Smart Materials Market Size, Share, Growth Report 2032

Smart Materials Market: Overview   

The global Smart Materials Market accounted for USD 59.83 Billion in 2020 and is expected to reach USD 103.9 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.    

Smart materials are the type of materials which change or tend to vary their properties when introduced to external effects like temperature, stress, pH, magnetic field, and moisture. These materials are known to be smart materials not because of the changes they undergo due to external force but also because of the inherent changes in them. Smart materials react to their immediate interaction environments by adapting their characteristics and are dynamic in nature. These materials work at a very basic functional level. Smart materials are used in applications like actuators & motors, transducers, and structural materials.

Lucrative product demand across myriad end-user industries like automotive, military, aerospace, construction, and manufacturing are anticipated to spice up the smart materials market over the next few years. Besides this, escalating the application of those products in medical devices, robotics, information technology, and telecommunication will further impel the smart materials market size. In today’s era, small & medium-sized firms aren't using smart materials due to their high costs and this might hamper the growth of smart materials.

Furthermore, the low level of product awareness & big challenges faced by the organizations during R&D activities for product innovation is probably going to obstruct the smart materials market development over the years to return. Nonetheless, the plethora of product applications and the introduction of several schemes by the government for promoting & highlighting the merchandise's significance also as its benefits for myriad industries will help in normalizing the impact of hindrances on the smart materials market.

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COVID-19 Impact Analysis:

The global Smart Materials Market has witnessed a decrease in the sales for overall products due to the lockdown enforcement placed by governments to contain COVID spreading. People had no option but to remain indoors, so the products and services in different industries decreased drastically. The restrictions imposed by various nations to contain COVID had stopped production resulting in disruption across the whole supply chain. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for Smart Materials.

Growth Factors

Extensive research & innovation activities have widened the industrial applications of smart materials. The augmented use of smart actuators & motors, sensors, and structural materials is anticipated to bolster the demand over the next few years. 

The rapid increase in demand for improved smart materials and products from different industries such as automotive, construction and manufacturing are anticipated to boost the smart materials market over the forecast period. Moreover, increased demand from the military aerospace sector is likely to trigger the market for smart materials. Currently, small and medium group of companies are lacking in terms of adoption of smart materials owing to high cost, introduction of several programmes and initiative to promote industries to invest in and use smart materials can turn out to be an opportunity for smart materials market in years to come. Moreover, key players operating in the smart materials are likely to invest some considerable amount on research and development to innovative efficient products and to stay ahead in the competition. This may turn out to be another opportunity for the growth of smart materials market in terms of all aspects. However, lack of awareness of smart materials may hamper the market.

Segment Analysis Preview

The global market for smart materials is segmented on the basis of product, application, and region.

On the basis of product, the smart material market is divided into biomimetic materials, piezoelectric materials, thermally responsive materials and others. Piezoelectric segment dominated the market in the year 2016 and is anticipated to continue leading the market for next few coming years. Piezoelectric materials find wide applications in military and defense sector like smart nanorobotics, smart combat suits, smart sensors, and smart skins. Therefore, the several applications of piezoelectric smart materials in military and aerospace industry will urge the growth of this market until the end of 2022.

On the basis application, smart materials market is divided into actuators & motors, sensors, transducers, structural materials and others. Actuators & motors were the leading application segment in 2016 accounting for almost 54% of the total share. The second largest share was held by transducer segment and is expected to register sluggish growth over the coming period.

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Regional Analysis Preview

Regionally, North America has been leading the worldwide smart materials market and is anticipated to continue in the dominant position within the years to return, states the smart materials market study. High demand for smart materials in various industries like electrical & electronics, information technology, construction, and healthcare is that the main factor behind the dominance of the North American smart materials market. The high number of market players headquartered in North America is another significant factor that's supporting this regional smart materials market.

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Key Market Players & Competitive Landscape

Some of the key manufacturers included in the study are

• TDK Corporation
• CTS Corporation
• Wright Medical Group
• CeramTec
• NOLIAC A/S
• Kyocera Corporation
• APC International
• Channel Technologies
• LORD Corporation
• Advanced Cerametrics among others.

The global Smart Materials  market is segmented as follows:  

By Product

• Biomimetic materials
• Piezo-electric materials
• Thermally responsive materials
• Others

By Application 

• Actuators & motors
• Sensors
• Transducers
• Structural materials
• Others

By Region

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