Rise in demand from biomedical sector and surge in demand from the automotive industry have boosted the growth of the global shape memory alloys market.
NEW CASTLE, DELAWARE, UNITED STATES, October 11, 2023 /EINPresswire.com/ — The Shape Memory Alloys (SMAs) industry is a niche but rapidly growing sector within the materials science and engineering field. SMAs are a class of materials that have the unique ability to “remember” a specific shape and return to that shape when subjected to certain external stimuli, typically changes in temperature. This property makes them useful in a wide range of applications across various industries.
As per the report, the global shape memory alloys industry was pegged at $9.2 billion in 2020, and is expected to reach $19.5 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/8062
𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐤𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐒𝐡𝐚𝐩𝐞 𝐌𝐞𝐦𝐨𝐫𝐲 𝐀𝐥𝐥𝐨𝐲𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐚𝐧𝐝 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬: SMAs are typically made from alloys of nickel and titanium (Nitinol) but can also include other materials. The key property of SMAs is their ability to undergo a reversible phase transformation, which allows them to change shape in response to temperature changes. This property can be utilized in a variety of ways.
Rise in demand from biomedical sector and surge in demand from the automotive industry have boosted the growth of the global shape memory alloys market. However, fluctuation in raw material cost hinders the market growth. On the contrary, rise in demand from the electronics industry is expected to create lucrative opportunities for the market players in the future.
– Biomedical: One of the most well-known applications of SMAs is in the biomedical field, particularly in minimally invasive surgery, stents, and orthodontic devices. SMA stents, for example, can be inserted in a collapsed form and then expanded to the desired shape once inside the body.
– Aerospace: SMAs are used in aerospace applications, such as actuators and deployable structures. They offer lightweight, compact, and reliable solutions for various mechanical systems.
– Automotive: They are used in automotive safety systems, such as airbag deployment mechanisms and anti-lock brake systems (ABS).
– Consumer Electronics: SMAs can be found in small devices like eyeglass frames that adjust to fit the wearer’s face.
The nitinol segment held the largest share in 2020, accounting for nearly two-fifths of the global shape memory alloys market, as it is biocompatible metal with qualities that make it appropriate for use in orthopedic implants. However, the copper-based segment is expected to register the highest CAGR of 8.3% during the forecast period, owing to its ability to return to pre-deformed shape after heating above the transformation temperature.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡: The SMA market has been experiencing significant growth, driven by the increasing adoption of these materials in various industries. As technology advances and more applications are discovered, the market is expected to continue growing.
– Cost: The production of high-quality SMAs can be expensive, which can limit their adoption in cost-sensitive applications.
– Performance: The performance of SMAs can be influenced by factors like fatigue, creep, and hysteresis, which may limit their use in some applications.
– Material Variability: SMAs can exhibit variability in their properties, which can make it challenging to achieve precise results in some applications.
The aerospace & defense segment would showcase the highest CAGR of 9.1% from 2021 to 2030, due to use of shape memory alloys in various exterior components to improve efficiency of aircraft. However, the biomedical segment held the largest share in 2020, contributing to around one-third of the global shape memory alloys market, owing to the exceptional biocompatibility and computer tomography compatibility of the shape memory alloys for use in medical devices.
𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐚𝐧𝐝 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭: Ongoing research in the SMA industry focuses on developing new SMA materials with improved properties and understanding the underlying mechanisms that govern their behavior.
𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬: Depending on the industry, there may be specific standards and regulations that SMAs need to meet, particularly in highly regulated fields like healthcare and aerospace.
The global shape memory alloys market across Asia-Pacific, followed by Europe and North America held the largest share in 2020, accounting for nearly two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 8.3% during the forecast period, owing to rise in demand for advanced medical devices for low-cost diagnostic treatment.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞: The SMA industry features several key players and research institutions, with strong intellectual property portfolios. Collaboration between academic institutions and industry is common to further develop SMA technology.
𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: The future of the SMA industry looks promising, with the potential for increased use in emerging technologies such as robotics, smart materials, and the Internet of Things (IoT). However, addressing cost and performance limitations will be crucial to expanding their use further.
The Shape Memory Alloys industry is an evolving field with considerable potential for innovation and growth, as these materials continue to find new and diverse applications across various sectors.
𝐌𝐚𝐣𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
– Furukawa. Johnson Matthey
– G. Rau GmbH & Co. KG
– Metalwerks Inc.
– Xi’an Saite Metal Material
– Fort Wayne Metals
– Seabird Metal
– Saes Gaetters
– Ati Specialty Alloys & Components.
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬’ 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/shape-memory-alloy-market/purchase-options
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