Smart Materials Market Size, Share, Growth Report 2030

Smart Materials Market

Smart Materials Market (Biomimetic Materials, Piezo-Electric Materials, Thermally Responsive Materials, And Others) For Actuators & Motors, Sensors, Transducers, Structural Materials And Other Applications: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028

Category: Chemical & Materials Report Format : PDF Pages: 160 Report Code: ZMR-1989 Published Date: Mar-2023 Status : Published

The global Smart Materials Market Size Was USD 59.83 Billion in 2020 and is expected to reach USD 103.9 Billion by 2028, growing at a CAGR of 6.9%.

Smart Materials Market: Overview   

The global Smart Materials Market accounted for USD 59.83 Billion in 2020 and is expected to reach USD 103.9 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.    

Lucrative product demand across myriad end-user industries like automotive, military, aerospace, construction, and manufacturing are anticipated to spice up the smart materials market over the next few years. Besides this, escalating the application of those products in medical devices, robotics, information technology, and telecommunication will further impel the smart materials market size. In today’s era, small & medium-sized firms aren't using smart materials due to their high costs and this might hamper the growth of smart materials.

Furthermore, the low level of product awareness & big challenges faced by the organizations during R&D activities for product innovation is probably going to obstruct the smart materials market development over the years to return. Nonetheless, the plethora of product applications and the introduction of several schemes by the government for promoting & highlighting the merchandise's significance also as its benefits for myriad industries will help in normalizing the impact of hindrances on the smart materials market.

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COVID-19 Impact Analysis:

The global Smart Materials Market has witnessed a decrease in the sales for overall products due to the lockdown enforcement placed by governments to contain COVID spreading. People had no option but to remain indoors, so the products and services in different industries decreased drastically. The restrictions imposed by various nations to contain COVID had stopped production resulting in disruption across the whole supply chain. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for Smart Materials.

Growth Factors

Extensive research & innovation activities have widened the industrial applications of smart materials. The augmented use of smart actuators & motors, sensors, and structural materials is anticipated to bolster the demand over the next few years.

Segment Analysis Preview

The main products available in this smart materials market are biomimetic materials, thermally responsive materials, and piezoelectric materials. Among the three, the demand for piezoelectric materials is relatively higher and the trend is anticipated to remain so over the next few years, notes the smart materials market research report. Based on applications, the global smart materials market is bifurcated into Actuators & motors, Sensors, Transducers, Structural materials, and others.

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Regional Analysis Preview

Regionally, North America has been leading the worldwide smart materials market and is anticipated to continue in the dominant position within the years to return, states the smart materials market study. High demand for smart materials in various industries like electrical & electronics, information technology, construction, and healthcare is that the main factor behind the dominance of the North American smart materials market. The high number of market players headquartered in North America is another significant factor that's supporting this regional smart materials market.

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Key Market Players & Competitive Landscape

Some of the key manufacturers included in the study are

  • TDK Corporation
  • CTS Corporation
  • Wright Medical Group
  • CeramTec
  • NOLIAC A/S
  • Kyocera Corporation
  • APC International
  • Channel Technologies
  • LORD Corporation
  • Advanced Cerametrics among others.

The global Smart Materials  market is segmented as follows:  

By Product

  • Biomimetic materials
  • Piezo-electric materials
  • Thermally responsive materials
  • Others

By Application 

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

Methodology

Free Analysis

FrequentlyAsked Questions

The global Smart Materials Market was valued at USD 59.83 Billion in 2020.

The global Smart Materials Market is expected to reach USD 103.9 Billion by 2028, growing at a CAGR of 6.9% between 2021 to 2028.

Lucrative product demand across myriad end-user industries such as automotive, military, aerospace, construction, and manufacturing are anticipated to boost the smart materials market over the next few years.

North America in 2020 ruled the Smart Materials Market and was believed to be the highest income-generating area all over the globe.  

Some of the key manufacturers included in the study are TDK Corporation, CTS Corporation, Wright Medical Group, CeramTec, NOLIAC A/S, Kyocera Corporation, APC International, Channel Technologies, LORD Corporation, and Advanced Cerametrics among others.

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