Shape Memory Alloys Market Share

North American Market Forecast

The shape memory alloys market in North America is projected to gather share of about 30% over the forecast period, backed by growing manufacturing of aircraft. In 2021, the number of general aviation aircraft in the US fleet was projected to increase to roughly 204,404 aircraft. On the contrary hand, the number of aircraft in the fleet of for-hire carriers fell to approximately 5,814 units. It is anticipated that in 2022, there will be about 6,869 carrier aircraft that are available for lease. Additional factors encouraging the market size in this region include considerable bioengineering research and development.

APAC Market Analysis

The shape memory alloys industry in Asia Pacific is also estimated to have significant growth over the forecast period. Due to lower costs of production and straightforward access to raw materials, automobile and other manufacturing industries have experienced rapid expansion. As a result, this factor is also anticipated to promote market growth in the years to come.