SELBYVILLE, Del., May 1, 2019 /PRNewswire/ -- The shape memory alloys market is set to rise from USD 9 billion in 2018 to around USD 20 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The escalating automobile industry in the Asia-Pacific region is one of the key driving factors for the (SMAs) shape memory alloys market share. China is the largest automobile manufacturer in the world and contributed more than one-fourth of the global automotive production for 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 of over 7% in 2018. Shape memory alloys are widely used as actuators in automobiles. Government initiatives and favorable policies, heavy investment from global leaders, along with rising spending power are a few factors that will drive the regional automobile industry, which in turn will boost shape memory alloys market demand in near future.
Another factor that will increase the growth of shape memory alloys market share 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 the electronics industry, the product is used in cameras, MD recorders, altitude-control systems in stationary satellites, etc. Rising construction activities in the U.S. and BRICS, coupled with the rapidly growing electronics industry in the Asia Pacific region, will boost SMA demand in near future.
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Copper-based SMAs had a significant shape memory alloys market share in 2018 which is likely to grow at a CAGR over 10% during the forecast timespan. Copper-based shape memory 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 market by the end of the forecast timespan.
The automotive sector is one of the key end-user segments in the shape memory alloys market share and will account for approximately 15% of the total industry by the end of the forecast timespan. Shape memory alloys reduce the aerodynamic drag in vehicles. They are used in louver systems to control the airflow in the vehicle engine. Shape memory alloys are also used to open and close the hatch vent for air-release from trunks in sports vehicles.
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 (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, South Korea, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC, Israel), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Europe is a key region for the shape memory alloys market which is likely to grow by a fast rate over the forecasted timespan. The 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 market include 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.
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Shape Memory Alloys Market size worth over $20 bn by 2025
Shape Memory Alloys Market is growing at over 12% CAGR to surpass USD 20 billion by 2025; according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.