LONDON--(BUSINESS WIRE)--The shape memory alloy market is expected to grow by USD1.63 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Biomedical and defense were among the first few industries to commercially exploit the benefits of shape memory alloys, especially Nitinol. This is because shape memory alloys have traditionally been very expensive materials to justify their commercial use. However, with the high potential of demand from other applications, manufacturers in developing countries such as China and India have also developed capabilities to produce them locally. It has reduced the price of shape memory alloys worldwide, encouraging the use of this alloy in non-medical and non-defense fields. One of the current major applications of shape memory alloys is as actuators. Shape memory alloys are also increasingly finding use in consumer products such as earphones and jewellery due to their super elasticity. Such advantages and growing application areas of shape memory alloys are increasing its demand among end-users, which in turn, will drive market growth over the forecast period.
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As per Technavio, the increasing use by R&D institutions in aerospace and defense and consumer products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyses other significant trends and market drivers that will influence market growth over 2020-2024.
Shape Memory Alloy Market: Increasing Use by R&D Institutions in Aerospace and Defense and Consumer Products
R&D institutions in the aerospace and defense and consumer goods industries are investing heavily to explore the possibility of commercialization of shape memory alloys. For instance, NASA has been exploring the possibility of using shape memory alloys to develop tires for its rover to Mars. It has already developed and tested these tires. NASA has also successfully tested a flight that can adjust the span of its wings using shape memory alloy actuators. This test flight was conducted to assess the improvement in aerodynamics of the test flight when wings are folded during flight. Similarly, R&D labs in biomedical and automotive industries are also purchasing shape memory alloys to explore their use in new products. This is leading to the increased purchase of shape memory alloys and is expected to further drive market growth.
“The biocompatibility of Nitinol will be a major factor that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Shape Memory Alloy Market: Segmentation Analysis
This market research report segments the shape memory alloy market by Application (Biomedical, Automotive, Aerospace and Defense, and Others), and Geographic segmentation (North America, APAC, Europe, South America and MEA).
The North America region led the shape memory alloy market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increasing investments in medical devices industry and increasing production of defense vehicles and aircraft.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Aerospace and Defense
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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