The smart materials market size has the potential to grow by USD 48.48 bn during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by materials (piezoelectric materials, shape memory alloys, thermoelectric materials, rheological fluids, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Allegheny Technologies Inc., APC International Ltd., Arkema SA, CeramTec TopCo GmbH, CTS Corp., Kyocera Corp., LORD Corp., Metglas Inc., Piezo Kinetics Inc., and Solvay SA.
Market Competitive Analysis
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The market is concentrated, and the degree of concentration will remain the same during the forecast period. Kyocera Corp., LORD Corp., Metglas Inc., Piezo Kinetics Inc., and Solvay SA are some of the major market participants. Although the rise in R&D efforts to develop innovative materials will offer immense growth opportunities, the high cost of smart materials will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart materials market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart materials market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
Smart Materials Market: Segmentation by Region
North America was the largest smart materials market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increasing demand for smart materials in the US and the wide range of applications of smart materials in the medical, automotive, electrical and electronics, and aerospace and defense sectors will significantly influence smart materials market growth in this region.
39% of the market’s growth will originate from North America during the forecast period. The US, Canada, and Mexico are the key markets for smart materials in North America. Market growth in this region will be faster than the growth of the market in other regions.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
Allegheny Technologies Inc.
APC International Ltd.
CeramTec TopCo GmbH
Piezo Kinetics, Inc.