Shape Memory Alloys Market Growth Rate reaches 12% with boost from Aerospace and Defense Market

The Business Research Company's shape memory alloys market research report expands on key drivers, trends, and growth opportunities in the market.

LONDON, July 6, 2022 /PRNewswire/ -- The shape memory alloys market consists of sales of shape memory alloys by entities (organizations, sole traders, and partnerships) that are used as functional materials in various fields due to their super elasticity property. Shape memory alloys are defined as metal alloys that remember their original shape and regain their shape when the deforming force is removed. They change their shape when exposed to heat. They possess high strength, good elasticity, and are lightweight.

The global shape memory alloys market size is expected to grow from $10.35 billion in 2021 to $11.57 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The global shape memory alloy market size is expected to grow to $18.16 billion in 2026 at a CAGR of 11.9%.

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A&D Industry Drives Shape Memory Alloys Market Growth

The rapidly growing aerospace and defense industry is significantly contributing to the growth of the shape memory alloys market. The aerospace and defense industry is involved in designing, manufacturing, and developing advanced space systems, aircraft, and defense capabilities. Shape memory alloys have an elastic modulus and a degree of strength enough for parts, structural members, and complexity of a system making it light and highly reliable it can reduce drag throughout the flight and improve overall performance offering direct benefits for passengers. The growing aerospace and defense sector due to demand for advanced infrastructure will propel the use of shape memory alloys.

Shape Memory Alloys Market Players

Major players in the shape memory alloys market are SAES Getters S.p.A., Nippon Steel Corporation, Fort Wayne Metals Research Products Corp, Xi'an Saite Metal Materials Development Co. Ltd, Dynalloy Inc, ATI Specialty Alloys & Components, Furukawa Electric Co. Ltd., Baoji Seabird Metal Materials Co. Ltd., Metalwerks Inc., G.RAU GmbH & Co. KG, Admedes Schuessler GmbH, Memry Corporation, and Ingpuls GmbH.

Shape Memory Alloys Industry Segments

1. By Product Type: Sheets, Wires, Tubes, Rods, Springs
2. By Material: Nickel-Titanium, Copper-based, Iron-based, Silver-based, Gold-based, Cobalt-based
3. By End-Use Industry: Biomedical, Aerospace and Defense, Automotive, Consumer Electronics, Home Appliances

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