Smart Materials Market Investment Opportunities, Revenue Analysis, and Growth Trends, 2023

CITY, Country, 2020-Jun-10 — /EPR Network/ —

Global smart materials market is estimated to witness considerable growth in the coming years due to increased applications of smart materials. Smart materials (responsive materials) are highly responsive to external stimulations which later undergo material property change. The specially designed materials possess properties that can be altered by external stimuli like temperature, stress, moisture, light, pH, electric or magnetic fields, or chemical compounds.

The key drivers of smart materials market can be listed as promising use of smart materials in biotechnology and biomedical domains, increasing use of smart materials in smart fabrics due to their imparting properties, and growing popularity of this fabric. Moreover, significant use of smart materials in robotics and automotive industries for motors and actuators is also fuelling the market. Conversely, low awareness of product speciality among end users is hampering the smart material market.

Speedy developments in polymer science and increase in research and developments for the potential use of smart materials are few trends observed in the market. Increase in applications of active coating is an opportunity to the market.

Smart material market is categorized on the basis of product type, applications, end use industries, and geography. Based on product type, market is divided into piezo-electric, smart hydrogels, biomimetic, thermally responsive, and smart fluids. Piezo-electric material segment is expected to lead the market in the coming years due to increased applications in smart material technology in different industries, such automotive, aerospace, robotics, and information technology, among others.

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By application, market is divided into structural materials, actuators & motors, transducers, mechanical structures, sensors, sports and leisure, and energy harvesting devices. Actuators and motors segment is expected to lead the market owing to increased use of smart materials and preference by manufacturers. Smart materials like magnetostrictive materials, shape memory alloys, electrorheological/ magnetorheological fluids, and piezoelectric ceramics are essentially used in actuators. Additionally, transducers and sensors are also expected to lead the market in the near future.

In terms of end use industries, smart materials market is split into consumer electronics, defence & aerospace, automotive, retail, robotics, industrial, healthcare, and civil engineering. Automotive segment is expected to hold maximum share of the market due to increasing developments in the industry. Furthermore, robotics and consumer electronics segment also leads the market due to high demand from various industries and high demand from consumers, respectively.

Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market due to high demand by numerous industries in the region. Europe is also projected to lead the market owing to sizeable demand from the developed regions, such as the Netherlands, Germany, Switzerland, and France. Asia Pacific accounts for a significant share of the market due to growing demand from end use industries of emerging nations.

The leading players in smart materials market comprise Qingdao Jiapu, TDK Corporation, Etrema, Vertellus, APC International Ltd., GSP Chemical, Ioniqa, Smart Material Corporation, Laird Tech, Olikrom, Kyocera Corporation, NOLIAC A/S, Harris Corporation and CeramTec.

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