Expansions and Agreements are the Key Strategies Adopted by the Leading Players to Strengthen their Positions in the Shape Memory Alloys Market
The shape memory alloys market is estimated at USD 10.62 Billion in 2017 and is projected to reach USD 18.97 Billion by 2022, at a CAGR of 12.3% between 2017 and 2022. Expansions and agreements are the key strategies adopted by the major players to strengthen their footholds in the shape memory alloys market. The North American region, followed by the APAC and European regions witnessed the maximum number of strategic developments undertaken by various players between 2012 and 2018.
The key players operating in the shape memory alloys market are SAES (Italy), Nippon Steel & Sumitomo Metals (Japan), ATI Specialty Alloys & Components (US), Furukawa Electric Company (Japan), Johnson Matthey (UK), Fort Wayne Metals (US), Nippon Seisen (Japan), Saite Metal Materials (China), DYNALLOY, Inc. (US), and Seabird Metal Material (China).
ATI Specialty Alloys & Components (US) is one of the leading manufacturers of shape memory alloys. The company has been focusing on agreements and joint ventures to maintain its leading position in the shape memory alloys market. For instance, in July 2017, ATI entered into a joint venture with GE Aviation (US) and established an R&D pilot production facility in Pennsylvania, US to develop the meltless titanium alloy powder manufacturing technology. The company also signed a long-term purchase agreement with Pratt & Whitney (US) for the supply of isothermal forgings and nickel-based powder alloys to Pratt & Whitney for next-generation jet engines.
SAES (Italy) and Johnson Matthey (UK) are other major players in the shape memory alloys market investing largely in developments. For Instance, in January 2016, Johnson Matthey opened a new Platinum Group Metal (PGM) refinery in Zhangjiagang, China. The expansion was a part of the company’s strategic development to meet the growing demand for PGM refining and recycling in China. The company also signed an agreement with Anglo American Platinum Limited (South Africa) for the supply management of platinum products to provide Anglo Platinum with PGM market research services in 2013.
In November 2012, Actuator Solutions GmbH (Germany), a 50% owned joint venture of SAES acquired the SMA-based actuators manufacturing business of Alfmeier Präzision AG (Germany). This agreement allowed SAES to become a manufacturing company of SMA actuators for consumer electronic applications.
This report provides a detailed analysis of the shape memory alloys market and segments the same based on type, end-use industry, and region. Based on type, the market has been segmented into nitinol alloys, copper-based alloys, iron-manganese-silicon alloys, and others. Based on end-use industry, the market has been segmented into biomedical, aerospace & defense, automotive, consumer electronics & home appliances, and others. Based on region, the market has been segmented into North America, APAC, Europe, South America, and the Middle East & Africa.
Related Reports:
Shape Memory Alloys Market by Type (Nitinol, Copper-Based, Iron-Manganese Silicon), End-Use Industry (Biomedical, Aerospace & Defense, Automotive, Consumer Electronics & Home Appliances), and Region - Global Forecast to 2022
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