North America Shape Memory Alloys Market is the leading region which held major share in product market in 2018. The region has a presence of many small and large shape memory alloy manufacturers along with well established automotive and biomedical industry which will enhance product usage in the upcoming years. Europe will also grow significantly in the coming years owing to growth of biomedical, aerospace and automotive industry in both Western and Eastern Europe. Asia Pacific shape memory alloy industry will also grow at around 14% CAGR in the upcoming years.
Growth in end-user industries such as automotive, biomedical and aerospace are likely to have a positive impact on shape memory alloys (SMA) market in the upcoming years. Asia Pacific will be a key region for shape memory alloys market growth due to increasing automotive production rates in Asian countries in the past few years.
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Automotive industry in Asia Pacific will continue to grow further by 2025, positively impacting the SMA market development. Countries such as South Korea, India, Japan, etc. are witnessing increase in automotive production. Globally, China is a top automotive producer with well-established industry players having manufacturing bases in the country. The key growth driving factor for the automotive industry in the region are increasing consumer spending, rising investment from the leading manufacturers, government initiatives, inexpensive labor, etc.
Another important growth driving factor for the Shape memory alloys market is rising medical and aerospace industry in the U.S. The country is the largest producer of aircraft and a major vehicle manufacturer in the world. Additionally, the U.S. has also invested around USD 600 billion in the aerospace sector in 2016. These factors coupled with rising healthcare demand, well-established biomedical and automation sectors, and home appliances industry growth will propel shape memory alloy consumption in the country in the upcoming years.
Shape memory alloys market share is highly competitive. The major players include:
- Fort Wayne Metals
- SAES Getters
- Nippon Steel and Sumitomo Metal
- Xian Saite Metal Materials Development
- Allegheny Technologies Incorporated
- Nippon Seisen
- Furukawa Electric
- Seabird Metal Material
- Ultimate Niti Technologies
- Sunrise Titanium Technology
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Based on end-user industry, the Shape memory alloys market is categorized into automotive, bio-medical, home appliances, aerospace & defense and others. Automotive industry use shape memory alloys for a variety of applications such as to lower the aerodynamic force in automobiles, to monitor the flow of air in engine, in hatch vent of the vehicle, etc. The segment will hold around 15% share of product market in the upcoming years. Biomedical will be a key end-user which will grow significantly due to a wide range of shape memory alloy applications such as in stents, dental implants, catheters, etc.
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