Find out How the Value of Shape Memory Alloys Market Revenue has Changed Over Time

Northbrook, IL, USA, 2021-Oct-14 — /EPR Network/ —

The global shape memory alloys market is projected to reach USD 18.97 billion by 2022, registering a CAGR of 12.3% between 2017 and 2022.The key drivers that are expected to have substantial impact on the growth of market globally, include the rapidly growing medical implants industry,increasing demand from the aerospace & defense industry, and the growing automotive and electronics industry.

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The major challenge to the growth of the shape memory alloys market is the high cost of implantable devices.Medical implants are the largest application of shape memory alloys. Shape memory alloys are largely used in the manufacture of implantable medical devices, such as cardiovascular stents & wires, orthopedic screws & wires, dental wires, and surgical instruments owing to their characteristics, such as pseudo elasticity, shape memory effect, high fatigue life, high damping quality, and biocompatibility.

Among types, the market for nitinol alloys is projected to grow at the highest CAGR between 2017 and 2022.Nitinol alloys are suitable materials for use in medical implants owing to their characteristics, such as high fatigue strength, moderate impact resistance, bio compatibility, and excellent corrosion resistance. Apart from biomedical industries, these alloys are also largely used in the automotive and consumer electronics & home appliances industries. Improving standards of living and risingincome levels are driving the automotive and electronics industries globally, which in turn are propelling the demand for shape memory alloys for these end-use industries.

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The APAC shape memory alloys market is projected to grow at the highest CAGR between 2017 and 2022. The growth of the APAC region can be attributed to the rising demand from consumer electronics & home appliances and aerospace & defense industries in the region,coupled with economic growth.Increasing industrialization and the region’s emergence as a cost-effective production hub are also factors fueling demand for shape memory alloys for various applications. North America is projected to be the largest market forshape memory alloys during the forecast period owing to significant consumption in the biomedical industry. Aging populations, increasing instances of chronical diseases, and poor lifestyles in the region are major factors propeling the demand for shape memory alloys, especially from the biomedical industry.

Some of the key players operating in the shape memory alloys market 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). Most of these companies have adopted the expansions, agreements, and acquisitionsstrategies to strengthen their positions in the shape memory alloys market.