New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Smart Materials Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Materials Market Information by Application, Region, End-user, and Product Type - Forecast till 2030”, the market is estimated to grow at a 14% CAGR to reach USD 115.08 Billion by 2030
Market Scope
Smart materials are produced to respond to external stimuli and behave according to the direction given to the materials. The global market for smart materials has demonstrated massive development in recent years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 115.08 Billion |
| CAGR | 14% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Region, End-user, and Product Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing usage of smart actuators and motors, smart sensors, smart devices, smart vehicles. |
| The increasing investment in the automotive industry has helped in replacing conventional materials. |
Competitive Analysis
The catalog for the leading participants across the global market for smart materials includes players such as:
- Ametek Inc
- Kyocera Corporation
- APC International Ltd.
- Lord Corporation
- Ceram Tec
- Piezo Kinetics
- CTS Corporation
- Smart material Corp
- Harris Corporation
- TDK U.S.A Corporation
- Among others.
Market USP Covered
Market Drivers
The global market for smart materials has demonstrated massive development in recent years owing to the aspects such as rising usage of smart actuators & motors, increasing investment in the automotive industry, increasing demand for automated machines, and revolution in weapons manufacturing.
Market Restraints
On the other hand, several aspects may hamper the market's growth. These include a lack of awareness regarding the industry's materials and development, limited economic potential, and high manufacturing costs. In addition, the need to develop every specific material is likely to impede the performance of the market over the coming years.
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the smart materials market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the products, the piezoelectric materials segment is predicted to secure the top spot across the global market for smart materials over the assessment era. Stress or mechanical deformations can induce electric dipoles in these materials producing electricity. Various sources, such as synthetic and naturally occurring crystals, can produce piezoelectricity. The main parameter supporting the segment's growth is the escalating demand for piezoelectric devices in several end-use sectors, such as manufacturing, communication, information, healthcare, aerospace and & defense, and automotive industries. On the other hand, the shape memory products segment is anticipated to showcase the maximum growth rate over the coming years. copper-based alloys, nickel, and several shape memory polymers have a large use in actuators & motors, structural products, and sensors. The growing application of these materials in medical applications such as stents, prosthetics, and surgical devices will likely catalyze the segment's growth over the review timeframe.
Among all the application areas, the actuators & motors segment is predicted to hold the top position across the global market for smart materials over the assessment era. The substantial demand for smart actuators & motors in consumer goods, aerospace & defense, and automotive sectors is also projected to have an appositive impact on the development of the segment over the coming years. On the other hand, the structural materials application segment is anticipated to demonstrate a maximum growth rate over the coming years. the growth of the segment is ascribed to the considerable demand from the medical industry.
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Regional Analysis
The global smart materials market is analyzed across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
The MRFR research reports imply that the North American region is anticipated to secure the top position across the global smart materials market over the assessment era by contributing a maximum share of approximately 40%. The primary parameter supporting regional market development is the escalating demand in the aerospace, defense industry, and significant others. The region has the US as the leading growth contributor, given the nation's aerospace and defense industry exports. Furthermore, the significant demand for smart actuators & motors across various end-use sectors is also likely to enhance the performance of the regional market over the coming years.
The Asia-pacific regional market for smart materials is anticipated to showcase the maximum growth rate over the assessment era. The main aspect causing an upsurge in the regional market's growth is the substantial research activities supported by the government. Furthermore, the rapidly growing construction sector is also likely to boost the regional market's development over the assessment era.
The smart market for the European region is predicted to grow considerably during the evaluation period. The higher purchasing capacity of people across the region is the prime aspect supporting regional market development. Thus, favorable global conditions offer lucrative opportunities for smart materials market growth over the coming years.
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