[FURL=https://www.industryarc.com/Research/Shape-Memory-Materials-Market-Research-503091?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Shape Memory Material Market[/FURL] size is forecast to reach $23.3 billion by 2026, after growing at a CAGR of 10.9% during 2021-2026. Shape memory materials (SMMs) have the ability to recover its original shape from a significant and seemingly plastic deformation. The shape memory material is being widely used in structural engineering for protecting buildings against earthquakes due to its vibration-damping properties. Moreover, the beneficial properties of shape memory materials like high mechanical strength, fatigue resistance, Elastic buckling, and lightweight properties further drive the market growth. Besides, growth in end-use industries like biomedical, aerospace & defense, and consumer electronics in emerging countries like China, Brazil, Argentina, and India are also driving the shape-memory materials market share globally. Furthermore, the growing use of muscle wires in space missions, textile electronics, arterial stints, robotics, orthodontic braces, eyeglasses, and even magic tricks is also boosting the Shape Memory Material Industry growth. As muscle alloy is a highly processed strand of a nickel-titanium alloy called Nitinol, which is the type of shape memory alloy.Key Takeaways
APAC region is projected to witness the highest growth due to the developing aerospace and medical industries especially in China, South Korea, and India.
Shape memory materials possess elastic buckling, Martensitic transformation, and Muscle wire, as they regain their original shape after an increase in temperature. These materials also comprise higher flexibility compared to other conventional materials.
The strong presence of the leading medical and aerospace manufacturers in the North America region and the growth of the biomedical, automotive, and aerospace industries in the region, also contribute to the market growth.
COVID-19 has impacted the global end-use industry, which will hamper the growth of the Shape Memory Material market during the forecast period.
Shape memory material high manufacturing cost and less strength compared to steel and aluminum is hindering the growth of the market.
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Shape Memory Material Market Drivers
Growing Construction Activities Worldwide
Surging Consumer Electronic Industry
Shape Memory Material Market are Allegheny Technologies, Inc., SAES Getters S.p.A., SMP Technologies, Inc., Furukawa Electric Co., Ltd., MedShape, Inc., Nippon Steel Corp., Covestro AG, Mitsubishi Heavy Industries, Ltd., Fort Wayne Metals Research Products Corp., Nanoshel LLC.,
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