The shape memory alloys market is projected to grow at a CAGR of 12.3% from 2017 to 2022
The shape memory alloys market is estimated at USD 10.62 billion in 2017 and is projected to reach USD 18.97 billion by 2022, at a CAGR of 12.3% from 2017 to 2022. The growth of the shape memory alloys market can be attributed to the increasing demand from the biomedical, aerospace & defense, automotive, consumer electronics & home appliances industries across the globe. Rising cost of raw materials, such as nickel, copper, titanium, aluminum, and other materials acts as a major restraint for the market. Moreover, the rising demand for these alloys from emerging economies in the APAC has led to a demand and supply imbalance. Shape memory alloys find applications in various end-use industries because of their unique properties, such as pseudo elasticity, shape memory effect, high fatigue life, and damping.
Among types, nitinol alloys is projected to be the largest segment of the shape memory alloys market
Nitinol alloys are projected to be the largest as well as the fastest-growing type of the shape memory alloys market. Nitinol alloys are majorly used in the biomedical industry for extensive applications in medical implants, such as cardiovascular stents & wires, orthopedic screws & wires, dental wires, and surgical instruments. Further, countries such as India and China, with high populations provide opportunities for the shape memory alloys market owing to the increasing demand for consumer electronics. Increasing healthcare and defense spending and growing automotive and aerospace industries are also expected to fuel the demand for shape memory alloys globally.
The North America shape memory alloys market is projected to be the largest during the forecast period
North America was the largest market of shape memory alloys in 2016. The US led the North American shape memory alloys market, followed by Canada. The significant demand for shape memory alloys can be attributed to the strong health care systems in the region. The US is the largest medical device manufacturing country, globally. Moreover, increasing aging populations and instances of chronic diseases are leading to the rising demand for life-saving implantable devices, which in turn is expected to drive the shape memory alloys market in the region. North America is a mature market for shape memory alloys as the major global players are headquartered in the region. The presence of global players, such as ATI Specialty Alloys & Components (US) and Fort Wayne Metals (US), are expected to lead to the growth of the market for shape memory alloys in North America.
Breakdown of the profiles of primary interviews for the report on the shape memory alloys market
- By Company Type – Tier 1 – 45%, Tier 2 –22%, and Tier 3 – 33%
- By Designation – C Level – 50%, Director Level – 10%, and Others – 40%
- By Region – APAC – 33%, Europe – 17%, North America – 33%, and Middle East & Africa – 17%
Some of the key companies profiled in this report are SAES (Italy), Nippon Steel & Sumitomo Metals (Japan), ATI Specialty Alloys & Components (US), Furukawa Electric Company (Japan), Johnson Matthey (UK), Fort Wayne Metals (US), Nippon Seisen (Japan), Saite Metal Materials (China), DYNALLOY, Inc. (US), and Seabird Metal Material (China).
The report covers the shape memory alloys market across different end-use industries and regions. It aims at estimating the market size and future growth potential of the shape memory alloys market across different segments. The report also includes an in-depth competitive analysis of the key market players along with their profiles, recent developments, and key growth strategies.
Key benefits of buying the report
From an insight perspective, this research report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the shape memory alloys market, high-growth regions, and drivers, restraints, opportunities, and challenges of the shape memory alloys market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on shape memory alloys offered by the top players operating in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the shape memory alloys market.
- Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for shape memory alloys across different regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the shape memory alloys market.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading players in the shape memory alloys market.