Smart Materials Market-Research Analysis
The North American market is witnessing rapid growth due to technological advancements and increasing demand for Smart Materials across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of advance solutions.
Global Smart Materials Market: Regional Segmentation
Key regions covered in MRFR’s report include Europe, North America, and Asia Pacific (APAC). It is projected that the global smart materials market will be dominated by North America during the assessment period. Demand growth in the region is mainly due to increase consumption in end-use markets in countries such as the U.S., Mexico, and Canada. Increased use of smart materials in automotive products, aerospace and consumer goods characterise the widespread acceptance of such materials.
After North America, market growth has been best in Europe. In terms of revenue, Europe accounts for the second largest share of market. Presence of a massive automotive sector in the region has augured well the smart material industry. In the coming years, smart material application is expected to further increase in the automotive sector.
In terms of value, Asia Pacific (APAC) holds the third spot in the global smart materials market. Economic boom, and rapid urbanization and industrialization, increased government support are factors influencing the market growth in the region.
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Some of the key companies operating in the global smart materials market include Harris Corporation (U.S.), Kyocera Corporation (Japan)., Noliac A/S (Denmark), LORD Corporation (U.S.), APC International (U.S.), CeramTec (Germany), Channel Technologies Group (U.S.), TDK Corporation (Japan) and Wright Medical Group, Inc. (U.S.)
Industry News Update
DuPont Electronics & Imaging recently unveiled a unique smart conference table, which is touted to be an all-round solution for collaborative spaces. For developing the product, the company gathered pertinent insights across the field of technology and design and manufacturing. DuPont’s table reduces clutter, improves collaboration and adds style.
Hong Kong Polytechnic University (Polyu) is reportedly teaming up with Wuyi University (WYU). The partnership will be focused on smart textile R&D activities using smart materials.
The large of companies with expertise in material engineering are exploring the potential of smart materials. As a result, the smart material-based number products have come of late. This is notable in automotive, textile, industrial machineries, and aerospace. This is a positive indicator for the market. Sensors and actuators are key end use segment for the smart materials market. Sensors and actuators are used in aerospace & defense, consumer goods and consumer electronics. One of the key factors, that is opening new revenue pockets for the market is the increased demand for piezo-electric devices. These devices are gaining popularity across robotics, medical devices, information technology, automation and telecommunication.
Smart materials are drawing tremendous commercial interest. In a very short time, these materials have made significant inroads in various industry verticals. Market Research Future (MRFR) report that the global smart material market will record 14% CAGR between 2017 and 2023. Smart materials are unique in nature and have a high sensitivity to a wide range of external stimuli such as magnetic fields, temperature, moisture, electric fields, chemicals, pressure etc.
Smart materials also have tremendous application potential in segments such as bionics and artificial organs. Bomimetic materials are key raw material for manufacturing artificial organs, many of these organs have electronic components that support their functioning. In near future, application scope is likely to increase as the segment grows in terms of viability and applicability.
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The global smart materials market is segmented by products and application.
By Product Segment
- piezoelectric materials
- shape memory materials
- electrostrictive materials
- magnetostrictive materials
- phase change materials
- electrochromic materials
- actuators & motors
- structural materials
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