Global Smart Materials Market Size, Share, Growth Analysis, By Product Type(Piezoelectric materials, Electro-rheostatic), By Application(Actuators & motors, Sensors), By End-Use(Industrial, Defense) - Industry Forecast 2022-2028

Global smart materials market is segmented on the basis of product type, application, end user, and Region. Based on product type, the market is segmented as piezoelectric materials, electro-rheostatic, magneto-rheostatic, shape memory materials, smart fluids, smart hydrogels, electrochromic materials and others. On the basis of the application the market is segmented as actuators & motors, sensors, transducers, structural materials, and others. The market on the basis of the end user is classified as industrial, defense, aerospace, automotive, consumer electronic and healthcare. Based on the region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, South America.

Analysis by Product

Due to the increasing demand for piezoelectric materials in a variety of applications, the Piezoelectric materials category had the greatest revenue share in 2021. Speakers, sonar, hydrophones, buzzers, gas igniters, and many other devices use piezoelectric materials. Optoelectronic devices also use it. Piezoelectric materials enhance the performance of optoelectronic devices, according to research from the Georgia Institute of Technology, a US.-based research centre. Piezoelectric materials can also transform vibrational and mechanical energy into electrical energy. Through power harvesting and self-sustaining smart sensing, this trait facilitates the utilisation of renewable and sustainable energy in buildings.

Due to the increasing use of these materials in medical-related applications such as medical textiles, dental braces, stents, prosthetics, and surgical fixation devices, the shape memory materials market is expected to experience a significantly fast rate of revenue growth over the forecast period. After undergoing diverse and apparent plastic deformations, shape memory materials can revert to their original shape. This phenomenon is known as the form memory effect. The form memory effect is applicable to a number of fields, from aircraft engineering to medical equipment. These elements are expected to support the segment's revenue growth.

Analysis by Application

Due to the increasing use of intelligent materials in piezoelectric sensors, the sensors category is expected to account for a disproportionately big market share throughout the projected period. Applications like healthcare, defence, automotive, and aerospace use piezoelectric sensors extensively. A piezoelectric sensor is a smart device that converts variations in pressure, strain, temperature, acceleration, or force into an electric charge via the piezoelectric effect. These sensors have a number of advantages, including being readily available in the proper shape, having good frequency response, minimum phase shift, and being compact. It is also utilised in industrial settings to construct pressure sensors and sonar apparatus.

Due to the increased demand for smart materials in actuators & motors, the actuators & motors segment is expected to have a considerably rapid revenue growth rate over the forecast period. Actuators are now often employed in the aerospace and defence industries. Additionally, it is applied in automobile settings. Actuators can improve a vehicle's performance and fuel economy, resulting in comfort and convenience. Additionally, smart material-based motors are being employed more and more in robotics nowadays. Examples include manipulator joint motors, sample tool motors, pedal motors, steering motors, and deployment motors.

North America had 39.54% of the market, and it is expected that it would continue to dominate during the projected period. The aerospace and defence industries' expanding use of smart materials has increased regional product demand. Due to increased demand for the product in defence and military applications, rising US defence spending is expected to open up appealing market potential. Following North America are Europe and APAC. An increase in demand for smart materials in developed nations like the UK, Germany, France, and Switzerland, giving Europe the second-largest market share of all smart materials worldwide.

Due to the rising demand from end-use industries in nations like Japan, India, and China, the Asia Pacific market is expected to grow at an exceptional rate over the forecast period.

Driver

• Piezoelectric smart materials are used in the aerospace sector to guide and maintain airflow over an aircraft's wings during takeoff and landing. Additionally, these materials have a reputation for being able to manage common aviation problems like engine vibration, loud cabin noise, ice buildup on wings, turbulence-induced flow separation, and cold-weather control surfaces. Airlines are expected to replace older planes with more fuel-efficient models and expand their fleets to accommodate the continued expansion in air travel across established and emerging nations. Over the past ten years, passenger air travel increased at a yearly rate of 6.5%, far higher than the long-term average of 5%.
• As manufacturing techniques have advanced and better materials have been used, the application of smart materials has increased across a range of end-user industries. The applications of smart materials are expected to rise significantly, and they will be crucial to the market's expansion. The impact is therefore expected to be substantial during the expected time frame. Numerous industrial applications have been realised for materials including piezoelectric, shape memory, electrostrictive, magnetostrictive, phase change, and electrochromic in recent years. In addition, ferromagnetic shape memory alloys, electroactive polymers, conductive polymers, and carbon nanotube actuators are only a few examples of the emerging materials with enormous market potential.

Restraint

• Numerous industries, including small and medium-sized enterprises (SMEs), are currently falling behind due to the high cost of smart materials. Throughout the projection period, a number of initiatives and programmes focused at motivating companies to utilise and invest in smart materials are expected to have an impact.
• Key players in the smart materials market are expected to invest heavily in R&D in order to introduce effective products and stay ahead of the competition due to the increased demand for better smart materials and products from a variety of industries, including construction, manufacturing, and automotive.
• On the other hand, the lack of experience in developing systems based on smart materials has hindered market expansion. The product's economic potential has also been constrained by end users' ignorance, which is expected to impede market expansion during the projected period. However, it is expected that research and innovation initiatives backed by the government and academic institutions will speed up the product's widespread industrialization.
• The primary barrier to the development of smart materials is the cost of manufacturing large quantities for several applications at efficient yields. The expansion of the market for smart materials is constrained by high production costs and exorbitant R&D expenses.

The market for smart materials is fairly consolidated, with a small number of large and medium-sized businesses accounting for most of the sector's revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing newer and more efficient smart materials solutions. Major businesses profiled in the report on the global market for smart materials include:

Top Player’s Company Profiles

• TDK Corporation (Japan)
• CTS Corporation (US)
• Optotune AG (Switzerland)
• AMM Technologies (Italy)
• Lord Corporation (US)
• Fort Wayne Metals (US)
• AI Technology Inc. (US)
• AVX Corporation (US)
• Advanced Cerametrics,Inc., (US)
• Wright Medical Group (US)

Recent Development

• In May 2022, the Japanese multinational electronics corporation TDK Corporation stated that its subsidiary Ventures, Inc. has invested in the American firm XCOM Labs, which creates wireless technologies. Development of 5G and wireless communications systems with an emphasis on bandwidth capacity, latency reduction, and compute load balancing is the goal of the investment.
• In March 2022, The purchase of AVX Corp., a US.-based manufacturer of electronic components, was finalised, by Kyocera Corporation, a Japanese multinational electronics manufacturer. Previously, Kyocera held almost 72% of the total number of outstanding AVX shares. After the merger was complete, Kyocera acquired full ownership of AVX.

• One of the major driving forces behind the use of smart materials in protective clothing is the growing usage of chemical goods in a variety of industries, together with the increased employee awareness of workplace safety and protection from dangerous circumstances. In addition, a growing number of biomedical applications, such as cancer targeting, controlled drug delivery, tissue engineering, and biosensors, are driving the demand for efficient, targeted, and need-based systems, which is driving market expansion. This is also due to the increase in chronic illnesses and trauma-related injuries, as well as the increased need for regenerative drugs and customised treatments. Furthermore, to create structures that can adjust to changing atmospheric conditions, smart materials are mixed with traditional building materials in response to the growing demand for energy-efficient building materials.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.

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