Smart Materials Market: Summary
The Global Smart Materials Market is projected to reach a value of USD 121.29 billion by 2027 at a CAGR of 13.5%.
The smart materials are designed material which have one or more properties that can be significantly changed in a controlled fashion by external stimulus, such as stress, moisture, light, temperature, or the chemical compounds. Also, the smart materials consist of materials which is respond to changes in their environment and then undergo a material property change. Global smart materials market is rising with increasing demand of piezo-electric devices. However, the lack of awareness among end-users are expected to hinder the growth of the market.
Smart Materials Market: Market Dynamics
Market Driver:
- Growing Demand for Sensors and Actuators in Consumer Electronics
- There has been growing demand for sensors and actuators in consumer electronics, this plays a significant role in smart materials market. The smart materials are applied in manufacturing of actuators & sensors with its advantages, which includes fast response, high energy density, compact size as well as fewer moving parts
- The Defense Advanced Research Projects Agency (DARPA) has funded the various research activities to evaluate the application potential of the product in the defense sector
- The DARPA has developed a .50-caliber bullet known “Extreme Accuracy Tasked Ordnance (EXACTO) bullet”, which involves the use of smart actuators
- For example, the smart materials are also used in smart phones as image sensors for camera, Piezoceramics and quartz, crystals in accelerometers, barometers, microelectronic components, GPS (TCXO), gyroscopes, hygrometers, and light sensors
- Furthermore, the smart materials are being mainly used in manufacturing of electronic instrument such as sensors, actuators, electroactive polymers etc.
- Rising Demand of Piezo-Electric Devices
- Rising in the Defense Budget
Market Challenges:
- Lack of Awareness Among End-Users
Smart Materials Market: Key Segments
The smart materials market is majorly segments into product, application and end-user.
- On the basis of product, the market is sub segmented into piezoelectric materials, shape memory materials, phase change materials, electrochromic materials, electrostrictive materials, magnetostrictive materials and others. The piezoelectric materials is excepted to accounted for the largest share in the forecast period. The rising demand for piezoelectric devices in various end-user lead to fuel the smart materials market demand.
- On the basis of application, the market is bifurcated into actuators & motors, structural materials, transducers, sensors and others.
- On the basis of end-user, the market is sub segmented into industrial, defense & aerospace, healthcare, automotive, consumer electronics and others.
Smart Materials Market: Key Regions
On the basis of region, the market is divided into Americas, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Americas accounted for the major market share, as the rising the application scope of the products in the aerospace & defense industry has boost the product growth in the region. However, Asia-Pacific is projected grow at the fastest growth rate, with the rising demand from end-use industries in countries such as China and Japan.
Smart Materials Market: Report Scope
The report on the smart materials market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features
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Specifics
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Historical/Estimated/Forecasted Market Size Years
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2019-2027
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Historical Year
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2018
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Base Year
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2019
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Forecasted Period
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2020-2027 (2020 estimated year, forecast up to 2027)
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Measured Units
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Value (USD Million)
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Segments Included
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Product, Application, and End-User
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Regional Coverage
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Americas, Asia-Pacific, Europe, Middle East & Africa
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Key Companies Covered
- APC International, Ltd (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
- CeramTec
- Channel Technologies Group
- CTS Corporation
- KYOCERA Corporation
- L3Harris Technologies, Inc.
- Parker Hannifin Corp
- QorTek, Inc.
- TDK Corporation
- Wright Medical Group N.V
- Other Key Companies
Smart Materials Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Materials Market, by Product
- Piezoelectric Materials
- Shape Memory Materials
- Phase Change Materials
- Electrochromic Materials
- Electrostrictive Materials
- Magnetostrictive Materials
- Others
Smart Materials Market, by Application
- Actuators & Motors
- Structural Materials
- Transducers
- Sensors
- Others
Smart Materials Market, by End-User
- Industrial
- Defense & Aerospace
- Healthcare
- Automotive
- Consumer Electronics
- Other
Smart Materials Market, by Region
- Americas
- North America
- Latin America
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Middle East & Africa
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
Report Audience
- Smart Materials Market Providers
- Smart Materials Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Smart Materials Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Smart Materials Market STUDY
