New York, April 13, 2023 (GLOBE NEWSWIRE) -- The research report published on the smart materials market by Reports Insights Consulting Pvt. Ltd offers an in-detailed analysis of various factors that impact the overall market demand. The report also explores multiple segments such as type, application, and end-use that are responsible for accelerating the market growth during the forecast period. Further, the study uses primary and secondary research methods to produce exclusive research materials and datasets for business reports. Such access to data helps manufacturers understand the latest information and trends that help in strengthening the business position within the latest market environment.
The Smart Materials Market report by Reports Insights reveals that the market was valued at USD 71.4 billion in 2022, and is expected to grow to USD 115.4 billion by 2030, registering a compound annual growth rate (CAGR) of 7.1%.
Smart Materials Market Size, Share & Trends Analysis, By Type (Piezoelectric Materials, Shape Memory Materials, Chromoactive Materials, Magnetorheological Materials, Photoactive Materials, Hydrogels, Bi-Component Fibers) Application (Components, Transducers, Actuators & Motors, Sensors, Structural Materials), End Use (Aerospace & Defense, Marine, Automotive, Consumer Electronics, Biomedical, Construction, Others), By Region and Segment, Forecast Period 2023 – 2030.
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Increased adoption of smart materials in healthcare industry for applications such as tissue engineering, drug delivery, and biosensors to improve patient outcomes, especially among aged population, and reduce overall health costs will create lucrative opportunities for market growth.
Growing adoption of Internet of Things (IoT) in everyday objects that are connected together with internet is expected to offer the scope of integration of smart materials. Such integration of smart materials could include sensors that detect changes in temperatures or pressures, further helping the market witness exponential growth.
Growing expenditures on smart textiles that sense, respond, and adapt to changes in environment for usage in a wide range of applications will offer opportunities for product innovations in smart materials usage in textiles. The product innovations could include sports apparel that has the ability to monitor heart rate and military uniforms that could provide camouflage according to various environments will result in increased demand for smart materials in upcoming years.
Rising government investments in smart materials as energy-efficient materials in construction industry will push the sales of such materials in the coming future. For instance, according to a report published by Deloitte, the construction of nonresidential buildings is expected to be sustained by funds incoming the market from the CHIPS and Science Act of 2022 and the Infrastructure Investment and Jobs Act (IIJA). The CHIPS and Science Act delivers USD 52.7 billion for research and development, along with workforce development and manufacturing for American semiconductors, and is projected to drive the construction industry in 2023 and upcoming years. Thus, the scope of integrating smart materials in such a growing construction industry is expected to support the demand for smart materials.
Nanotechnology has enabled the development of new smart materials that have unique properties such as increased strength, flexibility, and conductivity. As the field of nanotechnology continues to advance, it is expected to drive further the innovation in smart material market.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 115.4 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.1% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Noliac A/S, APC International, Ltd., TDK Electronics AG,CTS Corporation, BASF SE, CeramTech GmbH, Metglas, Inc., SMART MATERIAL CORP., SAGE Electrochromics Inc. (Saint-Gobain S.A.), Solvay S.A., ARKEMA INC., DuPont |
| By Type | Piezoelectric Materials, Shape Memory Materials, Chromoactive Materials, Magnetorheological Materials, Photoactive Materials, Hydrogels, Bi-Component Fibers |
| By Application | Components, Transducers, Actuators & Motors, Sensors, Structural Materials |
| By End Use | Aerospace & Defense, Marine, Automotive, Consumer Electronics, Biomedical, Construction, and Others |
| Report Coverage | Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
Key Market Takeaways
- The global smart materials market size is expected to garner USD 115.4 Billion by 2030 with a staggering CAGR of 7.1% during the forecast period (2023-2030).
- Based on type, the piezoelectric materials segment is anticipated to contribute significant shares to the market growth from 2023 to 2030.
- By application, the sensors segment accounted for highest share contribution to the market growth in 2022.
- In the context of end use, the aerospace & defense segment led the market circumstances with the largest share contribution in 2022.
- North America is estimated to support the market growth in terms of highest share contribution in 2022. Growing adoption of smart materials in increased infrastructural developments, especially in the U.S., resulted in favorable circumstances for smart materials in the construction industry.
- Further, rising investments in research and development in terms of adoption of IoT and nanotechnology are anticipated to create increased market circumstances in the European region.
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Smart Materials Market Growth Drivers:
- Increased demand for advanced smart materials, especially on roads & highways, due to self-healing properties and durability drives the market growth.
- Growing investments by public as well as private ventures for wide usage of such smart materials in terms of convenience and affordability also fuels the adoption of smart materials.
- Favorable demand for miniaturization due to increased development of nanoscale and micro devices propel the usage of smart materials for improving the performance and functionality of such devices.
Restraints
- High development cost of smart materials is the major limiting factor that hampers market growth.
- Strict regulatory regulations and protocols for manufacturing such smart materials in accordance with standards restrict the growth of the market.
Competitive Landscape
As per the study, the market is dominated by certain major companies such as TDK Electronics AG, SMART MATERIAL CORP., Solvay S.A., ARKEMA INC., DuPont which have a strong market position in current market circumstances. Further, the smart materials market is expected to witness significant growth in coming years due to increased demand for smart materials in various end-use industries. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in smart materials are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
List of Major Smart Materials Market Players
• Noliac A/S
• APC International, Ltd.
• TDK Electronics AG
• CTS Corporation
• BASF SE
• CeramTech GmbH
• Metglas, Inc.
• SMART MATERIAL CORP.
• SAGE Electrochromics Inc. (Saint-Gobain S.A.)
• Solvay S.A.
• ARKEMA INC.
• DuPont
Global Smart Materials Market Segmentation:
- By Type
- Piezoelectric materials
- Shape memory materials
- Chromoactive materials
- Magnetorheological materials
- Photoactive materials
- Hydrogels
- Bi-component Fibers
- By Application
- Components
- Transducers
- Actuators & Motors
- Sensors
- Structural Materials
- By End Use
- Aerospace & Defense
- Marine
- Automotive
- Consumer Electronics
- Biomedical
- Construction
- Others
Key Questions Covered in the Smart Materials Market Report
- Who are the key companies currently operating in the market of smart materials and what is the current market structure?
- What major factors are covered in the report on the smart materials market and how will such factors help understand market circumstances?
- What is the level of competition within existing smart materials industry, and what are major factors contributing to such competitiveness?
- Which segment accounted for the highest market shares of the smart materials market?
- What are main driving factors of the market of smart materials?
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