Market Research Future (MRFR) has launched a comprehensive report on the global shape memory alloys market and has projected the market to reach USD 11,079.1 Mn at a CAGR of 10.79% by the end of 2017-2023.
SMAs experience consistent growth from industries such as healthcare, spacecraft, and others. in the healthcare industry, SMA finds application in orthopedic, neurology, and neuromuscular rehabilitation purposes. They are being extensively used for the development of laparoscopy tools, intra-aortic balloon pump, and other surgical instruments, which is boosting the growth of the market.
Get Free Sample Request @ https://www.marketresearchfuture.com/sample_request/5997
The spacecraft industry is also responsible for generating a considerable portion of the market demand. Initiation of a number of space missions in countries such as the US, China, India, Russia, and Japan are likely to fuel the growth of the shape memory alloys market. Other driving factors include technological advancements and growing usage of shape memory alloys in the production of aircraft components. Overate fluctuating price of raw materials and high cost of SMA is estimated to restrain the growth of the market over the forecast period.
Segmentation
The shape memory alloys market has been segmented based on type, application, and end-use industry.
By type, the shape memory market has been segmented into nickel-titanium, Cu-Al-Ni, Cu-Zn-Al, and others. Type-wise, the nickel-titanium segment is likely to exhibit remarkable growth on account of the high adoption rate in the medical device and aerospace industry.
By application, the shape memory market has been segmented into superelastic, actuators, constrained recovery, frangible, vibration dampers, shock absorbers, and others. Application-wise, the superelastic segment captured 33% share of the global market in 2017 and is likely to exhibit a CAGR of 12.18% over the forecast period. Superelastics are being increasingly used in the production of wires, bone anchors, stents, surgical instruments, and others due to which the segment is expanding. The actuators segment is also likely to gain prominence in the coming years.
By end use industry, the shape memory alloys market has been segmented into biomedical, aircraft, spacecraft, transport, electrical appliances, construction & housing, subsea, hot water supply, and others. The biomedical segment held the largest share of the market in 2017 and is expected to retain its position through the forecast period. Shape memory alloys are extensively used for the production of various medical devices
Regional Analysis:
Region-wise, the shape memory alloys market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
In 2017, the global shape memory alloys market was dominated by North America. Expansion of the biomedical, aerospace, transportation, and spacecraft industries can be credited for the growth of the market.
APAC shape memory alloys market held almost 25% share of the global market in 2017. The developing countries of China, South Korea, Japan, and India are in the midst of rapid industrialization, which creates a conducive environment for the growth of the market. Spiraling growth of end use industries such as the medical device industry, construction, spacecraft, and transportation have generated massive demand for the product. China is the most significant contributor to the APAC market and is likely to reach USD 1,010.5 Mn by the end of the forecast period. The APAC shape memory alloys market is due to reach USD 2,998.3 Mn at a CAGR of 12.18% over the forecast period.
Europe was a shareholder of almost 26.1% in 2017 and is anticipated to exhibit a CAGR of 9.48% over the forecast period. The presence of a robust manufacturing base for the transportation sector has impacted the growth of the market positively. The UK, Spain, France, and Germany are among the key contributors to the Europe market.
The growth of the building & construction industry in MEA is expected to boost the growth of the MEA shape memory alloys market.
Competitive Landscape:
Metalwerks PMD Inc., Johnson Matthey Inc., ENDOSMART GmbH, Admedes Schuessler GmbH, TiNi Alloy Co, Burpee Materials Technology LLC., EUROFLEX GmbH, FURUKAWA ELECTRIC CO., LTD, SAES Getters S.p.A, Fort Wayne Metals Inc., Baoji TITANIUM INDUSTRY CO., LTD, Confluent Medical Technologies, Inc., DYNALLOY, Inc., XSMA, Inc., TiNi Aerospace, Baoji Seabird Metals Materials Co., Ltd., Ultimate NiTi Technologies Inc., and Aerofits Products Inc. are the eminent players in the shape memory alloys market.
Industry Updates
February 2019 – researchers from Colorado School of Mines are working on shape memory alloys to better understand the complex shape memory behavior of the material and is the first-of-its-kind research.
Research Methodology:
4.1 Research Process 29
4.2 Primary Research 30
4.3 Secondary Research 31
4.4 Market Size Estimation 31
4.5 Forecast Model 32
Market Dynamics:
5.1 Introduction 34
5.2 Drivers 35
5.2.1 Rising Use Of Shape Memory Alloys For Neurology And Neuromuscular Rehabilitation 35
5.2.2 Widening Biomedical Application Scope Of SMA In Cardiovascular, Orthopedic And In Surgical Instruments 35
5.2.3 Increased Demand In End-Use Industries Such As Automotive And Aerospace 36
5.2.4 Drivers Impact Analysis 37
5.3 Restraints 37
5.3.1 Higher Cost Associated With Shape Memory Alloys 37
5.3.2 Restraints Impact Analysis 37
5.4 Opportunities 38
5.4.1 Growth Of Construction Sector In Emerging Economies 38
5.4.2 Rise In Research And Development Activities For Cost Reduction 38
5.5 Trends 39
5.5.1 Increasing Geriatric Population 39
5.5.2 Rising Penetration In Developing Countries 39
Browse Full Report @ https://www.marketresearchfuture.com/reports/shape-memory-alloys-market-5997
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/shape-memory-alloys-market-5997