Smart materials have the ability to alter one or more properties when a controlled external stimuli such as stress, temperature, moisture, pH, electric and magnetic fields are applied on the material. Piezoelectric, magneto-rheostatic, electro-rheostatic, and other shape memory alloys are the most widely used smart materials. Properties such as viscosity, volume, and conductivity can be altered as per requirement in end applications. The smart material market is segmented on the basis of type, which includes biomimetric materials, piezo-electric materials, thermally responsive materials and others. The piezoelectric materials segment dominated the smart materials market. Smart materials are adaptive to different environmental and operational conditions.
Increasing technological advancements have resulted in increased use of developed materials rather than conventional materials such as polymers, metal, and glass in various industries such as automotive, consumer electronics, and healthcare, among others.
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Increased investments in R&D to innovate new smart materials has resulted in broadened applications in automotive, construction, healthcare, aerospace, and chemical industries. Shape memory alloys have wide range of applications in manufacturing actuators and motors. Piezoelectric and electro-rheostatic materials are widely used in permeated households and automotive applications. Universities and key players are conducting research on smart materials to increase the elasticity of the materials to increase the application of smart materials to be used in health care industry for artificial muscles in prosthetics. Automobile industry is leaning towards replacing conventional materials with smart materials to manufacture high quality vehicles termed as 'smart vehicle'.
Global Smart Materials Market Taxonomy
The global smart materials market is classified on the basis of the following segments:
Shape memory materials
Actuators & motors
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Major players involved in the market include TDK Corporation (Japan), CTS Corporation (U.S.), Optotune AG (Switzerland), AMM Technologies (Italy), Lord Corporation (U.S.), Fort Wayne Metals (U.S.), AI Technology Inc. (U.S.), AVX Corporation (U.S.), Advanced Cerametrics,Inc., (U.S.), Wright Medical Group (U.S.).
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