According to a new research report by Global Market Insights Inc., the Shape Memory Alloys Market size will likely surpass USD 20 billion by 2025; Government initiatives and favorable policies, heavy investment from global leaders, along with rising spending power are few factors that will drive the regional automobile industry, which in turn will boost market demand in near future.
Escalating automobile industry in Asia Pacific region is one of the key driving factors for the (SMAs) shape memory alloys market. China is the largest automobile manufacturer in the world and has contributed more than one-fourth of the global automotive production in 2018. In the same year, Japan and South Korea together accounted for over 12% of the global automobile production. Indian automobile market also witnessed a production growth by over 7% in 2018. These are widely used as actuators in automobiles.
Another factor which will prosper the business growth is the rising product demand in the construction and electronics sectors. SMAs are widely used for vibration damping in civil structures. Shape memory alloy wires are embedded in IRC (Intelligent Reinforced Concrete) to sense and heal minute cracks. In electronics industry, the product is used in cameras, MD recorders, attitude-control system in stationary satellites, etc. Rising construction activities in the U.S. and BRICS coupled with rapidly growing electronics industry in the Asia Pacific region will boost the shape memory alloys market demand in near future.
Browse key industry insights spread across 210 pages with 314 market data tables & 22 figures & charts from the report, “Shape Memory Alloys Market Size By Product (NiTi, Copper-based, Others), By End-user (Biomedical, Aerospace & Defense, Automotive, Home Appliances, Others), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Copper-based SMA’s had a significant share in 2018 which is likely to grow at a CAGR over 10% during the forecast timespan. Copper-based alloys such as Cu-Zn-Al-Ni, Cu-Zn-Al, Cu-Al-Ni, etc. are used in seismic energy dissipation devices. Cu-Al-Ni SMAs are used in rotary actuators. Future innovations will increase the range of applications where this product type will be used, augmenting the shape memory alloys market share by the end of the forecast timespan.
Automotive sector is one of the key end-user segments in shape memory alloys market and will account for approximately 15% of the total industry by the end of the forecast timespan. These alloys reduce the aerodynamic drag in vehicles. They are used in louver systems to control the airflow in the vehicle engine. These alloys are also used to open and close the hatch vent for air-release from trunks in sports vehicles.
Europe is a key region for the shape memory alloys market size which is likely to gain by a fast rate over forecast timespan. Well-developed biomedical industry in the region is one of the primary reasons for the strong position of the region in the market. Germany has some world-renowned automobile manufacturers which are continuously working on advanced automotive projects.
On the other hand, France is a prominent aircraft manufacturing market and had an aircraft export turnover of over USD 50 billion in 2017. The presence of such prominent end-user industries will prosper the regional demand for shape memory alloys by 2025.
Some major players in shape memory alloys industry includes ATI, Nippon Steel & Sumitomo Metals, Johnson Matthey, SAES, Furukawa Electric, Nippon Siesen, Fort Wayne Metals, etc. These companies have adopted expansion, product innovation and supply-agreement strategies to maintain their competitive advantages in the SMA market.