Smart Materials Market Size, Share, Growth Analysis, By Product (Piezoelectric Materials, Shape Memory Materials), By Application (Actuators & Motors, Transducers), By Region - Industry Forecast 2024-2031

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).

Smart materials possess both inherent and extrinsic characteristics and are adaptive or intelligent materials. To achieve the required functional effects, these can be modified by outside factors as moisture, temperature, electromagnetic field, and pressure. Additionally, these materials are dynamic in nature and change their features in response to the surroundings in which they interact right away. Materials for specific purposes have been developed as a result of advancements in the field of materials science, which was previously not conceivable with the usage of traditional materials such polymers, metals, glass, and ceramics. Smart materials may function at a very fundamental level, like temperature, and by combining additional functionalities and qualities, they can be used in very complicated technical systems. Smart materials, for instance, can be applied to energy. For instance, energy supply systems for microelectronic components can use smart materials.

Applications for smart materials include structural materials, actuators & motors, and transducers. The growth in the use of smart materials products across a range of end-user industries, including defence & aerospace, automotive, and consumer electronics, as well as favourable government initiatives & plans, as well as an increase in R&D spending by major players to optimise the cost and quality of smart materials, are driving the market for smart materials. Due to the potential for growth in emerging economies as well as the development of the Internet of Things, there is a significant demand for smart materials.

US Smart Materials Market is poised to grow at a sustainable CAGR for the next forecast year.