Shape Memory Alloys Market High Flying Market Size to Drive Big Profits in the Future
Shape Memory Alloys Market Growth
The growth of the global shape memory alloys market is primarily driven by increased demand from the biomedical sector and the automotive industry.
WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Shape Memory Alloys Market by Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global shape memory alloys industry reached $9.2 billion in 2020 and is projected to hit $19.5 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 8.2% during 2021–2030.
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Drivers, Restraints, and Opportunities:
The growth of the global shape memory alloys market is primarily driven by increased demand from the biomedical sector and the automotive industry. However, fluctuations in raw material costs pose a challenge to market growth. On the positive side, there's a rising demand from the electronics industry, which is expected to offer lucrative opportunities in the future.
COVID-19 Scenario:
The Covid-19 pandemic caused disruptions in the supply chain, resulting in a gap between supply and demand along with price volatility. Manufacturing of shape memory alloys faced challenges due to scarcity of resources and difficulties in procuring raw materials. Post-pandemic, efforts to increase production volume and develop innovative solutions at affordable prices are expected to create new opportunities.
Segment Analysis:
- Nitinol segment held the largest share in 2020 due to its biocompatible properties suitable for orthopedic implants.
- Copper-based segment is projected to register the highest CAGR of 8.3% during the forecast period, attributed to its ability to return to pre-deformed shape after heating.
- Aerospace & defense segment is anticipated to manifest the highest CAGR through 2030, driven by the use of shape memory alloys in aircraft components to enhance efficiency.
- Biomedical segment dominated the market in 2020 owing to the exceptional biocompatibility and compatibility with medical devices.
Regional Analysis:
Asia-Pacific led the global shape memory alloys market in 2020, followed by Europe and North America, accounting for nearly two-fifths of the market share. Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, fueled by the increasing demand for advanced medical devices for cost-effective diagnostic treatments.
Major Market Players:
Furukawa
Johnson Matthey
G. Rau GmbH & Co. KG
Metalwerks Inc.
Xi’an Saite Metal Material
Fort Wayne Metals
Dynalloyinc
Seabird Metal
Saes Gaetters
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.
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Allied Market Research
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