Global Shape Memory Alloy Market 2018-2022
About this market
Development of tires with shape memory alloy to drive market growth. The NASA has developed tires meant for the rover destined for the Mars by using shape memory alloys. Technavio’s analysts have predicted that the shape memory alloy market will register a CAGR of over 9% by 2022.
Biocompatibility of Nitinol
Nitinol exhibits super elasticity, shape memory, and corrosion resistance properties. This is leading to an increased usage of Nitinol in implants.
High cost of shape memory alloys
The cost of the alloy is very high because the primary raw material, titanium is very expensive due to its limited supply.
For the detailed list of factors that will drive and challenge the growth of the shape memory alloy market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Nippon Seisen and SAES Group the competitive environment is quite intense. Factors such as the development of tires with shape memory alloy and the biocompatibility of Nitinol, will provide considerable growth opportunities to shape memory alloy manufactures. ATI, FURUKAWA ELECTRIC, Johnson Matthey, Nippon Seisen, and SAES Group are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Shape Memory Alloy Market 2018-2022
Technavio recognizes the following companies as the key players in the global shape memory alloy market: ATI, FURUKAWA ELECTRIC, Johnson Matthey, Nippon Seisen, and SAES Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the development of tires with shape memory alloy.”
According to the report, one of the major drivers for this market is the biocompatibility of Nitinol.
Further, the report states that one of the major factors hindering the growth of this market is high cost of shape memory alloys.
and SAES Group