Smart Material Market Size Will Attain USD 158.21 Billion by 2030 Growing at 14.42% CAGR - Exclusive Report by Zion Market Research | Global Smart Material Market Size, Share, Trends Analysis Report

NEW YORK, United States, March 13, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Smart Material Market By Application (Transducers, Actuators & Motors, Sensors, Structural Materials, And Coatings), End-User Industry (Industrial, Defense & Aerospace, Automotive, Consumer Electronics, Healthcare, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Smart Material Market size & share in terms of revenue was valued at USD 62.31 billion in 2022 and it is expected to surpass around USD 158.21 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 14.42% during the forecast period 2023 to 2030.”

Smart Material Market Overview:

Smart materials are an object that is capable of altering the effect of external stimuli such as temperature, electromagnetic field, moisture, or pressure to attain required functional efforts in a controlled fashion. These materials have intrinsic and extrinsic properties that tend to essentially react to alteration with the slightest of environmental changes. They are also dynamic in nature, making them willing to react to neighboring communication conditions by adapting to their specific qualities.

Some examples of smart materials include shape memory alloy, photovoltaic, pH-sensitive polymer, magnetic shape memory, and piezoelectric. These materials are extensively utilized in various applications such as actuators and engines, transducers, structural materials, and others.

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• Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research methodology

Global Smart Material Market Dynamics:

Growth Factors

• Increased demand from the aerospace industry is expected to propel market expansion.

The global smart materials market is expected to surge exponentially due to rapid changes in the lifestyle of people as more and more people are increasingly inclining toward electric vehicles rather than conventional vehicles. Thus, this growing shift in the automobile industry is favored by the increased adoption of smart materials over conventional materials in vehicles. There has been a remarkable demand for enhanced smart materials in various industries, including construction, industrial, manufacturing, healthcare, aerospace, and others.

An increase in investment in research and development activities among both private companies and governments to develop effective and functional products further drive the growth of the market. Not only large enterprises but also small and medium enterprises (SMEs) are readily investing in and adopting smart vehicles due to the presence and initiation of various programs and initiatives from the government which bolster the growth of the market. Persistent technological advancements in smart materials and the growth of the consumer electronics industry create ample opportunities for the growth of the market.

However, the lack of experience among people in making system-based materials restricts the growth of the market to an extent.

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Report Scope

Smart Material Market: Segmentation Analysis

The global smart materials market is segmented based on application, end-user industry, and region.

Based on application, the market is bifurcated into transducers, actuators & motors, sensors, structural materials, and coatings. The actuators & motors segment held the dominating market share in 2022 and is expected to cite a significant CAGR during the forecast period. The major reason for the growth of the segment is that actuators are notably capable of revamping and upgrading fuel economy (mileage) and vehicle execution to ensure comfort and convenience. These days, actuators have become an inseparable chunk of robotics where deployment motors, sampling tool motors, pedal motors, manipulator joint motors, and steering/drive motors are essentially utilized.

Based on end-user industry, the market is segmented into industrial, defense & aerospace, automotive, consumer electronics, healthcare, and others. The defense & aerospace industry held the largest market share in 2022 and is further projected to occupy a dominant status and simultaneously grow at a rapid CAGR during the forecast period. The growth of this segment is mainly due to an increase in investment and budget for the defense & aerospace sector among various countries across the globe as there has been an exponential rise in terrorist activities and war situations around the world. Thus, various countries are rapidly increasing their military capabilities to expansively portray their defensive prowess and also to protect their own countries. Therefore, the extensive utilization of smart materials in the aviation and defense industry in numerous countries drives the growth of the segment during the forecast period.

The global smart material market is segmented as follows:

By Application

• Transducer
• Actuators & Motors
• Sensors
• Structural Materials
• Coatings

By End User

• Industrial
• Defense & Aerospace
• Automotive
• Consumer Electronics
• Healthcare
• Other

Browse the full “Smart Material Market By Application (Transducers, Actuators & Motors, Sensors, Structural Materials, and Coatings), End-User Industry (Industrial, Defense & Aerospace, Automotive, Consumer Electronics, Healthcare, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/smart-material-market

Competitive Landscape

Some of the main competitors dominating the global Smart Material market include - 

• APC International Ltd.
• LORD Corporation
• Kyocera Corporation
• Advanced Cerametrics Inc.
• Metglas Inc.
• Channel Technologies
• Group
• Ametek Inc.
• Metamaterial Inc.
• Harris Corporation
• CeramTec
• Kyocera Corporation
• TDK Corporation
• NOLIAC A/S.

 Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global smart materials market is expected to grow annually at a promising CAGR of around 14.42% during the forecast period 2023-2030.
• In terms of revenue, the global smart materials market size was valued at around USD 62.31 billion in 2022 and is estimated to grow to about USD 158.21 billion by 2030.
• An increase in inclination towards the latest consumer electronics among people, rapid industrialization and urbanization, an increase in the use of smart materials and technologies in the automotive industry, and expanding use of smart materials in the aviation and defense industry propel the growth of the market during the forecast period.
• Based on application, the actuator & motors segment held the dominating market share in 2022.
• Based on end-use industry, the defense and aerospace industry held the largest market share in 2022.
• Based on region, the North American region held the dominating market share in 2022

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Key questions answered in this report:

• What is the market size and growth rate forecast for Smart Material industry?
• What are the main driving factors propelling the Smart Material Market forward?
• What are the leading companies in the Smart Material Industry?
• What segments does the Smart Material Market cover?
• How can I receive a free copy of the Smart Material Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Application, End User, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

• The global market is expected to be ruled by North America during the forecast period

Based on region, the North American region held the largest market share in 2022 and is further expected to grow exponentially at a dominant CAGR during the forecast period. The major reason for the growth of the market in this region is the prevalence of advanced technologies, a huge number of skilled professionals, an increase in the adoption of advanced consumer electronics among people, a rise in healthcare expenditures, and an increased adoption of electric vehicles and rapidly growing automotive industry, and rise in aerospace and defense budgets among countries such as the U.S. in this region bolster the growth of the market during the forecast period.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In December 2021, KYOCERA Corporation revealed its HAPTIVITY®i human-machine interface (HMI) technology, a hybrid invention that combines the company's proprietary HAPTIVITY® touch technology with TactoTek Oy's IMSETM, a patented 3D injection-molded structural electronics technology.
• In March 2021, TDK Ventures, a subsidiary of TDK Corporation, invested in Span, a developer of revolutionary smart electrical panels that seek to provide consumers with the opportunity to manage and monitor their home energy use in real-time via a mobile app. When combined with sustainable energy upgrades like solar panels, house batteries, and EV charging, the Span Smart Panel is very beneficial.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/smart-material-market

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