By the end of the forecast period, the shape memory alloy market in India is expected to be valued at USD 286.7 million. The aerospace, biomedical, and construction sectors are anticipated to have a significant impact on the growth of the shape memory alloy market in India. Due to ongoing development efforts in the application segments, the market is expected to grow rapidly over the course of the forecast period, with a CAGR of 13.2%.
Key shape memory alloy market participants in India are devoting a reasonable portion of their earnings to research and development activities in order to develop new products, cut costs, and look into new market niches. Mainstream uses of shape memory alloys are in biomedical, aerospace, and automotive components.
Such applications would necessitate ongoing product innovations to satisfy changing needs of the aforementioned industries. To meet the stringent requirements of these end-use industries and gain a competitive edge in the market, several manufacturers are likely to invest in research and development activities.
The market for shape memory alloy in India is also projected to be significantly affected by demographic factors, macroeconomic factors, and certain innovation factors, including research and development in metals & alloys.
Based on these factors, a lot of investment has been done in developing shape memory alloys for suitable end-use applications. These types of activities in the market are expected to bring in high growth prospects in the India shape memory alloy market in the forecast period, says Future Market Insights.
Key Takeaways from the India Shape Memory Alloy Market Study
- The India shape memory alloy market is projected to witness a high CAGR of 2% between 2023 and 2033.
- During the historical period between 2018 and 2022, the shape memory alloy market showcased a moderate CAGR of 8%.
- Based on material, the nickel-titanium (nitinol) segment is estimated to create an incremental opportunity of more than US$ 183.6 million in the next ten years.
- By application, the wire and tubes segment is likely to generate the lion’s share in the India shape memory alloy market.
- West India is projected to hold more than one-third of the India shape memory alloy market.
“Ongoing development of infrastructure development projects such as land connectivity programs, civil infrastructure projects, and water conservation initiatives in India would push sales of shape memory alloys in the next ten years. Key companies are likely to invest in enhancing their production processes to strengthen their positions,” says a lead analyst at Future Market Insights.
Competitive Landscape: India Shape Memory Alloy Market
According to estimates, the shape memory alloy market in India is well-consolidated, with leading companies likely to hold more than 50% of the market. The makers of shape memory alloys highlighted in the complete version of the research are Mishra Dhatu Nigam Ltd (MIDHANI), SAES Getters, Johnson Matthey, Nippon Seisen Co. Ltd., and Daido Steel.
Key players are concentrating on boosting their distribution networks to raise their presence across the nation and expanding their production capacity to satisfy the rising demand. They want to achieve as much market traction as possible in addition to the same. Leading companies are also making leading investments in product innovation for their current product lines.
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Get More Insights into the India Shape Memory Alloy Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the India shape memory alloy market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on material (nickel-titanium, copper based, Fe-Mn-Si), component (ingots, sheets, blocks, wires & tubes, pipes), end-use industry (biomedical, aerospace & defense, automotive, building & construction, consumer electronics & home appliances), application (wires & tubes, motors/actuators/transducers, valves, pipes, sensors), and region.
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