Global Shape Memory Alloy Market: Market Research by Knowledge Sourcing Intelligence

The shape memory alloy market is projected to witness at a decent CAGR during the forecast period. The two unique properties of special alloy metals, i.e., pseudoelasticity and shape memory effect make them useful in various industry verticals such as automotive, healthcare, and electronics among others. Healthcare industry holds a significant share among the end-user industries of the shape memory alloy market. Continuous research and development on account of increasing investments by major market players and other organizations are fueling the growth of this market in many regions across the globe. The shape memory alloys have gained significant attention in recent years owing to their unique and superior properties. This is the major factor driving the growth of the market in a broad range of commercial applications which are further being supported by fundamental and applied research results. Their unique feature which allows them to change their mechanical characteristics such as shape makes them useful for actuators in various fields.
global shape memory alloy market: market research by knowledge sourcing intelligence
Global Shape Memory Alloy Market Forecast

Global Shape Memory Alloy Market by Industry Vertical:
By industry vertical, global shape memory alloy market is segmented as automotive, healthcare, aerospace and defense, electronics, and others. Healthcare held a significant market share in 2017 due to the pseudoelasticity and shape memory effect characteristics of shape memory alloys and their rising use in the field of dental, orthopedics, neurological, vascular, and surgical fields. In addition to healthcare, it is used in the defense and aerospace, electronics, and automotive industry among others. These alloys are used as wires in the wings of aircraft which enables changing of shape by inducing a voltage. Moreover, these can also serve as an alternative to hydraulic systems. The market research provides a detailed analysis of the global shape memory alloy market on the basis of the various segment like- by geography, by industry vertical, etc.

Global Shape Memory Alloy Market by Geography:
North America shape memory alloy market is projected to grow at the CAGR of XX% during the forecast period to reach a total market size of US$XX million in 2023 from US$XX million in 2017. Mature industries like automotive, aerospace and defense, healthcare and several others in this industry are major contributors to the growth of this market in this region. Increasing demand for improved actuators in these industries to improve the efficiency of the systems is driving the demand for shape memory alloys capable of supporting the designing of lightweight and compact actuators requiring lower maintenance. Cost benefits offered by these smart alloys by eliminating the need for various components are attracting various industry players, further fueling the adoption of shape memory alloys. For instance, ShiftFX division of Biperformance Development Corporation, a Canada based company, is using shape memory alloy for their Electronic Shift Transmission (EST). Shape memory alloy used in this EST allows electrohydraulic control of the clutch and brings down the weight of the unit to less than half a kilogram. Continuous efforts are being made and huge investments are being poured into research and development by major market players and government agencies to tap the complete potential of these smart alloys, and to make them fit for use in a wide range of applications.
global shape memory alloy market: market research by knowledge sourcing intelligence
Global Shape Memory Alloy Market by Geography

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In addition, growing need for convenience and the rising trend towards mini-invasive surgeries will boost the demand for shape memory alloys (SMA)  during the forecast period.

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