The Rapidly growing medical implants industry is the crucial aspect of the rise in the market revenue of Shape-Memory Alloy as well as the growing demand from the aerospace & defense industry will foster market growth.
JERSEY CITY, N.J., Nov. 25, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Shape Memory Alloys Market" By Type (Nitinol, Copper-Based, Iron-Manganese Silicon), By End-Use Industry (Biomedical, Aerospace & Defence, Automotive), and By Geography. According to Verified Market Research, the Global Shape Memory Alloys Market size was valued at USD 12.03 Billion in 2020 and is projected to reach USD 28.18 Billion by 2028, growing at a CAGR of 14.02% from 2021 to 2028.
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Browse in-depth TOC on "Shape Memory Alloys Market"
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Global Shape Memory Alloys Market Overview
The marketplace for shape memory alloys is anticipated to witness significant growth during the forecast period owing to an outsized number of applications in various end-user industries. The application of these alloys in safety devices such as anti-scalding and fire sprinklers is expected to boost the market shortly. Anti-scalding valves made from these alloys can be used in water faucets and showerheads, as they automatically shut off the water flow after a certain temperature. Delay in response time is the primary disadvantage of shape memory alloy-based fire sprinklers. The aerospace application segment accounted for a big share of the form memory alloys market. It is anticipated to continue its leading position during the forecast period. Shape memory alloys are employed in aerospace applications owing to their beneficial properties such as wear resistance, high mechanical strength, lightweight, fatigue resistance, and high elasticity.
However, certain factors are estimated to hamper the form memory alloys market during the forecast period. The high cost of these alloys and sensitivity of the material properties during fabrication are the restraining factors of the market.
- In Jan 2018 Fort Wayne metals has acquired G &S Bar & Wire.
- In Jan 2021 Nexremity Solutions, Inc. enters into an exclusive agreement with Fort Wayne Metals in order to commercialize implants using Magnesium Alloy.
- In Aug 2021 Johnson matthey & KBR sign alliance Agreement to license Innovative Production Technology.
The major players in the market are SAES, Nippon Steel & Sumitomo Metals, Fort Wayne Metals, Xi'an Saite Metal Materials, DYNALLOY, Inc., ATI Specialty Alloys & Components, Johnson Matthey, Furukawa Electric Company, Nippon Seisen, and Seabird Metal Material.
Verified Market Research has segmented the Global Shape Memory Alloys Market On the basis of Type, End-Use Industry, and Geography.
- Shape Memory Alloys Market, By Type
- Iron-Manganese Silicon
- Shape Memory Alloys Market, By End-Use Industry
- Aerospace & Defence
- Consumer Electronics
- Home Appliances
- Shape Memory Alloys Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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