According to a new report by Market Research Future (MRFR), the global market for smart materials market is expected to expand at 14% CAGR during the forecast period (2018-2023) owing to the increasing demand for actuators and sensors. Smart materials market display response in a controlled manner in an environment that change and comprise unique molecular structure which respond to external stimuli such as magnetic fields, electric fields, moisture, temperature, pressure, and chemicals.
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Some of the major market players operating the global market for smart materials market are APC International (U.S.), Noliac A/S (Denmark), TDK Corporation (Japan), Harris Corporation (U.S.), Kyocera Corporation (Japan), LORD Corporation (U.S.), Wright Medical Group Inc. (U.S.), CeramTec (Germany), Channel Technologies Group (U.S.), and others.
Global Smart Materials Market Segmentation
The global smart materials market has been segmented based on application, products, and region.
By mode of product, the global market for smart materials market has been segmented into electrochromic materials, piezoelectric materials, phase change materials, electrostrictive materials, magnetostrictive materials, shape memory materials, and others. Among these, the segment for piezoelectric materials has been accounted for the largest share of the global industry. The increasing demand for piezoelectric devices in several end-user industries including automotive, aerospace and defense, information, healthcare, manufacturing, and communication industries have stimulated the market demand over the assessment period.
By mode of application, the global of Smart Materials Market have been segmented into transducers, actuators & motors, sensors, structural materials, and others. Among these, the segment for actuators and motors has been predicted to hold the largest share in the market. Demand for smart actuators and motors in aerospace and defense, automotive, and consumer goods are expected to boost the market growth in this segment over the assessment period.
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.
North America to Maintain its Dominance
Geographically, the market for smart materials has been spanned across North America, Asia Pacific, Europe, and Rest-of-the-World.
North America has been leading the global smart materials market due to significant demand for smart actuators and motors in industries such as consumer goods, automotive, and aerospace. Increasing application in the aerospace and defense industry has also strengthened the product demand in this region. Moreover, increasing defense spending is also anticipated to create attractive growth opportunities over the assessment period.
Europe is anticipated to hold the second-largest share in terms of revenue owing to a sizeable demand in the developed countries such as Germany, the UK, France, Netherlands, and Switzerland. Moreover, various European organisations such as NL Agency, Agence Nationale de la Recherch, and German Foundation for Industrial Research, have funded to promote research programs based on smart materials market. Such factors have further propelled the growth of the market over the forecast period.
The Asian Pacific market is also predicted to experience an outstanding growth over the assessment period due to growing demand from end-user industries like China and Japan. Moreover, the Chinese government has implemented favorable incentive policies which have further resulted in the growing number of research centers in this region.
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Future Constraints and Drivers Affecting the Market Growth
With the growing demand for actuators and sensors in consumer electronics, consumer goods, and aerospace and defense have stimulated the market growth over the assessment period. Moreover, the growing demand for piezo-electric devices in several end-user applications is likely to trigger the market growth during the forecast period. Such devices are used in robotics, automotive, medical devices, information, telecommunication, and information technology. Moreover, with the flourishing artificial organ industry and bionics, the global market is predicted to expand in the coming years. Artificial organs are made of biomimetic materials with systems and electronic components which are further integrated into the human body for replacing natural organ.
Meanwhile, lack of expertise in designing system has created growth barriers in the market across the globe. Moreover, lack of awareness among the end-users has also restricted the commercial use of the product which has inhibited the market growth to a great extent.
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Researchers has recently stated that puzzle-like wavy structure of the delicate seed coat which are found in plants like some grasses and succulents can used to create new smart materials market. These are strong enough to be used in items like screens, body armor, and airplane panels.
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