The global smart materials market is projected to witness a rapid growth during the forecast period. The study indicates that chemical composition present in the smart materials are responsible for the characteristics of the smart materials it displays. Its response varies depending on the chemical composition of the smart materials used. It is observed that smart materials are dynamic in nature and react to external environments by adapting their properties.
The global Smart Materials Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share as compared to other regions, the Smart Materials market in Europe market is expected to witness a significant growth and hold the second largest market share during the forecast period. Countries such as France, Italy, and Germany are anticipated to drive the growth of the smart materials market owing to the presence of established automotive industry. The rapidly growing demand for structural materials and mimetic materials has been the main growth driver of the smart materials market in this region. The adoption of new methods in the domains of monitoring of structural health, environmental control, and vibration control is also responsible for the development of the smart materials market in this region.
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The major factors driving the growth of smart materials market are the rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the demand. Other aspects such as increasing demand of piezo-electric devices in the different end-user application is likely to trigger the smart materials market. These devices are used in industries such as medical devices, robotics, information, automotive, information technology and telecommunication. Further, bionics and flourishing artificial organ industry are likely to boost the smart materials market. Artificial organs are made up of biomimetic materials with electronic components and systems that are integrated into the human body and act as a replacement for natural organ.
The global smart materials market is projected to reach USD 73 billion at a CAGR of over 14% by the end of the forecast period 2017-2023.
Some of the prominent players in the global smart materials market: APC International (U.S.), Harris Corporation (U.S.), CeramTec (Germany), Kyocera Corporation (Japan), TDK Corporation (Japan), Noliac A/S (Denmark), Wright Medical Group, Inc. (U.S.), Channel Technologies Group (U.S.), LORD Corporation (U.S.) among others.
Smart Materials Market Segmentation
The global smart materials market is segmented by products and application. By product segment, the market consists of piezoelectric materials, shape memory materials, electro strictive materials, magneto strictive materials, phase change materials, electrochromic materials, and others. By application, it is segmented into actuators & motors, transducers, sensors, structural materials, and others.
The global color detection market is studied for Asia Pacific, North America, Europe, and Rest of the World. It is observed that North America market was leading in the global smart materials market in 2016, owing to significant demand for smart actuators & motors in key industries such as automotive, consumer goods, and aerospace. Europe accounted for the second-largest share of the market due to presence well-established automotive industry followed by Asia Pacific market. Asia Pacific market is anticipated to exhibit a remarkable growth over the forecast period, owing to significant research activities supported by the government.
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