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.
Smart Materials Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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.
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.
The global smart materials market has been segmented on the basis of
- Piezoelectric materials
- Shape memory materials
- Electrostrictive materials
- Magnetostrictive materials
- Phase change materials
- Electrochromic materials
- Actuators & Motors
- Structural materials
- Defence & Aerospace
- Consumer Electronics
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
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.