Shape Memory Alloys Market Size, Trends And Strategies For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.

The Shape Memory Alloys  by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Shape Memory Alloys , 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.

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.

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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

Top major Players:
SAES Getters SpA
Nippon Steel Corp.
Fort Wayne Metals Research Products Corp
Xi’an Saite Metal Materials Development Co. Ltd
Dynalloy Inc

North America was the largest region in the shape memory alloys market in 2023.

Strategic partnerships and collaborations are the key trends gaining popularity in the shape memory alloys market. Major players operating in the market are partnering and collaborating to develop a strong product portfolio and offer innovative products. For instance, in January 2021, Nextremity Solutions, a US-based company, partnered with Fort Wayne Metals to supply magnesium-based alloys for use in orthopedic implants. Through this partnership, Nextremity Solutions will develop an orthopedic product portfolio, obtain regulatory clearance, conduct research and development, and establish in-house manufacturing procedures to supply products by leveraging the benefits of Fort Wayne Metals’ materials. Fort Wayne Metals is a US-based company that develops shape-memory alloys.

The shape memory alloys market report table of contents includes:

1. Executive Summary
2. Shape Memory Alloys Market Characteristics
3. Shape Memory Alloys Market Trends And Strategies
4. Shape Memory Alloys Market – Macro Economic Scenario
5. Global Shape Memory Alloys Market Size and Growth
….……
31. Global Shape Memory Alloys Market Competitive Benchmarking
32. Global Shape Memory Alloys Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Shape Memory Alloys Market
34.Shape Memory Alloys Market Future Outlook and Potential Analysis
35.Appendix

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