The global smart materials market is expected to exhibit a strong 14% CAGR over the forecast period from 2017 to 2030, 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.
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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.
Competitive Analysis:
Leading players in the global smart materials market include LORD Corporation, Channel Technologies Group, Wright Medical Group Inc., Noliac A/S, TDK Corporation, Kyocera Corporation, CeramTec, Harris Corporation, and APC International.
In October 2019, a research team from the University of Iowa and the University of Illinois at Urbana-Champaign launched a project to develop smart skin based on the skin of cephalopods. Twisted and coiled polymer fibers were used to produce the musculature of the artificial skin, making the skin capable of fine motion and smooth modulation of the shape. The skin is expected to see application in interfaces in 3D displays for the blind as well as in marine vehicles, where the skin can be used to reduce the drag and make the vehicle more aerodynamic.
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.
Regional Analysis:
North America is the leading revenue generator in the global smart materials market, followed by Europe and Asia Pacific. The growing demand for smart actuators and motors in automotive, aerospace, and consumer goods industries in North America is likely to be a major driver for the smart materials market in the region.
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.
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