Global Smart Materials Market was valued at USD 46.18 Bn IN 2019 and is expected to reach at USD 121.90 Bn by 2027 at a CAGR of 12.9% over forecast period 2020-2027.
Global Smart Materials Market Segmentation by Region
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Global Smart Materials Market Drivers and Restrains:
Smart materials are designed materials that have one or more properties that can be significantly changed in a controlled fashion by external stimuli, such as stress, moisture, electric or magnetic fields, light, temperature, pH, or chemical compounds. An increase in demand for sensors and actuators in consumer goods and electronics and aerospace & defence is mainly driving the market. Moreover, an automotive industry is shifting towards smart vehicles to replace conventional materials in automobiles. Smart materials have increase in gaining traction in older population-centric products.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
In addition, these products help reduce daily routine complexities and make life easier for old people. Continuous development in manufacturing processes and adoption of enhanced materials has increased the applications of smart materials across various end-user industries.Rising technological advancements and an increasing adoption of developed materials such as polymers, metal, and glass across various industries such as automotive, consumer electronics, and healthcare is expected to create lucrative opportunities for Global Smart Materials Market.
Global Smart Materials Market Segmentation Analysis:
Global Smart Materials Market is segmented by Product, Application, and end user and by region. By Product, Piezoelectric product held 52% of market share in 2019 and is expected to keep its dominance over forecast period. The growing demand for piezoelectric devices in various end-user industries, including aerospace& defence, automotive, healthcare, information, communication, and manufacturing industries have propelled the smart materials market demand. Piezoelectric product is followed by Shape Memory Alloys and Electrostrictive. Shape memory alloys is expected to hold 19% of market share over forecast period. Increasing use of Shape memory alloys in medical applications including surgical devices, prosthetic devices, and stents is expected to boost the demand over forecast period.
By application, Actuators & motors is expected to hold 48% of market share over forecast period. Actuators are the components of machine that respond to change in mechanical property, such as viscosity or dimensional change. For instance, a simple amplifier which converts low energy signal into high energy signal. Significant demand for smart actuators & motors in automotive, aerospace & defence, and consumer goods is likely to boost the market growth.
Global Smart Materials Market Regional Analysis:
By geography, North America held 39.54% of market share in 2019 and is expected to keep its dominance over forecast period. Increasing application of Smart Materials in the aerospace & defence industry has strengthened the product demand in the region. Increasing defence spending of United States is expected to create attractive opportunities in the market, owing to rising demand for the product in defence and military applications. North America is followed by Europe and APAC.
Europe held the second-largest market share of the global smart materials in 2019, due to an increasing demand in developed countries such as the UK, Germany, France and Switzerland.
The Asia Pacific market is expected to experience outstanding growth over the forecast period, owing to the increasing demand from end-use industries in countries such as Japan, India and China.
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Global Smart Materials Market by Product
• Shape Memory Alloys
Global Smart Materials Market by Application
• Actuators & Motors
• Structural Materials
Global Smart Materials Market by End-User
• Defence & Aerospace
• Consumer Electronics
• Other (Civil Engineering and Retail)
Global Smart Materials Market by Region
• North America
• MEA& Africa
• Latin America
Global Smart Materials Market Major key players
• APC International, Ltd.
• Harris Corporation
• Kyocera Corporation
• TDK Corporation
• NOLIAC A/S
• AMETEK Inc.
• CTS Corporation
• Harris Corporation
• KYOCERA Corporation
• LORD Corporation
• Piezo Kinetics, Inc
• SMART MATERIAL CORP.
• TDK U.S.A. Corporation
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