Shape Memory Alloy Market is projected to grow at a CAGR of 12.36% throughout the forecast period
Knowledge Sourcing Intelligence announces the publication of a new report on “Shape Memory Alloy Market – Forecasts from2020 to 2025" to their offering.
Shape memory alloys are special alloys or metals that possess excellent properties of deformation when cold and then can be returned to its pre-deformed state when heated. The booming applications of specialty metals across the industries is significantly driving the market growth during the forecast period.
According to the report, the Shape Memory Alloy Market is projected to increase at a CAGR of 12.36% in the coming years.
Growing applications across industries is driving the market growth
The shape memory alloy market is poised to witness considerable growth throughout the course of the next five years. The major factors supplementing the demand for these alloys is the constantly growing adoption of numerous specialty metals across the different industry verticals that majorly include automotive, electronics, healthcare, and aerospace among others. Thus, the significant growth of these industries is further projected to directly impact the demand for shape memory alloys due to its two unique properties of i.e., pseudoelasticity and shape memory effect. The growing participation by major industry players across the different industries for the adoption and development of products with new and enhanced materials along with R&D by market players in the development of new and special materials for the industries is also playing a significant role in shaping up the market growth throughout the forecast period. The booming healthcare spending in both developed and developing economies of the world coupled with the increase in the production of medical devices is also a key factor, which is propelling the business growth opportunities for the manufacturers over the course of the next five years. Also, the increase in military spending coupled with growing investments in the up-gradation across the military sector in various countries is further providing an impetus for the market to witness a healthy growth throughout the forecast period. Additionally, the burgeoning requirements of lightweight and highly durable materials in the aerospace industry is also amplifying the demand for shape memory alloys, thereby driving the market growth during the next five years.
The segmentation of the shape memory alloy market has been done into type, end-user industry, and geography. By type, the classification of the market has been done as nickel-titanium based, copper-based, and others. On the basis of the end-user industry, the segmentation of the market has been done as automotive, healthcare, aerospace and defense, electronics, and others. Moreover, on the basis of geography, the distribution of the market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By geography, the North American region is anticipated to hold a substantial share in the market throughout the course of the next five years primarily due to the availability of a world-class infrastructure across the industries in countries like the United States and Canada among others. H However, the Asia Pacific region is expected to show propelling growth opportunities in the market due to a significant increase in the growth of electronics as well as the automotive industry in the major emerging economies like India and China among others due to the growing middle-class population and improvements in the standards of living.
The major players covered as part of the report are SAES Getters S.p.A., ATI, Johnson Matthey, and DYNALLOY, Inc among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/shape-memory-alloy-market
This report has segmented the shape memory alloy market on the basis following terms:
- Nickel-Titanium Based
By End-User Industry
- Aerospace and Defense
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
- North America
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