Smart Material Market - Global Industry Analysis

Smart Material Market By Application (Transducers, Actuators & Motors, Sensors, Structural Materials, and Coatings), End-User Industry (Industrial, Defense & Aerospace, Automotive, Consumer Electronics, Healthcare, and Others) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Published Date: 28-Mar-2022 Category: Heavy Industry Report Format : PDF Pages: 196 Report Code: ZMR-6983 Status : Published

The global smart material market was worth around USD 54.7 billion in 2021 and is estimated to grow to about USD 128.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 13.6 percent over the forecast period.

Description

Smart Material Market: Industry Prospective

The global smart material market was worth around USD 54.7 billion in 2021 and is estimated to grow to about USD 128.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 13.6 percent over the forecast period. The report analyzes the smart material market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart material market.

Smart Material Market: Overview

Smart materials, also known as intelligent or responsive materials, are materials that have one or more properties that may be influenced by external stimuli such as moisture, stress, light, electric or magnetic fields, pH, temperature, or chemical compounds. Several applications like sensors and actuators, or artificial muscles rely on smart materials, particularly electroactive polymers. The qualities of smart materials adapt to changes in their surroundings. This means that an external condition can modify one of their qualities. This alteration is reversible and repeatable. Smart materials come in a variety of shapes and sizes, each has its own set of attributes that may be tweaked.

COVID-19 Impact:

The COVID-19 pandemic severely impacted the global smart material market from FY 2020 to 2021. This is primarily due to a shortage of raw materials from major manufacturers. Most of the smart material manufacturers are concentrated in Asian Countries, especially China, which provides most of the raw materials required for manufacturing smart materials. However, most of the countries in Asia witnessed devastating effects of a pandemic that shook the overall industry in China, Japan, and South Korea affecting the overall manufacturing of smart materials worldwide.

Smart Material Market: Growth Drivers

Increased demand from the aerospace industry is expected to propel market expansion.

Piezoelectric smart materials are used in the aerospace sector to help control and maintain airflow over a plane's wings throughout take-off and landing. Additionally, these materials have been shown to manage common aircraft challenges such as engine vibration, excessive cabin noise levels, ice formation on wings, turbulence-induced secondary flows, and surface controls in cold temperatures. Airlines are expected to replace older planes with more fuel-efficient models and expand their fleets to accommodate the continual expansion in air travel across new and existing nations. Over the last decade, passenger air travel rose at a pace of 6.7 percent each year, greatly above the long-term average of 5 percent. To fulfill passenger demand, several airlines throughout the world added additional jets to their fleets while postponing jet retirements. These factors increased the demand for smart materials.

Smart Material Market: Restraints

The market's growth is hampered by high production costs and expensive R&D expenditure

Smart materials are extremely efficient materials. However, because of the high degree of R&D needed, its performance comes at a hefty price. End-users are looking for materials that are more economical and efficient. As customers want more economical solutions, the value of smart materials falls. Smart labels and tags used in the Smart Packaging industry are costly; as a consequence, the challenge for food and agricultural providers is to reduce the cost of smart labels and expand their range so that they have the same disability as bar codes. Even the construction industry is cost-intensive, and when choosing building materials, builders strive for both efficient and low-cost solutions. Active suspension systems using smart materials are becoming increasingly popular in the automotive industry. Cost and availability, on the other hand, are stifling demand scenarios. Manufacturers are anticipated to continue to innovate in order to make the technology more widely available.

Global Smart Material Market

Smart Material Market: Opportunities

Increasing applicability of smart materials is likely to offer great opportunities for market expansion.

As manufacturing systems have advanced and better materials have been employed, the demand for smart materials has risen across a range of end-user sectors. Smart materials are predicted to increase their applications significantly, and they will play a critical role in the market's growth. As a result, during the forecasted time, the impact is likely to be considerable. Shape memory, piezoelectric, electrostrictive, phase change, magnetostrictive, and electrochromic materials have all seen considerable industrial application in recent years. In addition, electroactive polymers, ferromagnetic shape memory alloys, carbon nanotube actuators, and conductive polymers are just a few of the emerging materials with a lot of market potential.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Smart Material Market: Challenges.

The dearth of experience in developing system-based materials may hinder market growth.

