The Global Smart Materials Market is projected to expand at a CAGR of 12.8% during the forecast period, 2021 – 2028. The growth of this market is attributed to rise in applications of smart materials in the medical industry. Some of the sub-segments of this industry are surgical devices, dental braces, stents, and prosthetics.
Smart materials are products, which respond to external stimuli such as light, moisture, temperature, nuclear radiation, magnetic field, and pH change. They are popularly known as responsive materials or intelligent materials. These materials revert to their original state if the stimuli are removed. Many types of research are being carried out to amplify the applications of these materials. The first piezoelectric material was discovered by Curie brothers in 1880s, followed by the discovery of the robust piezoelectric ceramic material known as barium titanate, which is used in sonar devices as a sensor.
Global Smart Materials Market Segment Insights:
Piezoelectric materials to hold a significant share
Based on products, the market is divided into piezoelectric materials, shape-memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. Piezoelectric materials hold more than 50% of the market share. This can be attributed to the rise in end-users using piezoelectric smart materials.
Actuators & motors lead the market
On the basis of applications, the market is divided into actuators & motors, transducers, sensors, structural materials, and others. In 2019, actuators and motors lead the market in the applications segment. This is attributed to the rising demand for fuel injection systems, vibration & noise control system, and ultrasonic motors. This segment holds more than 55% of the market share and it is expected that this trend will continue in the forecast period.
Defense & Aerospace holds a significant market
In terms of end-users, the market is divided into defense & aerospace, automotive, consumer electronics, healthcare, and others. The defense & aerospace industry holds a majority of the market share in the end-user segment. This is attributed to the properties of smart materials, which can detect changes in humidity content, atmospheric pressure, biochemical reactions, and magnetic field.
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Market Trends, Drivers, Restraints, and Opportunities:
- Rising public and private investments in smart materials have pushed this market to new heights. Increasing demand for smart materials in the consumer goods sector is expected to propel growth in this market.
- Manufacturers focus on new designs and optimal use of smart materials. Demand for these products is predicted to go up due to their wide applications in the construction industry.
- Properties of smart materials such as adaptiveness, dynamic nature, and its ability to return to its original form have fuelled the market. Smart materials can be used in high-temperature areas for rigorous technical systems and are more convenient than polymers/ plastic, ceramic, glass, and metal. They can be used as microelectronic components in energy supplies. These factors are anticipated to propel the market.
- Some factors restraining this industry are high costs of smart materials and limited applications.
- Innovative ideas for product applications and technological advancements have provided new opportunities to this market.
- There are a large number of stakeholders in this market, starting from raw material to the final end-users. All of them focus on research and development activities, operations, innovations, and marketing strategies that enhance the values associated with their expectations.
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