Newark, April 17, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart materials market will grow to USD 58.95 billion in 2022 and reach USD 200.82 billion by 2032. In just ten years, the escalating demand for localized, effective, and need-based systems in multiple biomedical applications, including controlled drug delivery, biosensors, cancer targeting, and tissue engineering, is also anticipated to drive market growth during the forecast period.
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Key Insight of the Smart Materials Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the smart materials market. Key factors favouring the growth of the smart materials market in North America include the increasing need for regenerative medicines & personalized therapies, increased demand for the product in military & defense applications, and the rising adoption of smart materials in protective clothing, helping to stimulate the market growth. Further, the increasing demand for smart wound dressings & disposable medical devices, coupled with the rising investments by key participants in R&D activities, are expected to drive market growth in this region.
The actuators & motors segment is expected to augment the smart materials market during the forecast period.
The application segment is divided into sensors, actuators & motors, structural materials, transducers, and others. The actuators & motors segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for industrial robots in manufacturing industries.
The piezoelectric materials segment market size was USD 12.47 billion in 2022
The product segment is divided into phase change materials, electrostrictive materials, piezoelectric materials, electrochromic materials, shape memory materials, magnetostrictive materials, and others. The piezoelectric materials segment market size was USD 12.47 billion in 2022 due to the ever-increasing demand for piezoelectric devices in various end-user industries, including healthcare, aerospace& defense, communication, automotive, information, and manufacturing industries.
Further, by 2032, the shape memory materials segment will likely dominate the market due to rising healthcare expenditure. Also, the growing use of muscle wires in space missions, textile electronics, eyeglasses, orthodontic braces, arterial stints, robotics, and even magic tricks are helping to boost the segment's market growth.
The consumer electronics segment is anticipated to dominate the market by 32.06% in 2032.
The end-user segment is divided into aerospace and defense, automotive, industrial, healthcare, consumer electronics, and others. The consumer electronics segment is anticipated to dominate the market by 32.06% in 2032 due to the expansion of the consumer electronics industry. In 2022, the aerospace and defense segment dominated the market with 25.17% and a revenue of USD 14.83 billion. This growth is attributed to the raised budget and investment for the defense & aerospace sector among different countries worldwide.
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Advancement in Market
For example, in February 2021, CTS Corporation and Entekno Materials of Turkey announced they had secured funding from Eurostars to develop environmentally friendly lead-free piezoelectric ceramic smart material. This material is designed in consideration to replace lead-based materials.
Market Dynamics
Driver: The growing ageing population:
Smart materials have raised in gaining traction in older population-centric products. Additionally, these products assist in reducing daily routine complexities & make life easier for older people. A substantial increase in the defense budget by the number of countries is also helping to stimulate market growth. Additionally, the growing awareness among employees towards workplace safety and protection from hazardous conditions is also helping to boost the market growth. Moreover, developing multiple warfare strategies to strengthen war technologies, including intelligence tactics, cyber warfare, and precision strike capabilities, is expected to propel the market growth over the projection period.
Restraint: The lack of awareness:
The limited commercial viability of the devices, coupled with a lack of awareness among end-users, is hindering market growth. The lack of experience in developing systems based on smart materials is expected to hamper the market growth during the forecast period. End users' ignorance has also restrained the product's economic potential, hindering market growth during the forecast period.
Opportunity: The expanding various end-user industries:
The ongoing development in manufacturing processes & adoption of enhanced materials has raised the applications of smart materials across different end-user industries. Further, the increasing technological advancements have resulted in the expanded use of developed materials rather than conventional materials like metal, polymers, and glass in various sectors like consumer electronics, automotive, and healthcare, among others. Additionally, the property of smart materials to change one or more properties due to external stimulus propels the usage of smart materials for different applications like actuators & motors, transducers, structural materials and others. However, the introduction of the internet of things (loT) and the increased demand for connected devices are propelling the global market growth.
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Some of the major players operating in the smart materials market are:
• Arkema S.A
• APC International Ltd
• CTS Corporation
• Confluent Medical Technologies
• Kyocera Corporation
• Murata Manufacturing Co. Ltd
• Meggitt PLC
• Gentex Corporation
• Piezo Kinetics Inc. (The Crest Group Incorporated)
• Solvay S.A.
• Johnson Matthey
• SAGE Electrochromics Inc. (Saint-Gobain S.A.)
Key Segments cover in the market:
By Application:
• Sensors
• Actuators & Motors
• Structural Materials
• Transducers
• Others
By Product:
• Phase Change Materials
• Electrostrictive Materials
• Piezoelectric Materials
• Electrochromic Materials
• Shape Memory Materials
• Magnetostrictive Materials
• Others
By End-User:
• Aerospace and Defense
• Automotive
• Industrial
• Healthcare
• Consumer Electronics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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