Rise in demand from biomedical sector and surge in demand from the automotive industry have boosted the growth of the global shape memory alloys market.
Allied Market Research recently published a report, titled, “Shape Memory Alloys Market by Type (Nickel Titanium Alloys, Copper-Based Alloys, and Others) and End-Use Industry (Biomedical, Aerospace & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. As per the report, the global shape memory alloys industry was pegged at $9.2 billion in 2020, and is expected to reach $19.5 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
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COVID-19 impact analysis
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The shape memory alloys market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the shape memory alloys market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the shape memory alloys market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The aerospace & defense segment would showcase the highest CAGR of 9.1% from 2021 to 2030, due to use of shape memory alloys in various exterior components to improve efficiency of aircraft. However, the biomedical segment held the largest share in 2020, contributing to around one-third of the global shape memory alloys market, owing to the exceptional biocompatibility and computer tomography compatibility of the shape memory alloys for use in medical devices.
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Some ruling enterprises in the global shape memory alloys market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global shape memory alloys industry include Furukawa. Johnson Matthey, G. Rau GmbH & Co. KG, Metalwerks Inc., Xi’an Saite Metal Material, Fort Wayne Metals, Dynalloyinc, Seabird Metal.
The global shape memory alloys market across Asia-Pacific, followed by Europe and North America held the largest share in 2020, accounting for nearly two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 8.3% during the forecast period, owing to rise in demand for advanced medical devices for low-cost diagnostic treatment.
Major Inclusions-
- Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
- Analysis at country and regional level, which portrays the share of the product or service in different regions.
- Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
- The forecasted market outlook of the shape memory alloys market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
- The COVID-19 impact on the shape memory alloys market
- Post-sales support and free customization
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