USD 47.56 billion
Smart Materials Market Size, Share, Growth Analysis, By Product(Piezoelectric materials, Shape Memory Materials, Electrostrictive Materials, Magnetostrictive Materials), By Application(Actuators & motors, Transducers, Sensors, Structural Materials), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45I2138 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
98
|Figures:
77
Smart Materials Market Insights
Smart Materials Market size was valued at USD 79.51 Billion in 2023 and is poised to grow from USD 90.24 Billion in 2024 to USD 248.54 Billion by 2032, growing at a CAGR of 13.5% during the forecast period (2025-2032).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Aerospace
Fastest Growth
Cloud
Growth Rate
10.6% CAGR
Global Smart Materials Market ($ Bn)
Country Share for North America Region (%)
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Smart Materials Market Segmental Analysis
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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Smart Materials Market Regional Insights
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 Dynamics
Smart Materials Market Driver
Increase in Investments in Smart Materials R&D
- Governments as well as private organizations are focusing on increasing their investments in the research and development of novel smart materials. This can be attributed to the surging use of smart materials in multiple applications across various industry verticals. This funding accelerates advancements, making smart materials more accessible and fostering smart materials industry expansion as well.
Rising Use in Automotive and Aerospace Industries
- Automotive and aerospace industries are continuously focusing on innovation through the use of novel materials, which is why they are prime verticals to lead the demand for smart materials. Enhanced performance, better efficiency, and improved safety are some key benefits offered by smart material use in automotive and aerospace applications.
Smart Materials Market Restraints
High Costs of Production
- Developing and manufacturing smart materials is a very capital-intensive task as it involves the use of advanced technologies and complex production techniques and processes. This results in an expensive smart material product thereby impeding its adoption in small and medium companies with limited spending potential.
Limited Raw Material Availability
- Smart materials are often made using rare elements or raw materials and sourcing them is a major issue as they are not available widely. Limited access to essential raw materials can create supply chain issues, particularly for high-demand applications in aerospace, defense, and electronics. This dependency on scarcely available raw materials is slated to hamper smart materials market outlook going forward.
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Smart Materials Market Competitive Landscape
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
- APC International (US)
- Harris Corporation (US)
- CeramTec (Germany)
- Kyocera Corporation (Japan)
- TDK Corporation (Japan)
- Noliac A/S (Denmark)
- Wright Medical Group Inc. (US)
- Channel Technologies Group (US)
- LORD Corporation (US)
- AMETEK Inc. (US)
- CTS Corporation (US)
- Piezo Kinetics, Inc. (US)
- Smart Material Corp. (US)
- TDK U.S.A. Corporation (US)
- Murata (Japan)
- Solvay (Belgium)
- Johnson Matthey (UK)
- Arkema (France)
- Meggitt Sensing (UK)
- Saes Getters (Italy)
- Fort Wayne Metals (US)
- View (US)
- Chromogenic (US)
- Gentex Corporation (US)
Smart Materials Market Recent Development
- In August 2024, researchers at Rice University revealed that they had developed a new smart material. The novel smart material is capable of changing its transparency as temperature changes. This novel material could usher in a new era of sustainability in energy efficiency applications.
- In September 2024, Covestro, a leading material manufacturer from Germany signed a strategic cooperation agreement with Li Auto to develop a new platform for research and development of smart materials. The partnership is aimed at reducing emissions and promoting efficiency in the automotive industry through the use of advanced materials and material technologies.
- In August 2022, researchers and engineers at the Ohio State University tested a new wind sensor for drones. The new sensors were called anemometers and were made from smart materials to make them highly efficient and functional as well.
Smart Materials Key Market Trends
- Bio-based Smart Materials: As emphasis on sustainability and environment conservation increases around the world, smart materials companies can focus on the development and manufacturing of bio-based smart materials. Use of sustainable materials in smart materials manufacturing will provide new opportunities for market players from sustainability-focused industry verticals in the long run.
- Nanotechnology and Nanomaterials: Smart material companies can also explore nanotechnology and nanomaterials trends to maximize their business scope in the future. Smart materials can achieve greater flexibility, conductivity, and sensitivity through the use of nanotechnology and nanomaterials thereby making it an unmissable smart materials market trend for all companies in the long run.
Smart Materials Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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