Global Smart Materials Market: Snapshot
Smart materials have been gaining immense popularity across diverse industries in the last few years. It is considered as a reactive material that changes its properties as a response to the changes in the external environment. Thanks to this, the market is projected to witness lucrative opportunities in the next few years.
According to the market research study by Transparency Market Research, in 2013, the global market for smart materials was worth US$27.7 bn and is estimated to reach a value of US$63.28 bn by the end of 2020. The market is expected to register a promising 12.50% CAGR between 2014 and 2020.
Rising Number of Applications to Enhance Market Growth
The growing popularity of piezo-electric devices is considered as one of the major factors that is projected to encourage the growth of the global smart materials market in the next few years. The rising number of applications from diverse industries is another key factor that is estimated to boost the demand for smart materials and generate potential growth opportunities for the market players in the coming few years. The easy adoption, sensitivity to change, and the quick response are some of the major benefits of smart materials, which is estimated to accelerate the growth of the global smart materials market in the next few years.
The global smart materials market has been categorized on the basis of product type into piezo-electric materials, biomimetic materials, thermally responsive materials, smart fluids, and smart hydrogels. Among these, the piezo-electric materials segment is projected to hold a major share of the market in the next few years. The growing demand from the automotive, information technology, and robotics is one of the key factors estimated to accelerate the growth of the smart materials market in the near future. On the basis of application, the market has been classified into actuators and motors, transducers, sports and leisure, mechanical structures, structural materials, sensors, and energy harvesting devices. The actuators and motors is expected to lead with a large share of the global smart materials market in the near future.
North America to Maintain Dominance in Global Smart Materials Market
In the last few years, North America accounted for a large share of the global smart materials market and is projected to maintain its dominance in the next few years. The strong growth of this region can be attributed to the rising demand for piezo-electric based actuators and motors. In addition to this, the rising demand for structural materials and mimetic materials is estimated to encourage the development of the smart materials market across North America in the next few years. Furthermore, the adoption of the new methods in the domains of environmental control, vibration control, and monitoring of structural health is another major factor that is predicted to accelerate the market growth in the near future. Europe is expected to remain on the second position, further followed by Asia Pacific. The rapid development of several industries such as information technology, retail, automotive, aerospace and defense, and electronics, especially in developing economies to enhance market growth in Asia Pacific in the next few years.
The global smart materials market is highly competitive in nature with a presence of a large number of players operating across the globe. The growing focus on the research and development activities and technological advancements are projected to enhance the development of the overall market in the near future. In addition to this, the rising mergers and acquisitions are expected to offer potential growth opportunities for the market players in the near future. Some of the key players operating in the smart materials market across the globe are CTS Corporation, Kyocera Corporation, Noliac A/S, APC International, Channel Technologies Group, LLC, Advanced Cerametrics, LORD Corporation, TDK Corporation, CeramTec GmbH, and Wright Medical Group, Inc.