Smart Materials Market

Smart Materials Market Insights

The smart materials market is expected to grow at a high CAGR during the forecast period. Smart materials possess intrinsic and extrinsic capabilities hence, known as adaptive and intelligent materials. They display receptiveness in a controlled manner to changing the environment. Smart materials have a molecular structure, because of which they can quickly respond to the wide array of external stimuli, such as magnetic fields, electric fields, temperature, pressure, chemicals, and moisture.

Various factors such as rising demand for actuators and sensors in consumer electronics, consumer goods and in aerospace and defense have boosted the demand for smart materials across the globe. Owing to its dynamic properties these materials can respond to the changing environments thereby, adapting their characteristics.

Various U.S. based organizations such as (DARPA) Defense Advanced Research Projects Agency and (NSF) National Science Foundation are encouraging research programs in order to promote industrial and commercial usage of smart materials. Numerous investments have been done in the research activities of these organizations especially DARPA in order to evaluate the true potential of the product in the defense sector.

The materials of this generation exhibit, intelligent and fast adaptive capabilities in response to specific stimulus input. They can change their physical properties such as stiffness, shape, and viscosity in a precise manner. Multiple functionalities of the smart materials such as self-healing, self-sensing, memory, and self-adaptability make them useful in performing numerous applications.

Smart Materials Market: By Product

The smart materials market can be segmented based on the product into piezoelectric, shape memory alloys, electrostrictive, phase change materials, magnetostrictive, and electrochromic. It is expected that the piezoelectric material segment will hold the larger market share during the forecast period. Stress or mechanical deformations can induce electric dipoles in these materials, which can be used in generating electricity. The piezoelectric material can be generated through numerous sources, including synthetic crystals and naturally occurring crystals. Some of the factors which are driving the growth of the piezoelectric devices are rising consumer preference for automated and high-end gadgets and machines. Various initiatives are taken by the government to promote the use of non-conventional energy sources have increased the demand for the material. Cost-effectiveness coupled with reliability and durability is the key advantage that has resulted in the increased use of the material in the industrial sector.

Smart Materials Market: By Applications

The smart materials market can be segmented based on the applications into actuators & motors, transducers, sensors, structural materials, and others. Actuators and motors are amounting to the largest market share over the past few years and are expected to hold its dominance during the forecast period. The segment contributes more than 50% of global revenue share in the current period and is expected to grow over the forecast period. Increased demand for smart actuators and motors in automotive, consumer goods and aerospace and defense sector is likely to drive the market growth.

The structural materials segment is expected to be the fastest growing segment and is expected to project significant growth in CAGR during the forecast period. Increasing demand for structural materials from the medical industry is driving the market growth of the material. Biomedical, Structural engineering, and structural health monitoring are predicted to be the most lucrative sectors for this application.

Smart Materials Markets: By End Users

The smart materials market can be segmented based on the end users into industrial, defense and aerospace, automotive, consumer electronics, healthcare, and others. Regular investments in the research and development wing have increased the adoption of smart materials thereby, increasing the application across various end-user industries. Various government initiatives and incentive programs have encouraged the big industries to invest in the research and development wing in order to lower down the cost of these materials. Due to high manufacturing and installation cost many small and medium enterprises are not able to adopt smart materials. It is expected that these investments will boost the demand for end-user applications.

Smart Materials Market: Regional Insights

North America is expected to dominate the smart materials markets, with the U.S. contributing its majority share. The region’s dominance can be attributed to the various factors such as various attractive opportunities are created in the market due to increased defense spending, owing to increased demand for the product in military and defense applications.

Europe is accounted to hold the second largest share of the global revenue in order to meet the increasing demand of smart material in the developed countries such as UK, Netherlands, France, Germany, and Switzerland. In order to promote research programs, several European organizations such as Agence Nationale de la Recherch, NL Agency and the German Foundation for Industrial Research have provided significant funding in the research and development wing of the market.

Smart Materials Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase smart materials over the coming years. Some companies which are currently using the smart material or are likely to use are Actuated Medical Inc., EnOcean, Mide Technology Corporation, Vesper Technologies, and others

Smart Materials Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Smart Materials Market: Share & Competitor Analysis

Some of the key players operating in the smart materials markets are Harris Corporation, APC International LTD., Kyocera Corporation, TDK Corporation, CeramTec and NOLIAC A/S.

Please note: This is not an exhaustive list of companies profiled in the report.

Manufacturers are focusing on developing advanced products in order to sustain the competition and to gain the competitive edge, thereby supplying tailored product to meet changing demand from customers across the globe.

In the year 2016 CTS Corp. acquired NOLIAC A/S  in order to strengthen their piezoelectric product portfolio to expand tape cast manufacturing capabilities.

Governments have funded and provided their support to numerous manufacturers for the development of advanced and innovative products. In April 2017, European Union has funded NOILAC A/S to conduct the research study for the development of piezoceramic material for high powered applications.