Westford, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart materials market will attain a value of USD 218.98 Billion by 2031, with a CAGR of 13.5% over the forecast period (2024-2031). Smart materials are increasingly being applied to age-oriented products targeting the aged population. Besides that, such products help make lives easier for the aged in easy routine activities. The population proportion of the age group will increase much in the future; it increases demand for smart material products. In addition, the adoption of smart materials is increasing massively across a wide variety of end-user industries as manufacturing processes and advanced materials are continuously improved. Smart materials will be one of the integral aspects of the smart materials market until 2023 and will further proliferate their applications. Hence, it is predicted to create massive repercussions across the period of the forecast.
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Browse in-depth TOC on "Smart Materials Market"
- Pages - 165
- Tables - 98
- Figures – 77
Smart Materials Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $79.51 Billion |
| Estimated Value by 2031 | $ 218.98 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Development of Biodegradable Smart Materials |
| Key Market Drivers | Rising Focus on Sustainability |
Actuators & Motors Led Market Due to Sophisticated and Intelligent Capabilities
The largest smart materials market share in 2023 was of the actuators & motors segment at 60.4%. Advances in materials science and manufacturing continue to make smaller, lighter actuators and motors possible. They are therefore suitable for use in cramped areas. The seamless integration of actuators and motors with electronic systems such as sensors and controllers enable more sophisticated and intelligent capabilities.
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Shape Memory Materials (SMMs) Segment to Witness Fastest Growth Owing to Emerging Need for SMMs in Medication
The market is increasing due to the emerging need for SMMs in medication delivery systems, prosthetics, and medical devices to offer patients individualized solutions. It is used in sensors, actuators, and elements for aviation. Its advantage is to provide effective and lightweight solutions. SMMs are used in automobile parts, such as seat belts, mirrors, and grilles, for enhancing comfort and safety. Therefore, these are some of the significant reasons why smart materials widely use it.
Growing Reach of Aerospace & Military Products Aids North American Market to Hold Leading Position
As per the smart materials market forecast, North America accounted for the largest share of the smart materials global market in 2023 due to strong manufacturing in the region, an uninterrupted supply chain for the components, raw materials, and manufacturing equipment. This market is dominated by the U.S. in North America because innovative and efficient and flexible smart materials have been introduced with the advancement of material science; hence, the U.S. accounted for 77.7% of the market in 2023. Modern sensors and actuators are being engineered to add additional functionalities as they are being integrated into materials to make them more responsive to external stimuli so that they can execute complex functions.
Smart Materials Market Insights
Drivers
- Expansion of the Electronics Sector
- Increasing Demand for Advanced Materials
- Growing Focus on Sustainability
Restraints
- Supply Chain Disruptions
- Dependence on Raw Material Availability
- Lack of Standardization
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Segments covered in Smart Materials Market are as follows:
Product
Piezoelectric materials, Shape Memory Materials, Electrostrictive Materials, Magnetostrictive Materials, Phase Change Materials, Electrochromic Materials, and Others
Application
Actuators & motors, Transducers, Sensors, Structural Materials, and others
Key Players Operating Within the Smart Materials Industry
- Kyocera Corporation
- TDK Corporation
- CHANNELL COMMERCIAL CORPORATION
- Parker Hannifin Corp (LORD Corporation)
- Wright Medical Group N.V.
- CeramTec GmbH
- APC International Ltd.
- CTS Corporation
- Arkema
- Murata
- LORD Corporation
Key Questions Covered in the Global Smart Materials Market Report
- What are the factors restricting the growth of the market?
- What strategic approaches do the key players are adopting to remain in the competitive era?
- Which region is the largest shareholder of the market?
- What is the key market trend?
- What is the market size of the market?
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This report provides the following insights:
- Analysis of key drivers (expansion of the electronics sector, growing focus on sustainability), restraints (supply chain disruptions, lack of standardization) opportunities (expanding applications in construction, development of biodegradable smart materials), and challenges (economic instability, rapid technological changes) influencing the growth of the smart materials market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart materials market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart materials market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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