Smart materials are referred to materials whose properties can be modified according to the given requirements by means of stress, temperature, light, electric potential difference, pH or a strong magnetic field. There is wide range of smart material varieties with various properties that make a material well suited for a particular use. Some common examples of smart materials include piezoelectric materials, temperature responsive polymers, photomechanical materials, and dielectric elastomers among some others.
The global market for smart materials was estimated to be over USD 20 billion in 2011 and is expected to grow at a CAGR of over 12% from 2012 to 2018. The growth of the market is primarily driven by the growing demand for high performance materials which can be modified or changed according to the given requirements. However, growing concerns regarding the impact of smart materials on the environment is acting as one of the major factors hindering the growth of the market. The growing R&D to introduce new products in order to develop new applications for smart materials provides immense opportunities for the participants operating in the global market.
Actuators and motors make up the largest application segment for smart materials and accounted for approximately 55% of the overall market. This segment is expected to increase its overall share to over 64% by 2018. The global demand for smart materials in actuators and motors is expected to grow at a CAGR of over 15% from 2012 to 2018. The transducers segment, with approximately 32% of the market, is the second biggest application market for smart materials. The global demand for smart materials in transducers is expected to grow between a range of 5% to 6% from 2012 to 2018. Other applications of smart materials include structural materials and sensors.
Some of the major companies operating in the global market for smart materials include, but are not limited to, Advanced Cerametrics Inc., Kyocera, Artificial Muscle, Inc. (AMI), AMM Technologies, Metglas Inc, Aerofit Inc., Fine Tubes Ltd., Lord Corp., M-Biotech Inc., Nikon Corp., and Mitsubishi Industries.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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