Smart Materials Market Size, Analysis, Share & Forecast 2031

Segments - Smart Materials Market by 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), and Regions (North America, Latin America, Europe, Middle East and Africa, and Asia Pacific) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023-2031

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

Smart Materials Market Outlook 2031

The global smart materials market Size was valued at USD 61.86 Billion in 2022 and is expected to reach USD 206.79 Billion by 2023 projected to expand at a CAGR of 14.35% during the forecast period, 2022 – 2031. 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.

Smart Materials Market Trends, Drivers, Restraints, and Opportunities:

Rising public and private investments in smart materials have pushed this market to new heights. Increasing demand for smart materials in the consumer goods sector is expected to propel growth in this market.
Manufacturers focus on new designs and optimal use of smart materials. Demand for these products is predicted to go up due to their wide applications in the construction industry.
Properties of smart materials such as adaptiveness, dynamic nature, and its ability to return to its original form have fuelled the market. Smart materials can be used in high-temperature areas for rigorous technical systems and are more convenient than polymers/ plastic, ceramic, glass, and metal. They can be used as microelectronic components in energy supplies. These factors are anticipated to propel the market.
Some factors restraining this industry are high costs of smart materials and limited applications.
Innovative ideas for product applications and technological advancements have provided new opportunities to this market.
There are a large number of stakeholders in this market, starting from raw material to the final end-users. All of them focus on research and development activities, operations, innovations, and marketing strategies that enhance the values associated with their expectations.

Scope of Smart Materials Market Report

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	2022
Historic Data	2016–2021
Forecast Period	2023–2031
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

Smart Materials Market Segment Insights

Piezoelectric materials to hold a significant share

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.

Actuators & motors lead the market

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.

Global Smart Materials Market Applications

Defense & Aerospace holds a significant market

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.

North America dominates the market

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.

Segments

The global smart materials market has been segmented on the basis of

Products

Piezoelectric materials
Shape memory materials
Electrostrictive materials
Magnetostrictive materials
Phase change materials
Electrochromic materials
Others

Applications

Actuators & Motors
Transducers
Sensors
Structural materials
Others

End-Users

Defence & Aerospace
Automotive
Consumer Electronics
Healthcare
Others

Regions

North America
Latin America
Europe
Middle East and Africa
Asia Pacific

Key Players

APC International Ltd
CeramTec
KYOCERA Corporation
TDK Corporation
Noliac acquired by CTS Corporation
SMART MATERIAL CORP

Competitive Landscape

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.

