Shape Memory Alloys Market 2019 to 2025, key industry players & growth trends
Copper-based SMA’s had a significant shape memory alloys market share in 2018 which is likely to grow at a CAGR over 10% during the forecast timespan. Copper-based shape memory alloys such as Cu-Zn-Al-Ni, Cu-Zn-Al, Cu-Al-Ni, etc. are used in seismic energy dissipation devices. Cu-Al-Ni SMAs are used in rotary actuators. Future innovations will increase the range of applications where this product type will be used, augmenting the market by the end of the forecast timespan.
Automotive
sector is one of the key end-user segments in shape memory alloys market and
will account for approximately 15% of the total industry by the end of the
forecast timespan. Shape memory alloys reduce the aerodynamic drag in vehicles.
They are used in louver systems to control the airflow in the vehicle engine.
Shape memory alloys are also used to open and close the hatch vent for
air-release from trunks in sports vehicles.
Shape
Memory Alloys Market size will likely surpass USD 20 billion by 2025; according
to a new research report by Global Market Insights, Inc. Escalating automobile
industry in Asia Pacific region is one of the key driving factors for the
(SMAs) shape memory alloys market. China is the largest automobile manufacturer
in the world and has contributed more than one-fourth of the global automotive
production in 2018.
In the
same year, Japan and South Korea together accounted for over 12% of the global
automobile production. Indian automobile market also witnessed a production
growth by over 7% in 2018. Shape memory alloys are widely used as actuators in
automobiles. Government initiatives and favorable policies, heavy investment
from global leaders, along with rising spending power are few factors that will
drive the regional automobile industry, which in turn will boost shape memory
alloys market demand in near future.
Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/shape-memory-alloys-market
Another
factor which will prosper the growth of shape memory alloys market is the
rising product demand in the construction and electronics sectors. SMAs are
widely used for vibration damping in civil structures. Shape memory alloy wires
are embedded in IRC (Intelligent Reinforced Concrete) to sense and heal minute
cracks. In electronics industry, the product is used in cameras, MD recorders,
attitude-control system in stationary satellites, etc. Rising construction activities
in the U.S. and BRICS coupled with rapidly growing electronics industry in the
Asia Pacific region will boost SMA demand in near future.
Europe is a key region for the shape memory alloys market which is likely to gain by a fast rate over forecast timespan. Well-developed biomedical industry in the region is one of the primary reasons for the strong position of the region in the market. Germany has some world-renowned automobile manufacturers which are continuously working on advanced automotive projects. On the other hand, France is a prominent aircraft manufacturing market and had an aircraft export turnover of over USD 50 billion in 2017. The presence of such prominent end-user industries will prosper the regional demand for shape memory alloys by 2025.
Some
major players in shape memory alloys market ATI, Nippon Steel & Sumitomo
Metals, Johnson Matthey, SAES, Furukawa Electric, Nippon Siesen, Fort Wayne
Metals, etc. These companies have adopted expansion, product innovation and
supply-agreement strategies to maintain their competitive advantages in the SMA
market.
About Global Market Insights:
Global
Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
strategic decision making. These exhaustive reports are designed via a
proprietary research methodology and are available for key industries such as
chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Contact
Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Shape Memory Alloys Market 2019 to 2025, key industry players & growth trends
Reviewed by snehal
on
May 08, 2019
Rating:
No comments