The smart material sector is still developing and newer possibilities are opening with an increase in research activities. However, the synthesis of smart material is complex and requires a skilled workforce to make the product more cost-effective. Moreover, with the increase in complexities of machinery and devices, demand for system-based smart materials is increasing to improve overall productivity. But only a few manufacturers operating in the market are capable to produce system-based materials; further, end-user ignorance has hampered the product's economic potential. These factors are acting like market growth barriers.

Smart Material Market: Segmentation

The global smart material market is bifurcated based on application, end-user, and region. Based on application, the market is categorized into transducers, actuators & motors, structural materials, sensors, and coatings. The end-user segment of the market is bifurcated into defense & aerospace, industrial, automotive, healthcare, consumer electronics, and others.

Recent Developments

  • In December 2021, KYOCERA Corporation revealed its HAPTIVITY®i human-machine interface (HMI) technology, a hybrid invention that combines the company's proprietary HAPTIVITY® touch technology with TactoTek Oy's IMSETM, a patented 3D injection-molded structural electronics technology.
  • In March 2021, TDK Ventures, a subsidiary of TDK Corporation, invested in Span, a developer of revolutionary smart electrical panels that seek to provide consumers with the opportunity to manage and monitor their home energy use in real-time via a mobile app. When combined with sustainable energy upgrades like solar panels, house batteries, and EV charging, the Span Smart Panel is very beneficial.

Smart Material Market: Regional Landscape

The global market is expected to be ruled by North America during the forecast period

North America led the global smart material market in 2021, accounting for 38% of total sales. The region's product demand has been bolstered by expanding the application breadth of items in the aerospace and military industries. The budget of the United States Department of Defense (DoD) has risen from USD 560 billion in 2015 to USD 636.4 billion in 2021. Due to expanding demand for the product in defense and military applications, increased defense spending is expected to generate attractive prospects in the market. In 2021, Europe accounted for the second-largest proportion of worldwide smart material market revenues, because of strong demand in developed nations including the United Kingdom, Germany, France, the Netherlands, and Switzerland. Many European institutions, including the Netherlands Agency, the German Foundation for Industrial Research, and the Agence Nationale de la Recherche have contributed considerable money to smart materials research. Due to rising demand from end-use industries in countries such as Japan and China, the Asia Pacific market is likely to rise at a rapid pace throughout the forecast period. The Chinese government has enacted favorable incentive policies, increasing the country's number of research institutions. China and the United Kingdom formed a partnership in 2015 to encourage the industrial development of smart materials.

Smart Material Market: Competitive Landscape

Key players functioning in the global smart material market include APC International, Ltd., Harris Corporation, CeramTec, Kyocera Corporation, TDK Corporation, and NOLIAC A/S.

Global smart material market is segmented as follows:

By Application

By End User

  • Industrial
  • Defense & Aerospace
  • Automotive
  • Consumer Electronics
  • Healthcare
  • Other