Global Smart Materials Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Materials Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Materials Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Materials Market - Supply Chain
  4.5. Global Smart Materials Market Forecast
     4.5.1. Smart Materials Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Materials Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Smart Materials Market Absolute $ Opportunity
5. Global Smart Materials Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Smart Materials Market Size and Volume Forecast by Types
     5.3.1. Piezoelectric materials
     5.3.2. Shape memory materials
     5.3.3. Electrostrictive materials
     5.3.4. Magnetostrictive materials
     5.3.5. Phase change materials
     5.3.6. Electrochromic materials
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Materials Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Smart Materials Market Size and Volume Forecast by Applications
     6.3.1. Actuators & Motors
     6.3.2. Transducers
     6.3.3. Sensors
     6.3.4. Structural materials
     6.3.5. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Smart Materials Market Analysis and Forecast by End Users
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by End Users
     7.2.2. Y-o-Y Growth Projections by End Users
  7.3. Smart Materials Market Size and Volume Forecast by End Users
     7.3.1. Defence & Aerospace
     7.3.2. Automotive
     7.3.3. Consumer Electronics
     7.3.4. Healthcare
     7.3.5. Others
  7.4. Absolute $ Opportunity Assessment by End Users
  7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Smart Materials Market Analysis and Forecast by Region
  8.1. Market Trends
  8.2. Introduction
     8.2.1. Basis Point Share (BPS) Analysis by Region
     8.2.2. Y-o-Y Growth Projections by Region
  8.3. Smart Materials Market Size and Volume Forecast by Region
     8.3.1. North America
     8.3.2. Latin America
     8.3.3. Europe
     8.3.4. Asia Pacific
     8.3.5. Middle East and Africa (MEA)
  8.4. Absolute $ Opportunity Assessment by Region
  8.5. Market Attractiveness/Growth Potential Analysis by Region
  8.6. Global Smart Materials Demand Share Forecast, 2019-2026
9. North America Smart Materials Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
  9.2. North America Smart Materials Market Size and Volume Forecast by Country
     9.2.1. U.S.
     9.2.2. Canada
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. North America Smart Materials Market Size and Volume Forecast by Types
     9.4.1. Piezoelectric materials
     9.4.2. Shape memory materials
     9.4.3. Electrostrictive materials
     9.4.4. Magnetostrictive materials
     9.4.5. Phase change materials
     9.4.6. Electrochromic materials
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. North America Smart Materials Market Size and Volume Forecast by Applications
     9.7.1. Actuators & Motors
     9.7.2. Transducers
     9.7.3. Sensors
     9.7.4. Structural materials
     9.7.5. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. North America Smart Materials Market Size and Volume Forecast by End Users
     9.10.1. Defence & Aerospace
     9.10.2. Automotive
     9.10.3. Consumer Electronics
     9.10.4. Healthcare
     9.10.5. Others
  9.11. Basis Point Share (BPS) Analysis by End Users
  9.12. Y-o-Y Growth Projections by End Users
  9.13. Market Attractiveness/Growth Potential Analysis
     9.13.1. By Country
     9.13.2. By Product Type
     9.13.3. By Application
  9.14. North America Smart Materials Demand Share Forecast, 2019-2026
10. Latin America Smart Materials Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Latin America Average Pricing Analysis
  10.2. Latin America Smart Materials Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
  10.4. Latin America Smart Materials Market Size and Volume Forecast by Types
     10.4.1. Piezoelectric materials
     10.4.2. Shape memory materials
     10.4.3. Electrostrictive materials
     10.4.4. Magnetostrictive materials
     10.4.5. Phase change materials
     10.4.6. Electrochromic materials
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Latin America Smart Materials Market Size and Volume Forecast by Applications
     10.7.1. Actuators & Motors
     10.7.2. Transducers
     10.7.3. Sensors
     10.7.4. Structural materials
     10.7.5. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Latin America Smart Materials Market Size and Volume Forecast by End Users
     10.10.1. Defence & Aerospace
     10.10.2. Automotive
     10.10.3. Consumer Electronics
     10.10.4. Healthcare
     10.10.5. Others
  10.11. Basis Point Share (BPS) Analysis by End Users
  10.12. Y-o-Y Growth Projections by End Users
  10.13. Market Attractiveness/Growth Potential Analysis
     10.13.1. By Country
     10.13.2. By Product Type
     10.13.3. By Application
  10.14. Latin America Smart Materials Demand Share Forecast, 2019-2026
11. Europe Smart Materials Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Europe Average Pricing Analysis
  11.2. Europe Smart Materials Market Size and Volume Forecast by Country
