 2020 and is projected to reach $19.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2030.
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Key Market Dynamics
Drivers
- Increased demand from the biomedical sector, especially for implants and medical devices.
- Growing use in the automotive industry, with applications in advanced materials and vehicle components.
Restraints
- Market growth hindered by fluctuations in raw material prices, affecting production costs.
Opportunities
- Rising demand from the electronics industry is expected to open lucrative opportunities for market participants.
For a detailed report, request a PDF Brochure: Link to Sample PDF.
Market Segmentation Highlights
By Type:
- Nitinol Segment: In 2020, the nitinol segment dominated the market, accounting for almost 40% of the total market share, owing to its biocompatibility and wide use in orthopedic implants.
- Copper-Based Alloys: This segment is projected to grow at the fastest rate, with a CAGR of 8.3%, driven by its shape recovery properties when exposed to heat.
End-Use Industry Insights
- Aerospace & Defense: This sector is expected to register the highest CAGR of 9.1% from 2021 to 2030, as shape memory alloys are increasingly used in external aircraft components to enhance efficiency.
- Biomedical: In 2020, the biomedical sector held the largest market share, contributing around one-third of the global market, due to the exceptional biocompatibility of shape memory alloys in medical devices.
Regional Outlook
In 2020, Asia-Pacific emerged as the largest market for shape memory alloys, accounting for nearly 40% of the global share. The region is expected to maintain its dominance, recording the highest CAGR of 8.3% during the forecast period, driven by the demand for advanced, low-cost medical devices.
Key Market Players:-
Prominent 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
- Dynalloy Inc.
- Seabird Metal
- Saes Getters
- ATI Specialty Alloys & Components
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
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