Dublin, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The "Smart Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart materials market reached a size of US$ 52.6 billion in 2022. Looking ahead, the market is expected to reach US$ 97.3 billion by 2028, with a compound annual growth rate (CAGR) of 10.6% during 2023-2028.
Smart Materials Overview:
Smart materials are engineered materials that can alter their mechanical and physical properties under externally controllable fields. These materials are available in various forms, from carbon nanotubes and graphene to inorganic nanoparticles and conducting polymers. They possess unique characteristics such as selectivity, immediacy, and the ability to respond to stimuli like electrical signals. As a result, they find applications across various industries.
Market Trends:
Several trends are shaping the smart materials market:
- Protective Clothing: The adoption of smart materials in protective clothing is on the rise due to the need for workplace safety and protection from hazardous conditions.
- Biomedical Applications: The demand for localized and need-based systems in biomedical applications, such as cancer targeting, controlled drug delivery, and biosensors, is growing. This is driven by increasing chronic diseases and trauma injuries.
- Energy-Efficient Buildings: Smart materials are being combined with traditional construction materials to create structures that adapt to atmospheric conditions, making buildings more energy-efficient.
- Biopolymers: Research and development efforts are increasing to develop smart materials using biopolymers, which are biocompatible and biodegradable. These materials have applications in artificial muscles, biomimetic robots, and reconfigurable lens systems.
Market Segmentation:
The market is segmented based on product, application, and end-use industry.
By Product:
- Piezoelectric Materials
- Shape Memory Materials
- Electrostrictive Materials
- Magnetostrictive Materials
- Phase Change Materials
- Electrochromic Materials
- Others
By Application:
- Transducer
- Actuators and Motors
- Sensors
- Structural Materials
- Others
By End Use Industry:
- Automotive
- Consumer Electronics
- Aerospace and Defense
- Healthcare
- Industrial
- Others
Regional Breakdown:
The report provides regional insights into the smart materials market, including regions such as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Competitive Landscape:
Key players in the smart materials market include APC International Ltd, Arkema S.A, Confluent Medical Technologies, CTS Corporation, Gentex Corporation, Johnson Matthey, Kyocera Corporation, Meggitt PLC, Murata Manufacturing Co. Ltd, Piezo Kinetics Inc. (The Crest Group Incorporated), SAGE Electrochromics Inc. (Saint-Gobain S.A.), and Solvay S.A.
Key Questions Answered:
- What was the global smart materials market size in 2022?
- What is the expected growth rate of the global smart materials market from 2023 to 2028?
- How has COVID-19 impacted the smart materials market?
- What are the key drivers of the smart materials market?
- How is the market segmented based on application and end-use industry?
- Which regions are significant in the smart materials market?
- Who are the key players in the smart materials market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $52.6 Billion |
| Forecasted Market Value (USD) by 2028 | $97.3 Billion |
| Compound Annual Growth Rate | 10.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qwpqnl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
