USD 47.56 billion
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 2023-2030
Report ID: SQMIG45I2138 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 98 | Figures: 77
Global Smart Materials Market Insights
Global Smart Materials Market size was valued at USD 47.56 billion in 2021 and is poised to grow from USD 52.6 billion in 2022 to USD 130.25 billion by 2030, growing at a CAGR of 10.6% in the forecast period (2023-2030).
Smart materials possess both inherent and extrinsic characteristics and are adaptive or intelligent materials. To achieve the required functional effects, these can be modified by outside factors as moisture, temperature, electromagnetic field, and pressure. Additionally, these materials are dynamic in nature and change their features in response to the surroundings in which they interact right away. Materials for specific purposes have been developed as a result of advancements in the field of materials science, which was previously not conceivable with the usage of traditional materials such polymers/plastics, metals, glass, and ceramics. Smart materials may function at a very fundamental level, like temperature, and by combining additional functionalities and qualities, they can be used in very complicated technical systems. Smart materials, for instance, can be applied to energy. For instance, energy supply systems for microelectronic components can use smart materials.
Applications for smart materials include structural materials, actuators & motors, and transducers. The growth in the use of smart materials products across a range of end-user industries, including defence & aerospace, automotive, and consumer electronics, as well as favourable government initiatives & plans, as well as an increase in R&D spending by major players to optimise the cost and quality of smart materials, are driving the market for smart materials. Due to the potential for growth in emerging economies as well as the development of the Internet of Things, there is a significant demand for smart materials.
US Smart Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Aerospace
Fastest Growth
Cloud
Growth Rate
10.6% CAGR
Global Smart Materials Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Smart Materials Market Size by Technology, 2021-2028 ($ Bn)
Global Smart Materials Market Size by Technology, 2021-2028 (%)
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Global Smart Materials Market Segmental Analysis
Global Smart Materials Market is segmented on the basis of product type, application, end user, and Region. Based on product type, the Smart Materials 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 Smart Materials Market is segmented as actuators & motors, sensors, transducers, structural materials, and others. The Smart Materials Market on the basis of the end user is classified as industrial, defense, aerospace, automotive, consumer electronic and healthcare. Based on the region, the Smart Materials Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, South America.
Smart Materials Market 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.
Smart Materials Market 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.
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Global Smart Materials Market Regional Insights
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.
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Global Smart Materials Market Dynamics
Smart Materials Market 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.
Smart Materials Market 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.
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Global Smart Materials Market Competitive Landscape
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:
Smart Materials Market Top Player’s Company Profiles
- TDK Corporation
- CTS Corporation
- Optotune AG (Switzerland)
- Huntsman Corporation
- Dow Inc.
- 3M Company
- Saint-Gobain S.A.
- Siemens AG
- Kyocera Corporation
- Piezo Kinetics, Inc.
- CeramTec GmbH
- Lord Corporation
- Littelfuse, Inc.
- Noliac A/S
- GKN Sinter Metals Engineering GmbH
- GKN Aerospace
- Ceramic Fuel Cells Limited
- Aerogel Technologies, LLC
- Piezomechanik Dr. Lutz Pickelmann GmbH
- Responsive Surface Technology, LLC
- Electrostrictive Polymers, Inc.
Smart Materials Market 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.
Global Smart Materials Key Market Trends
- 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.
Global Smart Materials Market SkyQuest Analysis
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.
According to the analysis, the cloud Deployment segment dominated the global Player Tracking System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Player Tracking System Market owing to the region's highly aware and economically stable population.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 47.56 billion |
| Market size value in 2030 | USD 130.25 billion |
| Growth Rate | 10.6% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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