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The shape memory alloy market will register a CAGR of over 9% by 2022

NEW YORK, Jan. 9, 2019 /PRNewswire/ --

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.

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Market Overview
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.

Competitive Landscape
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.

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