Global Shape Memory Alloys Market: Overview
The alloys that regain their original form even after deformation are known as shape memory alloys. They are light in weight and act as an alternative to the conventional actuators, for instance, motor-based, pneumatic, and the hydraulic systems. Owing to the exceptional characteristics of the shape memory alloys they are being increasingly used in different end-user industries. These alloys have two stable phases, which are austenite and martensite.
Global Shape Memory Alloys Market: Growth Factors
The key aspects that are driving the growth of the shape memory alloys market are the growing demand from the end-user industries such as aerospace & defense, consumer electronics & home appliances industries, and the biomedical sector and owing to its superior characteristics. The increasing use of the shape memory alloys in the safety and security systems such as in fire security and its use in the manufacturing of the golf clubs, anti-scalding protection is increasing the popularity of the shape memory alloys market. The shape memory alloys have characteristics such as shape memory effect, pseudo-elasticity, and high damping thus they are increasingly used in the electronic and medical applications. It is anticipated that in the coming years, the demand for the product will increase in the developing regions.
Global Shape Memory Alloys Market: Segmentation
The global shape memory alloys market can be segmented on the basis of type and the end-user industry. On the basis of type, the market is segregated into iron-manganese-silicon alloys, nitinol alloys, copper-based alloys, and others. In terms of end-user, the memory alloys market is categorized into consumer electronics & home appliances, aerospace & defense, biomedical, automotive, and others.
Global Shape Memory Alloys Market: Regional Analysis
It is anticipated that majority of the shares of the shape memory alloys is held by North America. The major factor contributing to the growth of the market in this region is the expanding aerospace industry. Another factor that supports the growth of the market in this region is the increasing developments and research in the bioengineering field.
Following North America is the Asia Pacific and Europe. The shape memory alloys market will grow at a rapid rate in the coming years in the Asia Pacific owing to the strong presence of the manufacturing and automotive industries. The market players are increasingly focusing in this region owing to the low labor and production cost, easy availability of the raw materials, and the unmet market demands. The rapidly developing construction industry and the favorable government initiatives in the emerging economies such as China and India also support the growth of the market in the region.
Global Shape Memory Alloys Market: Competitive Players
Some of the most important market players in the shape memory alloys market include SAES, Nippon Steel & Sumitomo Metals, Fort Wayne Metals, Xi'an Saite Metal Materials, DYNALLOY, Inc., ATI Specialty Alloys & Components, Johnson Matthey, Furukawa Electric Company, Nippon Seisen, and Seabird Metal Material, among others.
Global Shape Memory Alloys Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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