USD 47.56 billion
Report ID:
SQMIG45I2138 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
98
|Figures:
77
Global Smart Materials Market size was valued at USD 70.06 billion in 2022 and is poised to grow from USD 79.51 billion in 2023 to USD 218.98 billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).
Growing use of smart materials in different industry verticals to enhance performance of products is slated to primarily bolster the demand for smart materials. Rising investments by public and private organizations for the research and development of novel smart materials will also benefit smart materials market outlook in the future. A high emphasis on improving performance, efficiency, and safety through the use of advanced materials will promote sales of smart materials in automotive and aerospace industry verticals going forward. Moreover, the rising use of smart materials in healthcare and consumer electronics industries will also present new opportunities for smart material companies in the long run. However, high costs of development and manufacturing, limited availability of raw materials, complexity in integration, and slow commercialization are some key restraints that are expected to trouble smart material providers through 2031 and beyond.
US Smart Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 47.56 billion
Largest Segment
Aerospace
Fastest Growth
Cloud
Growth Rate
10.6% CAGR
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Global Smart Materials Market is segmented on the basis of product, application, and region. By offering, market is segmented into hardware, solution, and services. By product, market is segmented into piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. By application, market is segmented into actuators & motors, transducers, sensors, structural materials, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Materials Market Analysis by Product
Piezoelectric materials are forecasted to account for substantial smart materials market share in the future. Extensive use of piezoelectric materials in multiple products such as speakers, sonar, hydrophones, buzzers, and gas igniters are projected to help this segment bring in the most revenue for any market player going forward. Rapidly increasing popularity and use of piezoelectric actuators in multiple industry verticals such as automotive, robotics, and medical technology will also boost market development in the long run. High flexibility, precision, and durability are some key benefits of piezoelectric materials that are helping this segment hold sway over others.
On the other hand, the demand for shape memory materials is slated to increase at an impressive pace across the forecast period and beyond. These materials are projected to be highly popular for medical and healthcare applications going forward. The high adaptability, flexibility, and versatility of shape memory materials are expected to increase their application scope in multiple industry verticals in the future. Medical textiles, dental braces, stents, prosthetics, and surgical fixation devices are currently the largest applications for shape memory materials. Targeting this segment will offer good returns for all smart materials companies in the long run.
Smart Materials Market Analysis by Application
Sensors are estimated to account for a substantial chunk of the global smart materials market outlook in the future. Rapidly increasing use of sensors for automation and other applications in multiple industry verticals is projected to help this segment emerge as the most opportune one for market players. The high use of piezoelectric sensors for their precision and versatility is also expected to contribute to the dominance of this segment going forward. Good frequency response, minimum phase shift, and compact size are some key advantages of sensors made from smart materials. High efficiency and better reliability are also added benefits of making sensors from smart materials.
On the other hand, the use of smart materials for actuators and motor applications is slated to rise at a rapid pace in the future. Rapidly increasing use of motors and actuators in aerospace and automotive industries owing to rising electrification will present new opportunities for companies targeting this segment going forward. The growing use of advanced actuators in robotics will also help this segment boost revenue generation for smart material providers in the long run.
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Growing use of smart materials in multiple industry verticals and high investments in R&D of smart materials are expected to aid the dominance of North America going forward. Extensive demand for smart materials in the military and defense industry is estimated to create new opportunities for smart materials companies operating in this region. Moreover, the presence of top smart materials providers and a strong manufacturing infrastructure are also expected to help this region maintain its top spot in the future. The United States is slated to be the most opportune market in North America followed by Canada.
Asia Pacific is estimated to emerge as the fastest-growing market for smart material companies in the world. Rising investments in the development of smart materials and increasing awareness regarding the benefits of smart materials are expected to create an opportune setting for smart materials manufacturers going forward. High use of smart materials in automotive, aerospace, and consumer electronics industries is slated to present new opportunities for smart materials companies in Asia Pacific. China, Japan, and India are estimated to be the most rewarding markets for smart materials providers going forward.
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Smart Materials Market Driver
Increase in Investments in Smart Materials R&D
Rising Use in Automotive and Aerospace Industries
Smart Materials Market Restraints
High Costs of Production
Limited Raw Material Availability
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Smart material companies should focus on making their products more affordable to increase sales and accessibility. Market players should also focus on increasing awareness regarding the benefits of smart materials to maximize their business scope in the future. Targeting automotive and aerospace industry verticals will offer the best returns for almost all smart material providers going forward.
Smart Materials Market Top Player’s Company Profiles
Smart Materials Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high investments in research and development of smart materials and their growing use in automotive and aerospace industry verticals are projected to primarily drive the demand for smart materials. On the contrary, high costs of smart materials and limited raw material availability are expected to slow down the sales of smart materials in the future. North America is estimated to be the top market for smart materials companies owing to extensive use of smart materials in military and defense applications. Development of bio-based smart materials and use of nanotechnology are estimated to emerge as highly popular smart materials market trends for companies going forward.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 70.06 billion |
Market size value in 2031 | USD 218.98 billion |
Growth Rate | 13.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Smart Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45I2138
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