Global Shape Memory Alloy Market 2018-2022 | Biocompatibility of Nitinol to Promote Growth | Technavio
The global shape memory alloy market is expected to post a CAGR of over 9% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global shape memory alloy market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the biocompatibility of Nitinol. Biocompatibility is a commonly used term in biomedical. It refers to the ability of biomaterials to not produce toxic elements when it comes in contact with living tissues. Bio-materials are used to produce medical devices that are usually inserted in a body for a considerable time. For example, orthodontic braces and stents are used for the alignment of teeth and for coronary heart treatments.
This market research report on the global shape memory alloy market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Global shape memory alloy market: Competitive landscape
The level of rivalry between vendors is low in the global shape memory alloy market. It is because most of the applications of shape memory alloys such as biomedical, automotive, and aerospace and defense are technologically sensitive fields. Therefore, buyers usually sign long-term agreements with vendors and restrict vendors from selling a certain variant of shape memory alloys to other buyers. This leads to vendors mostly dealing with their existing buyers.
“Factors such as complex approval processes, especially for medical grade Nitinol and aerospace and defense-grade shape memory alloy limit the threat of new entrants in these sectors. However, emerging applications of shape memory alloys in consumer products and in civil engineering support the entry of new vendors,” says a senior analyst at Technavio.
Global shape memory alloy market: Segmentation analysis
This market research report segments the global shape memory alloy market by application (biomedical, automotive, aerospace and defense, and consumer products) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of over 47%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share.
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Five Forces Analysis
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- Vendors covered
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