Biomedical to emerge as a key end-user of shape memory alloys

7:47 AM, 15th January 2021
Biomedical could emerge as a key end-user of these alloys that will grow considerably owing to a wide range of applications like dental implants, stents and catheters, as per a study on the global shape memory alloys market share.

The global shape memory alloys market share could reach $20 billion in total annual remuneration through 2025. An automobile deploys shape memory alloys for various applications such as to lower the aerodynamic force, in hatch vent, to monitor the flow of air in the engine, among others. Biomedical could emerge as a key end-user of these alloys that will grow considerably owing to a wide range of applications like dental implants, stents and catheters, as per a study on the global shape memory alloys market share.

With the constant expansion in the automotive industry along with the increase in the frequency of air travel, the global shape memory alloys market has witnessed enormous gains over the years. The favorable properties of the product include its ability to remember initial shape, switching from one form to another, and then back to the original by way of heating.

In emerging economies across the Asia Pacific, the automobile sector has witnessed enormous gains over the years due to the improvement in disposable income among people along with the increasing penetration of automobile manufacturers. Nations like India, Japan, South Korea and others are witnessing an increase in the production of vehicles. Globally, China has emerged as a top automobile manufacturer as many leading automobile brands have their production base in the country.

With respect to the type of product, the industry is segmented into NiTi, copper-based alloys and various others. Other SMAs comprise of Fe-Mn-Si, Ni-Fe-Ga etc. Nitinol has dominated the market share due to its wide application scope. Favorable characteristics of the product such as high thermal stability and mechanical properties along with practicability have supported its use. 

Growth drivers are

  • Booming global biomedical sector
  • Increasing product demand in aerospace & defense industry
  • Growing automobile industry in Asia Pacific region

Regionally speaking, North America has emerged as a profitable revenue terrain due to the presence of various small and large shape memory alloy manufacturers along with a strong biomedical and automobile industry across the region. Additionally, the Europe SMA market will witness notable gains in the near future due to the presence of many automobile companies like Fiat, BMW, Audi, Mercedes-Benz and Volkswagen to name a few.

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, application growth potential, price trends, competitive market share & forecast, 2019 – 2025” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/3261  

Given how aircraft are subjected to a considerable amount of stress on a daily basis, the body panels and components of the airplanes must be made up of strong, highly durable yet lightweight materials. This offers considerable prospects for the product to make significant inroads in the vast aerospace industry.

They are used in aerodynamic surfaces like positioning flaps, electric motor actuators, morphing structural spaces, and smart vortex generators that retract to lower drag during the flight. Such applications will not only benefit the aerospace sector but also make aircrafts safe and reliable.

Prominent shape memory alloys manufacturers include Xian Saite materials Development, Fort Wayne Metals, Nippon Steel, Seabird Metal Materials, and Ultimate Niti Technologies to name a few. In a nutshell, the SMA industry’s capability to bridge significant gaps in the automobile and aerospace industries could allow producers to draw substantial revenue in the coming years.

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Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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