The shape memory alloys market is witnessing good growth in recent years and anticipated to witness the significant growth during the forecast period. This can be attributed to its increasing application such as adaptive structures, actuators, medical devices, heat detection devices, high temperature automotive, oil/gas down-hole, aeronautics, military, and others.

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Growing medical implants industry and increasing demand from end-user industries are the major factors driving the shape memory alloys market growth. These materials provide various benefits to the users, for example, they provide high force that allows lightweight compact actuator designs, eliminates extraneous systems (hydraulic, pneumatic, and others), responds to temperature change that eliminated the need for electronics and sensors, enable simple, frictionless designs which require less maintenance, and others.

Asia-Pacific shape memory alloys market is expected to register the highest CAGR in the market during the forecast period. This can be attributed to the increasing demand for these materials in the various industries including consumer electronics, biomedical, and others. Along with that, the major factors that are driving the market growth in the region are the rapid economic expansion, rapid industrialization of countries such as India and China.

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Some of the key players operating in the global shape memory alloys industry are Saes Getters, Nitinol Devices & Components, Johnson Matthey, G.Rau Gmbh & Co. Kg, Ati Wah-Chang, Furukawa Electric, Fort Wayne Metals, Nippon Steel & Sumitomo Metal, Nippon Seisen, Ultimate Niti Technologies, Metalwerks Pmd, Dynalloy, Peier Tech, Saite Metal, Smart, Grikin, and Baoji Seabird Metal.

Source: VynZ Research