CHICAGO, Aug. 3, 2021 /PRNewswire/ — According to the new market research report “Shape Memory Alloys Market by Type (Nitinol, Copper based, Iron-Manganese-Silicon), End-use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics, and Home appliances) and Region – Global Forecast to 2026“, published by MarketsandMarkets™, 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.
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224 – Tables
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230 – Pages