Smart Materials Market Updates

Smart Materials Market size was valued at USD 79.51 Billion in 2023 and is poised to grow from USD 90.24 Billion in 2024 to USD 248.54 Billion by 2032, growing at a CAGR of 13.5% during the forecast period (2025-2032).

Smart material companies should focus on making their products more affordable to increase sales and accessibility. Market players should also focus on increasing awareness regarding the benefits of smart materials to maximize their business scope in the future. Targeting automotive and aerospace industry verticals will offer the best returns for almost all smart material providers going forward.  'APC International (US) ', 'Harris Corporation (US) ', 'CeramTec (Germany) ', 'Kyocera Corporation (Japan) ', 'TDK Corporation (Japan) ', 'Noliac A/S (Denmark) ', 'Wright Medical Group Inc. (US) ', 'Channel Technologies Group (US) ', 'LORD Corporation (US) ', 'AMETEK Inc. (US) ', 'CTS Corporation (US) ', 'Piezo Kinetics, Inc. (US) ', 'Smart Material Corp. (US) ', 'TDK U.S.A. Corporation (US) ', 'Murata (Japan) ', 'Solvay (Belgium) ', 'Johnson Matthey (UK) ', 'Arkema (France) ', 'Meggitt Sensing (UK) ', 'Saes Getters (Italy) ', 'Fort Wayne Metals (US) ', 'View (US) ', 'Chromogenic (US) ', 'Gentex Corporation (US)'

Governments as well as private organizations are focusing on increasing their investments in the research and development of novel smart materials. This can be attributed to the surging use of smart materials in multiple applications across various industry verticals. This funding accelerates advancements, making smart materials more accessible and fostering smart materials industry expansion as well. 

Bio-based Smart Materials: As emphasis on sustainability and environment conservation increases around the world, smart materials companies can focus on the development and manufacturing of bio-based smart materials. Use of sustainable materials in smart materials manufacturing will provide new opportunities for market players from sustainability-focused industry verticals in the long run.  

Growing use of smart materials in multiple industry verticals and high investments in R&D of smart materials are expected to aid the dominance of North America going forward. Extensive demand for smart materials in the military and defense industry is estimated to create new opportunities for smart materials companies operating in this region. Moreover, the presence of top smart materials providers and a strong manufacturing infrastructure are also expected to help this region maintain its top spot in the future. The United States is slated to be the most opportune market in North America followed by Canada.