Shape Memory Alloys Market Size

Shape Memory Alloys Market Size

Shape Memory Alloys Market size was estimated over USD 9 billion in 2018 and the industry will grow by a CAGR of more than 12% up to 2025. Rapid growth in the global biomedical, aerospace & defense and automotive industries will be the major growth drivers for the market.

Emerging aerospace markets like France, Germany, UK, Japan, China, Russia, and India are likely to boost product demand in the aerospace industry in coming years. Additionally, increasing investment by the governments of developed as well as developing nations across the world in defense sector is likely to drive the demand of shape memory alloys market in the future.

The U.S. is a major SMAs industry owing to its established aerospace and medical industries. The country invested more than USD 600 billion in its aerospace & defense industry in 2016 with its export value crossing over USD 100 billion in the same year. The U.S. is the world’s largest aircraft producer. Apart from that, the country is the second largest automobile manufacturer and is also known for its advanced biomedical industry.
 

The rising demand for better healthcare services, flourishing global biomedical and automotive industries will propel the demand of SMAs in the near future. However, fluctuating raw material prices may hinder the growth prospects of the shape memory alloys market share during the forecast period.