Shape Memory Alloy Market Top Scenario, SWOT Analysis, Business Overview, Forecast 2025
The global shape memory alloy market is slated to grow at a tremendous rate over the forecast period, 2020-2030. Shape memory alloys (SMA) are commonplace in several end-use industries including, consumer electronics, biomedical, and aerospace & defense, given their umpteen benefits of shape memory effect, pseudo elasticity, and high damping properties. While market players continue to capitalize on the biomedical industry, they are uncovering new revenue streams in the automotive industry. Get a Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb742 Shape Memory Alloy – Eminent Component in Various Industries The biomedical sector is slated to be the key revenue generator in the shape memory alloy market, attributable to exceptional computer tomography compatibility and biocompatibility SMAs. Such benefits of shape memory alloys are broadening their adoption in minimal invasive techniques, fracture treatments, treatment of cerebral aneurysms, and orthodontic treatment. Moving ahead, shape memory alloys are majorly used for wing morphing in planes in the aerospace industry. Greater emphasis on reliability and multi-functionality in the end-use industry is propelling the demand for active materials. Temperature sensitivity of SMAs make them ideal for aerospace use cases. Distinctive thermo-mechanical feature of shape memory alloys are enabling their application in civil constructions. These alloys are used for retrofitting of existent deficient bridges. Coupled with sensors, SMAs are used to construct reinforced concrete bridges. Consumers’ demand for better performance, safety, and safety in automobiles is paving for development of advanced sensors, actuators, and microcontrollers in the automotive sector. Rising preference for shape memory effect over conventional actuators – hydraulic and pneumatic systems - from automotive industry is pushing the sales of shape memory alloys. Shape Memory Alloy Market – Growth Restraints While the shape memory alloy market has been making significant strides, high initial costs of these alloys are restricting their adoption. Complex motion control and thermo-mechanical properties of shape memory alloys are limiting their usage to large-scale companies. Further, poor fatigue and low operational speed are among the major challenges for market players. Impact of COVID-19 Pandemic on Shape Memory Alloy Market