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. However, fluctuation in raw material cost hinders the market growth. On the contrary, rise in demand from the electronics industry is expected to create lucrative opportunities for the market players in the future.
A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
By type, the nitinol segment held the largest share in 2020, accounting for nearly two-fifths of the global shape memory alloys market, as it is biocompatible metal with qualities that make it appropriate for use in orthopedic implants. However, the copper-based segment is expected to register the highest CAGR of 8.3% during the forecast period, owing to its ability to return to pre-deformed shape after heating above the transformation temperature.
The Shape memory alloys market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
By region, 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.
Shape Memory Alloys Companies Covered Market:- Furukawa. Johnson Matthey, G. Rau GmbH & Co. KG, Metalwerks Inc., Xi’an Saite, Metal Material, Fort Wayne Metals, Dynalloyinc, Seabird Metal, Saes Gaetters and Other.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Shape memory alloys market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Shape memory alloys market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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