What is the global market size of Smart Materials Market?

Global Smart Materials Market size was valued at USD 47.56 billion in 2021 and is poised to grow from USD 52.6 billion in 2022 to USD 130.25 billion by 2030, growing at a CAGR of 10.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Smart Materials Market?

The market for smart materials is fairly consolidated, with a small number of large and medium-sized businesses accounting for most of the sector's revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing newer and more efficient smart materials solutions. Major businesses profiled in the report on the global market for smart materials include: 'TDK Corporation', ' CTS Corporation', 'Optotune AG (Switzerland)', 'Huntsman Corporation', 'Dow Inc.', '3M Company', 'Saint-Gobain S.A.', 'Siemens AG', 'Kyocera Corporation', 'Piezo Kinetics, Inc.', 'CeramTec GmbH', 'Lord Corporation', 'Littelfuse, Inc.', 'Noliac A/S', 'GKN Sinter Metals Engineering GmbH', 'GKN Aerospace', 'Ceramic Fuel Cells Limited', 'Aerogel Technologies, LLC', 'Piezomechanik Dr. Lutz Pickelmann GmbH', 'Responsive Surface Technology, LLC', 'Electrostrictive Polymers, Inc.'.

What is the key driver of Global Smart Materials Market?

Piezoelectric smart materials are used in the aerospace sector to guide and maintain airflow over an aircraft's wings during takeoff and landing. Additionally, these materials have a reputation for being able to manage common aviation problems like engine vibration, loud cabin noise, ice buildup on wings, turbulence-induced flow separation, and cold-weather control surfaces. Airlines are expected to replace older planes with more fuel-efficient models and expand their fleets to accommodate the continued expansion in air travel across established and emerging nations. Over the past ten years, passenger air travel increased at a yearly rate of 6.5%, far higher than the long-term average of 5%.

What is the key market trend for Global Smart Materials Market?

One of the major driving forces behind the use of smart materials in protective clothing is the growing usage of chemical goods in a variety of industries, together with the increased employee awareness of workplace safety and protection from dangerous circumstances. In addition, a growing number of biomedical applications, such as cancer targeting, controlled drug delivery, tissue engineering, and biosensors, are driving the demand for efficient, targeted, and need-based systems, which is driving market expansion. This is also due to the increase in chronic illnesses and trauma-related injuries, as well as the increased need for regenerative drugs and customised treatments. Furthermore, to create structures that can adjust to changing atmospheric conditions, smart materials are mixed with traditional building materials in response to the growing demand for energy-efficient building materials.

Which region accounted for the largest share in Global Smart Materials Market?

North America had 39.54% of the market, and it is expected that it would continue to dominate during the projected period. The aerospace and defence industries' expanding use of smart materials has increased regional product demand. Due to increased demand for the product in defence and military applications, rising US defence spending is expected to open up appealing market potential. Following North America are Europe and APAC. An increase in demand for smart materials in developed nations like the UK, Germany, France, and Switzerland, giving Europe the second-largest market share of all smart materials worldwide.

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 2024-2031

Report ID: SQMIG45I2138 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 98 | Figures: 77

Smart Materials Market Insights

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.

Smart Materials Market Report Snapshots

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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. '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)'

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.

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.

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.

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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 2024-2031

Smart Materials Market Insights

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What is the global market size of Smart Materials Market?

Who are the key vendors in the Smart Materials Market?

What is the key driver of Smart Materials Market?

What is the key market trend for Smart Materials Market?

Which region accounted for the largest share in Smart Materials Market?

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