     11.2.1. Germany
     11.2.2. France
     11.2.3. Italy
     11.2.4. U.K.
     11.2.5. Spain
     11.2.6. Russia
     11.2.7. Rest of Europe
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Europe Smart Materials Market Size and Volume Forecast by Types
     11.4.1. Piezoelectric materials
     11.4.2. Shape memory materials
     11.4.3. Electrostrictive materials
     11.4.4. Magnetostrictive materials
     11.4.5. Phase change materials
     11.4.6. Electrochromic materials
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Europe Smart Materials Market Size and Volume Forecast by Applications
     11.7.1. Actuators & Motors
     11.7.2. Transducers
     11.7.3. Sensors
     11.7.4. Structural materials
     11.7.5. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Europe Smart Materials Market Size and Volume Forecast by End Users
     11.10.1. Defence & Aerospace
     11.10.2. Automotive
     11.10.3. Consumer Electronics
     11.10.4. Healthcare
     11.10.5. Others
  11.11. Basis Point Share (BPS) Analysis by End Users
  11.12. Y-o-Y Growth Projections by End Users
  11.13. Market Attractiveness/Growth Potential Analysis
     11.13.1. By Country
     11.13.2. By Product Type
     11.13.3. By Application
  11.14. Europe Smart Materials Demand Share Forecast, 2019-2026
12. Asia Pacific Smart Materials Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Asia Pacific Average Pricing Analysis
  12.2. Asia Pacific Smart Materials Market Size and Volume Forecast by Country
     12.2.1. China
     12.2.2. Japan
     12.2.3. South Korea
     12.2.4. India
     12.2.5. Australia
     12.2.6. Rest of Asia Pacific (APAC)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Asia Pacific Smart Materials Market Size and Volume Forecast by Types
     12.4.1. Piezoelectric materials
     12.4.2. Shape memory materials
     12.4.3. Electrostrictive materials
     12.4.4. Magnetostrictive materials
     12.4.5. Phase change materials
     12.4.6. Electrochromic materials
     12.4.7. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Asia Pacific Smart Materials Market Size and Volume Forecast by Applications
     12.7.1. Actuators & Motors
     12.7.2. Transducers
     12.7.3. Sensors
     12.7.4. Structural materials
     12.7.5. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Asia Pacific Smart Materials Market Size and Volume Forecast by End Users
     12.10.1. Defence & Aerospace
     12.10.2. Automotive
     12.10.3. Consumer Electronics
     12.10.4. Healthcare
     12.10.5. Others
  12.11. Basis Point Share (BPS) Analysis by End Users
  12.12. Y-o-Y Growth Projections by End Users
  12.13. Market Attractiveness/Growth Potential Analysis
     12.13.1. By Country
     12.13.2. By Product Type
     12.13.3. By Application
  12.14. Asia Pacific Smart Materials Demand Share Forecast, 2019-2026
13. Middle East & Africa Smart Materials Market Analysis and Forecast
  13.1. Introduction
     13.1.1. Basis Point Share (BPS) Analysis by Country
     13.1.2. Y-o-Y Growth Projections by Country
     13.1.3. Middle East & Africa Average Pricing Analysis
  13.2. Middle East & Africa Smart Materials Market Size and Volume Forecast by Country
     13.2.1. Saudi Arabia
     13.2.2. South Africa
     13.2.3. UAE
     13.2.4. Rest of Middle East & Africa (MEA)
  13.3. Absolute $ Opportunity Assessment by Country
  13.4. Middle East & Africa Smart Materials Market Size and Volume Forecast by Types
     13.4.1. Piezoelectric materials
     13.4.2. Shape memory materials
     13.4.3. Electrostrictive materials
     13.4.4. Magnetostrictive materials
     13.4.5. Phase change materials
     13.4.6. Electrochromic materials
     13.4.7. Others
  13.5. Basis Point Share (BPS) Analysis by Types
  13.6. Y-o-Y Growth Projections by Types
  13.7. Middle East & Africa Smart Materials Market Size and Volume Forecast by Applications
     13.7.1. Actuators & Motors
     13.7.2. Transducers
     13.7.3. Sensors
     13.7.4. Structural materials
     13.7.5. Others
  13.8. Basis Point Share (BPS) Analysis by Applications
  13.9. Y-o-Y Growth Projections by Applications
  13.10. Middle East & Africa Smart Materials Market Size and Volume Forecast by End Users
     13.10.1. Defence & Aerospace
     13.10.2. Automotive
     13.10.3. Consumer Electronics
     13.10.4. Healthcare
     13.10.5. Others
  13.11. Basis Point Share (BPS) Analysis by End Users
  13.12. Y-o-Y Growth Projections by End Users
  13.13. Market Attractiveness/Growth Potential Analysis
     13.13.1. By Country
     13.13.2. By Product Type
     13.13.3. By Application
  13.14. Middle East & Africa Smart Materials Demand Share Forecast, 2019-2026
14. Competition Landscape
  14.1. Global Smart Materials Market: Market Share Analysis
  14.2. Smart Materials Distributors and Customers
  14.3. Smart Materials Market: Competitive Dashboard
  14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     14.4.1. APC International Ltd
     14.4.2. CeramTec
     14.4.3. KYOCERA Corporation
     14.4.4. TDK Corporation
     14.4.5. Noliac acquired by CTS Corporation
     14.4.6. SMART MATERIAL CORP