Shape Memory Alloys Market Size, Trend and Segment Global Forecasts to 2024 | vynzresearch.com

Shape memory alloys are a class of alloy which displays a thermal and mechanical memory effect. These are alloys that have memory. This material can be deformed at low temperature and can recover their original shape when heated. The shape memory alloys market is witnessing a good growth in the recent years and anticipated to witness the significant growth during the forecast period. This can be attributed to its increasing application such as adaptive structures, actuators, medical devices, heat detection devices, high temperature automotive, oil/gas down-hole, aeronautics, military, and others. However, currently, the applications of these materials are limited because of their low transformation temperatures.

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Insight by Type
On the basis of type, the shape memory alloys market is classified into nitinol, copper-based, iron-manganese silicon, and others. Among all these, nitinol alloys category holds the largest share in the market and also expected to register the highest CAGR during the forecast period. This is attributed to their extensive use in the manufacturing of implantable medical devices, automotive actuators, surgical instruments, and others. Hence, the increasing of these materials is increasing in the medical, automotive, consumer electronics and other industries, contributing towards the market growth.

Geographic Overview
Asia-Pacific shape memory alloys market is expected to register the highest CAGR in the market during the forecast period. This can be attributed to the increasing demand of these materials in the various industries including consumer electronics, biomedical, and others. Along with that, the major factors that are driving the market growth in the region are rapid economic expansion, rapid industrialization of countries such as India and China. Further, increasing manufacturing activities along with the region’s emergence as a cost-effective manufacturing hub is projected to drive the shape memory alloys market in the region.

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Competitive Insight
Some of the key players operating in the global shape memory alloys industry are Saes Getters, Nitinol Devices & Components, Johnson Matthey, G.Rau Gmbh & Co. Kg, Ati Wah-Chang, Furukawa Electric, Fort Wayne Metals, Nippon Steel & Sumitomo Metal, Nippon Seisen, Ultimate Niti Technologies, Metalwerks Pmd, Dynalloy, Peier Tech, Saite Metal, Smart, Grikin, and Baoji Seabird Metal.

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Created on Jan 10th 2019 04:32. Viewed 550 times.

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