The global Smart Materials Market is expected to exhibit a strong 14% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global smart materials market is thoroughly analyzed in the report, which takes into account all the major factors enabling the growth of the smart materials market and presents a detailed analysis of the key factors driving and restraining the global market. The major economic and regulatory factors affecting the market’s growth are also profiled in the report to provide readers with a comprehensive overview of the market.
Smart materials have become increasingly important in recent years due to the growing commercial interest in the Internet of Things (IoT) and smart connectivity. Smart materials are materials that can alter their response to environmental variables. This makes them highly valued in several consumer electronics, automotive, and IT products. Electric fields, magnetic fields, temperature, moisture, and pressure are just some of the stimuli that can trigger a change in smart materials. The growing demand for smart, responsive skins on mobile phones, tablets, and other consumer electronics is likely to be a major driver for the smart materials market over the forecast period. The growing demand for smart fabrics and smart clothing is also likely to be a major driver for the global smart materials market. Smart clothing can be made to react to a wide range of stimuli, making it capable of reacting to heat gain, heat loss, moisture gain or loss, and other factors. This allows smart clothing to provide a valuable service to the wearers.
The growing demand for piezoelectric devices in a number of healthcare applications is likely to be a key driver for the global smart materials market. Medical devices, medical and other robotic tools, and automotive are some of the key applications for piezoelectric devices and are likely to exhibit robust demand over the forecast period. This is likely to lead to steady growth of the smart materials market over the forecast period. Increasing demand for artificial organs made from smart materials is also likely to be a major driver for the global smart materials market. Artificial organs made from smart materials are likely to take on an important role in the smart materials market over the forecast period, as an increasing number of patients requiring artificial organs has driven the demand at a strong rate over the last few years.
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Market Highlights
The global Smart Materials Market is projected to witness a rapid growth during the forecast period. The study indicates that chemical composition present in the smart materials are responsible for the characteristics of the smart materials it displays. Its response varies depending on the chemical composition of the smart materials used. It is observed that smart materials are dynamic in nature and react to external environments by adapting their properties.
The global smart materials market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share as compared to other regions, the Smart Materials market in Europe market is expected to witness a significant growth and hold the second largest market share during the forecast period. Countries such as France, Italy, and Germany are anticipated to drive the growth of the smart materials market owing to the presence of established automotive industry. The rapidly growing demand for structural materials and mimetic materials has been the main growth driver of the smart materials market in this region. The adoption of new methods in the domains of monitoring of structural health, environmental control, and vibration control is also responsible for the development of the smart materials market in this region.
In the global smart materials market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of low labor costs coupled with the reduced costs associated with raw materials.
Smart Materials Market Segmentation
The global smart materials market is segmented by products and application. By product segment, the market consists of piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. By application, it is segmented into actuators & motors, transducers, sensors, structural materials, and others.
APC International (U.S.)
Harris Corporation (U.S.)
CeramTec (Germany)
Kyocera Corporation (Japan)
TDK Corporation (Japan)
Noliac A/S (Denmark)
Wright Medical Group
Inc. (U.S.)
Channel Technologies Group (U.S.)
LORD Corporation (U.S.) among others.
Market Research Analysis
The North American market is witnessing rapid growth due to technological advancements and increasing demand for Smart Materials across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of advance solutions.
Segmentation:
The global smart materials market is segmented by product, application, and region.
By product, the global smart materials market is segmented into piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others.
By application, the global smart materials market is segmented into actuators and motors, transducers, sensors, structural materials, and others.
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