Shape Memory Alloys Market to Benefit from Better Demand from Healthcare Industry with High Technological Integration
The global market report on the Shape Memory Alloys Market reveals a possibility for the market to climb an estimated valuation of USD 11,079.1 million by 2023 with a significant CAGR of 10.79% between a time frame of 2017 and 2023, that can be marked as the forecast period. Market Research Future (MRFR) is showing chances of getting various factors in line that can impress the market growth.
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Shape memory alloys (SMA) can be classed as smart materials with a potential to remember their original shape when heated after shape deformations. The product is known for high corrosion resistance and increasing percolation in industries like transport, construction & housing, aircraft, spacecraft, biomedical, subsea, electrical appliances, and others. Its growing intake in the healthcare industry to treat various cases of neurology and neuromuscular rehabilitation can be taken as a major influencer.
The market for shape memory alloys is finding significant scope for study due to the better understanding of segments like type, application, and end use industry. Such a prolific market sketching is expected to inspire better strategic formations for the coming years.
By type, the market for shape memory alloy can be defined as Cu-Zn-Al, Cu-Al-Ni, nickel titanium, and others. The nickel titanium type segment has the better market percolation and its dominance depends on its excellent features that creates space for easy permeation.
By application, the market for the shape memory alloy includes actuators, superelastic, frangible, constrained recovery, shock absorbers, vibration dampers, and others.
By end-user industry, the market for the shape memory alloy comprises aircraft, spacecraft, hot water supply, biomedical, electrical appliances, transport, subsea, construction & housing, and others.
North America is in charge of the global market for shape memory alloy market owing to its multiple percolation prospects in industries like spacecraft, aircraft, biomedical, and transportation. Europe is treading on the same line and its automotive industry is quite robust to make significant impact on the global market for the shape memory alloy. The regional growth would touch 9.48% CAGR during the forecast period with Spain, France, Germany, and the UK making notable contributions. The regional market records high adoption rate of the nickel-titanium in various applications that include actuators, superelastic, and frangibolt. Germany is dominating the regional market.
The Asia Pacific region has coverage of over 25% of the global market share in 2017 and has the potential to scale a valuation of USD 2,998.3 million by registering 12.18% CAGR during the review period. Increasing contributions from various countries like China, Japan, and India are expected to impact the market. The regional numbers are expected to get dominated by China.
The Middle East & Africa market is showing significant growth possibilities as the UAE, Kuwait, Qatar, Saudi Arabia, and others are showing high integration rate for the regional market for shape memory alloy.
Companies showing keen interest in the global market for shape memory alloys market are known for their adept usage of various strategic move that would ensure their market growth and inspire better prospects in the coming days for the market. These companies have profiles made by MRFR for the report that would assist in better revelation of trends that can influence market movement.
These companies are Ultimate NiTi Technologies Inc, SAES Getters S.p.A, TiNi Alloy Co, ENDOSMART GmbH, Fort Wayne Metals Inc., Metalwerks PMD Inc, Admedes Schuessler GmbH, EUROFLEX GmbH, DYNALLOY, Inc., Burpee Materials Technology LLC., Confluent Medical Technologies, Inc, Aerofits Products Inc, FURUKAWA ELECTRIC CO., LTD, Johnson Matthey Inc, TiNi Aerospace, Baoji TITANIUM INDUSTRY CO., LTD, Baoji Seabird Metals Materials Co., Ltd., and XSMA, Inc.
In October 2019, researchers from the Alliance for the Development of Additive Processing Technologies (ADAPT), announced their progress regarding shape memory alloys for metal additive manufacturing. Their research was conducted in collaboration with the NASA Glenn Research Center (GRC) and Confluent Medical Technologies. The output is showing positive results in terms of its market contribution.
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