"Growing applications of smart materials, driving the market growth"
Smart materials are new generation materials that possess smarter conventional and structural properties than conventional materials. Smart materials have the ability to change their physical properties in response to specific stimulus input. The adaptive capabilities to external stimuli, like loads or environment, with inherent intelligence. The smart materials stimuli with pressure, temperature, electric and magnetic fields, chemicals, hydrostatic pressure, or nuclear radiation. The associated changeable physical properties could be shape, stiffness, viscosity or damping. This way, the smart materials adjust in an environment to give better efficiency and save resources by responding to corrosion, temperature, mechanical forces, etc.
Smart materials are majorly used in industries such as consumer electronics, aerospace & defense, automotive industry, etc. among others. In the aerospace industry, an aircraft build from a sensual structure can self-monitor its performance better than currently running data machines. This provides an enhanced health checkup of the aircraft and reduces MRO costing, thereby improving its average flying hours. Moreover, smart materials used in the automotive industry like copper-aluminum-nickel alloys, nickel-titanium change their structural properties with external stimuli like heat, magnetic field, electrical voltage, or stress.
The expanding scope of smart materials in various industries is driven by increasing investment in R&D and more focus of industries on improving their production efficiency and performance. Overall, the global smart materials market was US$ 144.9 Bn in 2021 and is expected to reach US$ 190.7 Bn by 2030, growing at a CAGR of 3.1% from 2023 to 2030.
"Actuators & motors segment dominating the world market"
In 2021, actuators & motors captured the largest share of the global smart materials market. The segment accounted for around 60% share of the global revenues in 2021. Actuators and motors are majorly used in the automotive, aerospace & defense, and consumer goods industry. In the automotive industry, actuators are used to improve vehicle performance and fuel economy to ensure convenience and comfort. With the growth of these industries, there is a rising demand for these products from the past few years. During the forecast period, this segment is expected to show good growth thereby significantly add-up market revenue to the global smart materials market.
In addition to the above, the structural material segment is anticipated showing the fastest growth during the forecast period. Growing penetration of the healthcare industry and increasing investment in medical R&D expected to drive market growth.
"North America dominating the global market by region"
In 2021, North America dominated the global smart materials market, accounting for nearly 40% of the global market share. The well-established aerospace and defense industry and entrants of a large number of private players such as SpaceX, and Blue Origin, have increased the demand for smart materials from the region. Furthermore, the ever-increasing defense budget of the U.S., amounting to over US$ 686 Bn in 2019 alone have further created opportunities for the growth in demand for smart materials.
During the forecasted period, it is estimated that the Asia Pacific market to show significant growth, owing to the increasing demand from end-use industries in countries such as Japan and China. Furthermore, the regional economic development has shown a rise in aerospace, marine, automotive, electronics, and consumer goods industry. This has influenced the demand for smart materials from the region.
"Growing investment in R&D is keeping the market competitive"
The global smart materials market is competitive. Prominent players operating in the smart materials market are adopting strategies such as a partnership with other companies, investing in R&D, acquisition of smaller players to increase their client base and geographical reach. Following is the list of players included in the published reports.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Materials market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
