DUBLIN, August 25, 2021--(BUSINESS WIRE)--The "Shape Memory Alloys Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global shape memory alloys market size is projected to grow from USD 11.0 billion in 2021 to USD 18.8 billion by 2026, at a CAGR of 11.2% from 2021 and 2026.
The growth in the market is highly attributed to the increasing demand for SMAs in the manufacturing of biomedical devices & surgical instruments, aircraft components and automotive actuators, and consumer electronics. North America is the largest market for SMAs, owing to huge demand from biomedical device manufacturing.
The growth in the market is also attributed to the increasing demand for high-quality life-saving medical devices and better automotive & aircraft components. The physical properties of SMAs are encouraging their use in various end-use industries. However, the high cost of implantable devices, which is the largest application of SMAs in the biomedical industry, is the major challenge for the growth of the SMAs market.
"Nitinol type segment estimated to lead the shape memory alloys market in 2020"
By type, the Nitinol segment accounted for the largest share in the overall shape memory alloys market. Nitinol alloys are the largest type of SMAs, accounting for a major share of the market. The significantly growing biomedical end-use industry, especially for medical implants, is driving the demand for nitinol SMAs. These alloys are...
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