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Global Shape Memory Alloys Market InsightDecember 30, 2021 Comments
The shape memory alloys is forecast to crazy increase over the next four years. According to the World Knowledge Information (WKI) “Global Shape Memory Alloys Professional Survey Report 2021, Forecast to 2026”, Due to the increasing demand for SMA in the manufacturing of biomedical equipment and surgical instruments, aircraft components and automobile actuators, it is the main factor driving the rapid growth of the market.The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 11.29% base on WKI regression analysis model.
“With the aggravation of population aging, biomedical related products have broad development space.”said Selena, Senior analyst, Chemical & Material Market Research Center in WKI.”Shape memory alloy industry participants should actively carry out technological innovation, improve production efficiency, reduce production costs and seize more market share.”
The growth power of the shape memory alloy market is that it has more advantages than the traditional actuator systems set up in automobile and aerospace. Because of its temperature sensitivity, it can work like an actuator without the whole system. It is elastic, wear-resistant, temperature activated, biocompatible, flexible and non corrosive. It is advantageous to replace the traditional actuator because it reduces the weight of the main body and is cost-effective. Since it is temperature activated, it does not need any type of auxiliary working system to drive. Another major growth force of shape memory alloys is the upsurge of using shape memory alloys in the medical field in the fields of Dentistry, orthopedics, nerves, blood vessels and surgery. This is due to its good biocompatibility, excellent magnetic resonance and computed tomography compatibility.
However, there are some factors that shape memory alloy industry participants need to pay attention to. For example, the rising cost of raw materials and the availability of alternatives are inhibiting the growth of SMA market.
The main market participants operating in the global shape memory alloys market are SAES Getters, Stanford Advance Materials, Mathey Johnson, Dynalloy, Daido Steels, Nippon steel and Sumitomo Metal, ultimateniti, Arquimea, Nippon-Seisen Co. Ltd. and others.
Segmentation of Shape Memory Alloys Market:
According to the type, the shape memory alloy market can be divided into nickel titanium, copper base, iron manganese silicon and others. Nitinol segment accounts for the largest share in the whole shape memory alloy market. The significantly growing biomedical end use industry, especially medical implants, is driving the demand for nitinol SMA. According to the application, the shape memory alloy market can be divided into biomedicine, aerospace and national defense, automobile, consumer electronics and household appliances and others. Biomedicine is the largest end use industry of SMA. Thanks to the excellent biocompatibility and computed tomography compatibility of small and medium-sized enterprises. The growing demand for small and medium-sized enterprises in orthodontics, dental pulp, orthopedics and neurosurgery is promoting the development of this segment. In addition, increasing healthcare spending worldwide will drive segment growth over the forecast period.
Shape Memory Alloys Market: Regional Analysis
In terms of geography, the global shape memory alloys market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.North America holds the largest share in the global shape memory alloy Market and continues to maintain a leading position in the forecast period. This is due to the growth of biomedical, automotive and aerospace industries in the region, which will maintain a steady growth in the demand for shape memory alloys. In addition, according to the data of the International Trade Administration (ITA), the United States is the largest consumer of medical devices, promoting the increase of demand for shape memory alloys and the expansion of the market scale of shape memory alloys.
Largest share area：North America
Largest share country：the United States