Shape Memory Alloys Market Size Predicted to Reach USD 20.9 Billion by 2026
According to the report, The global shape memory alloys market in 2019 was approximately USD 10.2 Billion. The market is expected to grow at a CAGR of 12% and is anticipated to reach around USD 20.9 Billion by 2026.
Share memory alloys are made up of metal which return to a predetermined shape after it gets heated. After plastic deformation, when share memory alloy is heated above its transformation temperature level, it undergoes a thermo-elastic change in crystal structure, which results in a recovery of the deformation. This effect is known as the shape memory effect that is used in applications for force generation like actuators development.
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The shape memory alloys market research report delivers an acute valuation and taxonomy of the shape memory alloys industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the shape memory alloys industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the shape memory alloys industry is provided for the leading economies of the world.
The shape memory alloys market is segmented based on type and application. On the basis of type segmentation, the market is classified into nickel-titanium (nitinol) alloys, copper-based alloys, among others. In terms of Application segmentation, the market is bifurcated into biomedical, automotive, aerospace & defense, consumer electronics & household, and others.
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Some of the essential players operating in the shape memory alloys market, but not restricted to include Nitinol Devices & Components, SAES Getters, G.RAU GmbH & Co. KG, ATI, Johnson Matthey, Fort Wayne Metals, Furukawa Electric, Nippon Steel & Sumitomo Metal, Nippon Seisen, Metalwerks PMD, Ultimate NiTi Technologies, Dynalloy, PEIER Tech, and Baoji Seabird Metal among others.
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