(MENAFN- EIN Presswire) EINPresswire/ -- The global shape memory alloys market is experiencing significant growth, driven primarily by rising demand from the biomedical and automotive sectors. According to a recent report by Allied Market Research titled“Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, and Others) and End-Use Industry (Biomedical, Aerospace & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”, the market was valued at $9.2 billion in 2020 and is projected to reach $19.5 billion by 2030, registering a CAGR of 8.2% from 2021 to 2030.

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Key Market Drivers, Restraints & Opportunities:-

Drivers:

- Increasing demand from the biomedical sector: Shape memory alloys, especially nitinol, are highly preferred for orthopedic implants and minimally invasive devices due to their exceptional biocompatibility.

- Rising adoption in the automotive industry: These alloys enhance performance and durability in various automotive components.

Restraints:

- Volatile raw material prices continue to hamper stable market growth by increasing production costs.

Opportunities:

- Rising demand from the electronics industry is expected to create significant opportunities for manufacturers in the near future.

Segmental Highlights:-

By Type:

Nitinol (Nickel Titanium Alloys):

- Held the largest market share in 2020 (nearly two-fifths).
- Preferred for orthopedic and biomedical applications due to superior biocompatibility.

Copper-Based Alloys:

- Expected to witness the highest CAGR of 8.3% during the forecast period.
- Popular for their excellent ability to return to pre-deformed shape upon heating.

By End-Use Industry:-

Biomedical:

- Accounted for the largest share in 2020 (approx. one-third).
- Strong demand due to CT compatibility and biocompatibility.

Aerospace & Defense:

- Projected to grow at the highest CAGR of 9.1% through 2030.
- Used in exterior aircraft components to enhance aerodynamic efficiency.

Regional Insights:-

Asia-Pacific (followed by Europe and North America):

- Held the largest regional share in 2020 (nearly two-fifths).
- Expected to post the highest CAGR of 8.3% during 2021–2030.
- Growth driven by increasing demand for advanced, low-cost medical devices.

Key Market Players:

- 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 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.

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