Shape Memory Alloys Market to Grow with a CAGR of ~13% During 2023–2035 and Attain ~USD 47 Billion by 2035
New York – July 29, 2023- Research Nester’s recent market research analysis on “Shape Memory Alloys Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global shape memory alloys market in terms of market segmentation by type, end use, and by region.
Rising Demand for Automotive to Boost the Growth of Global Shape Memory Alloys Market
The global shape memory alloys market is set to grow on account of rising demand for automotive. In the automotive industry, shape memory alloys have a wide range of possible uses, particularly in light of recent developments. Even though they are currently largely used in the cooling circuit or to operate mixing valves, shape memory alloys will be essential to the automation of cars in the future. Actuators are needed to build automated vehicles. Shape memory alloys based on nickel-titanium are capable of noiseless phase change. As a result, systems and actuators built around shape memory alloys operate and react quietly, preventing unwanted engine noise inside the car.
Additionally, the demand for household equipment including refrigerators, coffee machines, and furnaces has increased as a result of rising disposable income. These appliances make extensive use of shape memory alloys because of their enhanced elasticity and shape memory effect (SME) characteristics. Additionally, the aerospace industry is increasingly adopting SMEs because of their beneficial qualities, such as high mechanical strength and fatigue resistance, which is booming the market.
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Some of the major growth factors and challenges that are associated with the growth of the global shape memory alloys market are:
Growth Drivers:
• Rising Application of Shape Memory Alloys in Robotics
• Growing Deployment of Shape Memory Alloys in Fire Alarm
Challenges:
During the projected period, the high cost of raw materials would be the key barrier to the market growth of shape memory alloys. Only a few businesses, particularly those in the medical sector, can afford the expenses and research required to create new markets. Nitinol, for instance, has an extremely low composition and a very high cost. One of the primary problems on the market is that manufacturers use it by the inch rather than the pound.
By end use, the market for shape memory alloys is segmented into biomedical, aerospace & defense, automotive, and consumer electronics & home appliances. Out of these segments, the biomedical segment is anticipated to gather share of about 40% over the forecast period. The automotive segment is also set to grow. The demand for better performance, safety, and comfort in modern automobiles is driving the creation of sophisticated actuators, sensors, and microcontrollers. The segment is expanding as to a growing preference for the shape memory effect over traditional actuators including pneumatic and hydraulic systems.
By region, the market in Europe for shape memory alloys is anticipated to grow over the forecast period. The demand for shape memory alloys from the aerospace & defense and biomedical industries in the region is anticipated to increase as a result of rising defense budgets, investments in aerospace industries, spending on healthcare, and the availability of top healthcare services.
This report also provides the existing competitive scenario of some of the key players of the global shape memory alloys market which includes company profiling of Dynalloy, Inc., Fort Wayne Metals, SAES Getters S.p.A., Nitinol Devices & Components, Admedes GmbH, Memry Corporation, Confluent Medical Technologies, Metalwerks, Johnson Matthey, Endosmart GmbH, and others.