Shape Memory Alloys Global Market Projected to Experience a Growth Rate of 11.2% CAGR, Reaching over $22.01 Billion By 2028 | Peiertech, Smart Ltd., Endosmart GmbH, Euroflex Fibek Ltd.

The shape memory alloys global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Shape Memory Alloys  Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The shape memory alloys market size has grown rapidly in recent years. It will grow from $12.84 billion in 2023 to $14.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%.  The  growth in the historic period can be attributed to aerospace industry adoption for applications like actuators and valves, growing use in medical devices for minimally invasive surgeries, expansion in the automotive industry for smart materials and components, increased demand in consumer electronics for shape memory alloy actuators, growing demand for biomedical applications.

The shape memory alloys market size is expected to see rapid growth in the next few years. It will grow to $22.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.  The growth in the forecast period can be attributed to growth of the smart materials market, with smas, expansion in the energy sector, increasing adoption in structural engineering, surge in demand for shape memory alloys in the defense and security sector, growing emphasis on sustainability. Major trends in the forecast period include advancements in biomedical engineering, development of novel industrial applications in robotics and automation, miniaturization of shape memory alloy components for portable devices, integration of shape memory alloys in wearable technology for enhanced functionality, research and development focus on new shape memory alloy compositions for improved properties.

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Scope Of Shape Memory Alloys Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –
The rapidly growing aerospace and defense industry is significantly contributing to the growth of the shape memory alloys market. The aerospace and defense industry is involved in designing, manufacturing, and developing advanced space systems, aircraft, and defense capabilities. Shape memory alloys have an elastic modulus and a degree of strength enough for parts, structural members, and complexity of a system making it light and highly reliable it can reduce drag throughout the flight and improve overall performance offering direct benefits for passengers. The growing aerospace and defense sector due to demand for advanced infrastructure will propel the use of shape memory alloys. For instance, according to India Brand Equity Foundation, the aerospace and defense sector will reach $70 billion by 2030 due to demand for advanced infrastructure. Therefore, the rapidly growing aerospace and defense industry will promote the growth of the shape memory alloys market.

Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The shape memory alloys market covered in this report is segmented –
1) By Product Type: Sheets, Wires, Tubes, Rods, Springs
2) By Material: Nickel-Titanium, Copper-based, Iron-based, Silver-based, Gold-based, Cobalt-based
3) By End-Use Industry: Biomedical, Aerospace And Defence, Automotive, Consumer Electronics, Home Appliances

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Regional Insights –
North America was the largest region in the shape memory alloys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shape memory alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –
Major companies operating in the shape memory alloys market report are SAES Getters SpA, Nippon Steel Corp., Fort Wayne Metals Research Products Corp., Xi’an Saite Metal Materials Development Co. Ltd., Dynalloy Inc., Allegheny Technologies Incorporated, Johnson Matthey Plc, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd., Metalwerks Inc., G. RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation, ALB Materials Inc., Seabird Metal Material Co. Ltd., Ultimate Niti Technologies Inc., GRIKIN Advanced Materials Co. Ltd., Nitinol Devices & Components Inc., Peiertech, Smart Ltd., Endosmart GmbH, Euroflex Fibek Ltd., Kellogg’s Research Labs LLC, Confluent Medical Technologies India Pvt. Ltd., Kinalco Inc., E. T. O. Engineering GmbH, Consolidated Aerospace Manufacturing, Aerofits Products Inc., Ingpuls GmbH, PPG Industries Inc.

Table of Contents
1. Executive Summary
2. Shape Memory Alloys Market Report Structure
3. Shape Memory Alloys Market Trends And Strategies
4. Shape Memory Alloys Market – Macro Economic Scenario
5. Shape Memory Alloys Market Size And Growth
…..
27. Shape Memory Alloys Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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