Business Research Company’s Shape Memory Alloys Market research report expands on key drivers, trends, and opportunities for market growth.
LONDON, July 6, 2022 /PRNewswire/ — The shape memory alloys market consists of sales of shape memory alloys by entities (organizations, individual companies and partnerships) which are used as functional materials in various fields due to their property of super elasticity. Shape memory alloys are defined as metal alloys that remember their original shape and return to their shape when the force of deformation is removed. They change shape when exposed to heat. They have great strength, good elasticity and are lightweight.
The Global Shape Memory Alloys Market Size should go from $10.35 billion in 2021 for $11.57 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The size of the global shape memory alloys market is expected to reach $18.16 billion in 2026 at a CAGR of 11.9%.
The rapidly growing aerospace and defense industry is contributing significantly to the shape memory alloy market growth. The aerospace and defense industry is involved in the design, manufacture and development of advanced space systems, aircraft and defense capabilities. Shape memory alloys have an elastic modulus and a sufficient degree of strength for the parts, structural elements and complexity of a system, making it lightweight and highly reliable, it can reduce drag throughout flight and improving overall performance delivering direct benefits to passengers. The growth of the aerospace and defense sector due to the demand for advanced infrastructure will propel the use of shape memory alloys.
Shape Memory Alloys Market Players
Major Players in the Shape Memory Alloys Market are SAES Getters SpA, Nippon Steel Corporation, Fort Wayne Metals Research Products Corp, Xi’an Saite Metal Materials Development Co. Ltd, Dynalloy Inc, ATI Specialty Alloys & Components, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd. . ., Metalwerks Inc., G.RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation and Ingpuls GmbH.
- By product type: sheets, wires, tubes, rods, springs
- By Material: Nickel-Titanium, Copper-Based, Iron-Based, Silver-Based, Gold-Based, Cobalt-Based
- By end-use industry: biomedical, aerospace and defense, automotive, consumer electronics, home appliances
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