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Smart Material Market, (2022 - 2028) (USD Billion)
    • 2.2 Global Smart Material Market : snapshot
  • Chapter 3. Global Smart Material Market - Industry Analysis
    • 3.1 Smart Material Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increased demand from the aerospace industry is expected to propel market expansion
    • 3.3 Market Restraints
      • 3.3.1. The market growth is hampered by high production costs and expensive R&D expenditure
    • 3.4 Market Opportunities
      • 3.4.1. Increasing applicability of smart materials is likely to offer great opportunities for market expansion
    • 3.5 Market Challenges
      • 3.5.1. Dearth of experience for developing system-based materials may challenge market growth
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Application
      • 3.7.2 Market attractiveness analysis By End User
  • Chapter 4. Global Smart Material Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Smart Material Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Smart Material Market - Application Analysis
    • 5.1 Global Smart Material Market overview: By Application
      • 5.1.1 Global Smart Material Market share, By Application, 2021 and 2028
    • 5.2 Transducer
      • 5.2.1 Global Smart Material Market by Transducer, 2022 - 2028 (USD Billion)
    • 5.3 Actuators & Motors
      • 5.3.1 Global Smart Material Market by Actuators & Motors, 2022 - 2028 (USD Billion)
    • 5.4 Sensors
      • 5.4.1 Global Smart Material Market by Sensors, 2022 - 2028 (USD Billion)
    • 5.5 Structural Materials
      • 5.5.1 Global Smart Material Market by Structural Materials, 2022 - 2028 (USD Billion)
    • 5.6 Coatings
      • 5.6.1 Global Smart Material Market by Coatings, 2022 - 2028 (USD Billion)
  • Chapter 6. Global Smart Material Market - End User Analysis
    • 6.1 Global Smart Material Market overview: By End User
      • 6.1.1 Global Smart Material Market share, By End User, 2021 and 2028
    • 6.2 Industrial
      • 6.2.1 Global Smart Material Market by Industrial, 2022 - 2028 (USD Billion)
    • 6.3 Defense & Aerospace
      • 6.3.1 Global Smart Material Market by Defense & Aerospace, 2022 - 2028 (USD Billion)
    • 6.4 Automotive
      • 6.4.1 Global Smart Material Market by Automotive, 2022 - 2028 (USD Billion)
    • 6.5 Consumer Electronics
      • 6.5.1 Global Smart Material Market by Consumer Electronics, 2022 - 2028 (USD Billion)
    • 6.6 Healthcare
      • 6.6.1 Global Smart Material Market by Healthcare, 2022 - 2028 (USD Billion)
    • 6.7 Other
      • 6.7.1 Global Smart Material Market by Other, 2022 - 2028 (USD Billion)
  • Chapter 7. Smart Material Market - Regional Analysis
    • 7.1 Global Smart Material Market Regional Overview
    • 7.2 Global Smart Material Market Share, by Region, 2021 & 2028 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Smart Material Market, 2022 - 2028 (USD Billion)
        • 7.3.1.1 North America Smart Material Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 North America Smart Material Market, by Application, 2022 - 2028
      • 7.4.1 North America Smart Material Market, by Application, 2022 - 2028 (USD Billion)
    • 7.5 North America Smart Material Market, by End User, 2022 - 2028
      • 7.5.1 North America Smart Material Market, by End User, 2022 - 2028 (USD Billion)
    • 7.4. Europe
      • 7.4.2 Europe Smart Material Market, 2022 - 2028 (USD Billion)
        • 7.4.2.1 Europe Smart Material Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Europe Smart Material Market, by Application, 2022 - 2028
      • 7.4.1 Europe Smart Material Market, by Application, 2022 - 2028 (USD Billion)
    • 7.5 Europe Smart Material Market, by End User, 2022 - 2028
      • 7.5.1 Europe Smart Material Market, by End User, 2022 - 2028 (USD Billion)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Smart Material Market, 2022 - 2028 (USD Billion)
        • 7.5.3.1 Asia Pacific Smart Material Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Asia Pacific Smart Material Market, by Application, 2022 - 2028
      • 7.4.1 Asia Pacific Smart Material Market, by Application, 2022 - 2028 (USD Billion)
    • 7.5 Asia Pacific Smart Material Market, by End User, 2022 - 2028
      • 7.5.1 Asia Pacific Smart Material Market, by End User, 2022 - 2028 (USD Billion)
    • 7.6. Latin America
      • 7.6.4 Latin America Smart Material Market, 2022 - 2028 (USD Billion)
        • 7.6.4.1 Latin America Smart Material Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 Latin America Smart Material Market, by Application, 2022 - 2028
      • 7.4.1 Latin America Smart Material Market, by Application, 2022 - 2028 (USD Billion)
    • 7.5 Latin America Smart Material Market, by End User, 2022 - 2028
      • 7.5.1 Latin America Smart Material Market, by End User, 2022 - 2028 (USD Billion)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Smart Material Market, 2022 - 2028 (USD Billion)
        • 7.7.5.1 The Middle-East and Africa Smart Material Market, by Country, 2022 - 2028 (USD Billion)
    • 7.4 The Middle-East and Africa Smart Material Market, by Application, 2022 - 2028
      • 7.4.1 The Middle-East and Africa Smart Material Market, by Application, 2022 - 2028 (USD Billion)
    • 7.5 The Middle-East and Africa Smart Material Market, by End User, 2022 - 2028
      • 7.5.1 The Middle-East and Africa Smart Material Market, by End User, 2022 - 2028 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 APC International Ltd.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Harris Corporation
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 CeramTec
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Kyocera Corporation
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 TDK Corporation
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 NOLIAC A/S
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Smart Material Market, 2022 - 2028 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Smart Material Market attractiveness, By Application
  • 6. Global Smart Material Market attractiveness, By End User
  • 7. Global Smart Material Market share by Application, 2022 and 2028 (USD Billion)
  • 8. Global Smart Material Market by Transducer, 2022 - 2028 (USD Billion)
  • 9. Global Smart Material Market by Actuators & Motors, 2022 - 2028 (USD Billion)
  • 10. Global Smart Material Market by Sensors, 2022 - 2028 (USD Billion)
  • 11. Global Smart Material Market by Structural Materials, 2022 - 2028 (USD Billion)
  • 12. Global Smart Material Market by Coatings, 2022 - 2028 (USD Billion)
  • 13. Global Smart Material Market share by End User, 2022 and 2028 (USD Billion)
  • 14. Global Smart Material Market by Industrial, 2022 - 2028 (USD Billion)
  • 15. Global Smart Material Market by Defense & Aerospace, 2022 - 2028 (USD Billion)
  • 16. Global Smart Material Market by Automotive, 2022 - 2028 (USD Billion)
  • 17. Global Smart Material Market by Consumer Electronics, 2022 - 2028 (USD Billion)
  • 18. Global Smart Material Market by Healthcare, 2022 - 2028 (USD Billion)
  • 19. Global Smart Material Market by Other, 2022 - 2028 (USD Billion)
  • 20. Global Smart Material Market share, by Region, 2022 and 2028
  • 21. North America Smart Material Market, 2022 - 2028 (USD Billion)
  • 22. Europe Smart Material Market, 2022 - 2028 (USD Billion)
  • 23. Asia Pacific Smart Material Market, 2022 - 2028 (USD Billion)
  • 24. Latin America Smart Material Market, 2022 - 2028 (USD Billion)
  • 25. The Middle-East and Africa Smart Material Market, 2022 - 2028 (USD Billion)

