Shape Memory Alloys Market 2019 Global Market Challenge, Driver, Trends & Forecast to 2023

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Shape Memory Alloys Market Research Report
Forecast to 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Shape Memory Alloys Market - 2023
Global Shape Memory Alloys Market
Information by Type (nickel titanium, Cu-Al-Ni,
Cu-Zn-Al), by Application (superelastic,
actuators, constrained recovery, frangible,
vibration dampers, shock absorbers), by End Use
industry and by Region Forecast till 2023
Synopsis of Shape Memory Alloys Shape memory
alloys (SMA) are also known as smart materials,
which remember their original shape by heating
after shape deformations. SMA belong to a unique
class of materials that possesses superior
thermo-mechanical properties with high corrosion
resistance. Thus, they are widely used in
numerous end-use industries such as aircraft,
transport, biomedical, spacecraft, electrical
appliances, subsea, construction housing, and
others. SMA include nickel-titanium, Cu-Al-Ni,
Cu-Zn-Al, and others. The commonly used shape
memory material is an alloy of nickel and
titanium called Nitinol. Nitinol is available in
the form of rods, wires, thin films, and bar
stocks. As per MRFRs analysis, some of the
factors and trends identified in the global shape
memory alloys market include constantly growing
healthcare industry, rising usage of SMA for
neurology and neuromuscular rehabilitation, and
widening biomedical application scope of SMA in
orthopedic, cardiovascular and in surgical
instruments. Furthermore, in the recent years,
the healthcare industry has focused on the
concept of less invasive surgical procedures.
Therefore, shape memory surgical instruments been
have developed, which rapidly become popular.
Moreover, the development of laparoscopy tools
and intra-aortic balloon pump with SMA along with
rising expenditure on healthcare in emerging
economies are projected to fuel the market growth
over the estimated period.
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Shape Memory Alloys Market - 2023
Regional Analysis By geography, the global shape
memory alloys market is segmented into five
regions Asia Pacific, Latin America, North
America, Europe, and the Middle East
Africa. North America dominated the global shape
memory alloys market in 2017 on account of
flourishing growth of industries such as
biomedical, aircraft, spacecraft, and
transportation. Asia Pacific region accounted
for around 25 of the overall volume share in
2017 and is predicted to reach USD 2,998.3
million with a significant CAGR of around 12.18
over the forecast period. The demand for shape
memory alloys is estimated to surge in various
countries such as China, Japan, and India due to
rising construction housing, biomedical,
spacecraft, and transportation industries. China
accounted for a market value of USD 486.2 million
in 2017 and is estimated to reach USD 1,010.5
million over the assessment period. European
region accounted for around 26.1 of the overall
market share (in terms of value) in 2017 and is
expected to grow at a significant CAGR of 9.48
over the assessment period. Germany, Spain,
France, and the U.K are among the key
contributors to the regional market growth and
are estimated to retain their dominance over the
forecast period due to the presence of robust
manufacturing base for the transportation sector.
Germany holds the largest regional market share
and accounts for around USD 408 million, which is
further followed by the U.K. The high adoption
rate of nickel-titanium in superelastic,
actuators, and frangibolt application drives the
regional market growth. Segmentation The shape
memory alloys market is categorized on the basis
of type, application, end use industry, and
region. On the basis of the type, SMA market is
categorized into nickel titanium, Cu-Al-Ni,
Cu-Zn-Al, and others. The nickel titanium type
segment is dominating the market and is estimated
to retain its dominance due to excellent
properties and high adoption rate in many
end-user industries. On the basis of the
application, the market is segmented into
superelastic, actuators, constrained recovery,
frangible, vibration dampers, shock absorbers,
and others. On the basis of the end-user
industry, the market is classified into
biomedical, aircraft, spacecraft, transport,
electrical appliances, construction housing,
subsea, hot water supply, and others. On the
basis of the region, SMA is segmented into Latin
America, North America, Asia Pacific, Europe, and
the Middle East Africa.
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Shape Memory Alloys Market - 2023
Key Findings Global shape memory alloys market
is estimated to reach USD 11,079.1 million by
2023 at an expanding CAGR of 10.79 over the
review period of 2017-2023. Nickel Titanium SMA
emerged as the most promising segment by type and
acquired 43.27 of the global market share in
2017 at the highest CAGR of 11.44. In terms of
application, the superelastic segment accounted
for 33.86 share of the global market, and it is
the major revenue generating segment at a
significant CAGR of 12.18. North America has
been the largest shape memory alloy market across
the globe from the past several years and it
accounted for over 33 share of the global market
in 2017. Intended Audience Shape Memory Alloys
manufacturers Traders and distributors of Shape
Memory Alloys Production process
industries Potential investors Raw material
suppliers
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