The global smart materials market is projected to expand at a CAGR of 12.8% during the forecast period, 2021 – 2028. The growth of this market is attributed to rise in applications of smart materials in the medical industry. Some of the sub-segments of this industry are surgical devices, dental braces, stents, and prosthetics.
Smart materials are products, which respond to external stimuli such as light, moisture, temperature, nuclear radiation, magnetic field, and pH change. They are popularly known as responsive materials or intelligent materials. These materials revert to their original state if the stimuli are removed. Many types of research are being carried out to amplify the applications of these materials. The first piezoelectric material was discovered by Curie brothers in 1880s, followed by the discovery of the robust piezoelectric ceramic material known as barium titanate, which is used in sonar devices as a sensor.
The report on the smart material market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Smart Materials Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Products (Piezoelectric materials, Shape memory materials, Electrostrictive materials, Magnetostrictive materials, Phase change materials, Electrochromic materials, and Others), Applications (Actuators & Motors, Transducers, Sensors, Structural materials, and Others), End-users (Defence & Aerospace, Automotive, Consumer Electronics, Healthcare, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
APC International, Ltd, CeramTec, KYOCERA Corporation, TDK Corporation, Noliac acquired by CTS Corporation, and SMART MATERIAL CORP |
Based on products, the market is divided into piezoelectric materials, shape-memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. Piezoelectric materials hold more than 50% of the market share. This can be attributed to the rise in end-users using piezoelectric smart materials.
It is expected that shape memory material will lead the market in the forecast period, due to rise in its applications in buzzers, hydrophones, gas igniters, speakers, and sporting equipment. These types of smart materials can react to electric signals. These materials are created by synthetic crystals and naturally occurring crystals.
On the basis of applications, the market is divided into actuators & motors, transducers, sensors, structural materials, and others. In 2019, actuators and motors lead the market in the applications segment. This is attributed to the rising demand for fuel injection systems, vibration & noise control system, and ultrasonic motors. This segment holds more than 55% of the market share and it is expected that this trend will continue in the forecast period.
In terms of end-users, the market is divided into defense & aerospace, automotive, consumer electronics, healthcare, and others. The defense & aerospace industry holds a majority of the market share in the end-user segment. This is attributed to the properties of smart materials, which can detect changes in humidity content, atmospheric pressure, biochemical reactions, and magnetic field.
Based on the regions, the global smart materials market is divided into North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. In 2019, North America dominated the smart materials market. This was due to industries such as aerospace and automotive, which increased their demand for smart actuators & motors. Additionally, the growth of this market is due to heavy investment in research and development. Europe and Asia Pacific are expected to have a high CAGR during the forecast period. China is expected to drive the market, as it manufactures a high number of consumer goods.
The global smart materials market has been segmented on the basis of
The key market players are APC International, Ltd, CeramTec, KYOCERA Corporation, TDK Corporation, Noliac acquired by CTS Corporation, and SMART MATERIAL CORP. Mixed strategies of players such as collaborations between research organizations and manufacturers have augmented the market.
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