Table Of Tables

  • 1. Global Smart Material Market: Snapshot
  • 2. Drivers of the Smart Material Market: impact analysis
  • 3. North America Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 4. North America Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 5. U.S. Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 6. U.S. Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 7. Canada Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 8. Canada Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 9. Europe Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 10. Europe Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 11. Germany Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 12. Germany Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 13. France Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 14. France Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 15. U.K. Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 16. U.K. Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 17. Italy Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 18. Italy Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 19. Spain Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 20. Spain Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 21. Rest of Europe Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 22. Rest of Europe Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 23. Asia Pacific Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 24. Asia Pacific Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 25. China Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 26. China Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 27. Japan Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 28. Japan Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 29. India Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 30. India Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 31. South Korea Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 32. South Korea Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 33. South-East Asia Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 34. South-East Asia Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 35. Rest of Asia Pacific Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 36. Rest of Asia Pacific Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 37. Latin America Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 38. Latin America Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 39. Brazil Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 40. Brazil Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 41. Mexico Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 42. Mexico Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 43. Rest of Latin America Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 44. Rest of Latin America Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 45. The Middle-East and Africa Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 46. The Middle-East and Africa Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 47. GCC Countries Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 48. GCC Countries Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 49. South Africa Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 50. South Africa Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)
  • 51. Rest of Middle-East Africa Smart Material Market revenue, By Application, 2022 - 2028 (USD Billion)
  • 52. Rest of Middle-East Africa Smart Material Market revenue, By End User, 2022 - 2028 (USD Billion)

Methodology

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FrequentlyAsked Questions

Increased demand from the aerospace industry is expected to propel market expansion. Piezoelectric smart materials are used in the aerospace sector to help control and maintain airflow over a plane's wings throughout take-off and landing. Additionally, these materials have been shown to manage common aircraft challenges such as engine vibration, excessive cabin noise levels, ice formation on wings, turbulence-induced secondary flows, and surface controls in cold temperatures.

According to the Zion Market Research report, the global smart material market was worth about 54.7 (USD billion) in 2021 and is predicted to grow to around 128.9 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 13.6 percent.

North America led the global smart material market in 2021, accounting for 38% of total sales. The region's product demand has been bolstered by expanding the application breadth of items in the aerospace and military industries. The budgets of the United States Department of Defense (DoD) have risen from USD 560 billion in 2015 to USD 636.4 billion in 2021. Due to expanding demand for the product in defense and military applications, increased defense spending is expected to generate attractive prospects in the market

Key players functioning in the global smart material market include APC International, Ltd., Harris Corporation, CeramTec, Kyocera Corporation, TDK Corporation, and NOLIAC A/S.

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