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.

 
Smart materials are defined as a class of reactive materials that changes some of its properties in response to change in the external environment. Several smart materials possess different properties that can be changed. These materials sense the change in the external environment and respond to it by changing their properties in order to adapt to the surroundings. The response of smart materials varies, depending on the chemical structure. For instance, piezo-electric materials produce electricity when mechanical stress is applied, whereas shape memory returns to its original upon change in temperature. 
 
This report estimates and forecasts the smart materials market on a global and regional level. The study provides forecast from 2014 to 2020 based on revenue (US$ Mn). The executive summary of this report provides detailed insights regarding research and information about the market segments in a summarized form. Additionally, it contains market snapshot, which provides a glance into the current and future scenario of the global smart materials market. The study also provides a decisive view of the smart materials market by bifurcating it into product segments such as biomimetic materials, piezo-electric materials, thermally responsive materials, and others (including smart hydrogels and smart fluids). The report also provides segmentation of the global smart materials market, by application, which includes actuators & motors, sensors, transducers, structural materials, and others. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated from 2014 to 2020 in terms of revenue (US$ Mn). The study also encompasses regional segmentation that includes the current and forecast market size of North America, Europe, Asia Pacific, and Rest of the World (RoW). The segmentation includes demand for individual product segments and applications in all the regions.  
 
We have included a detailed value chain analysis in order to provide a comprehensive view of the market. Value chain provides detailed information about any value addition at each stage of the value chain. The study includes drivers and restraints for the smart materials market, along with their impact on demand during the forecast period. Additionally, the report includes the study of opportunities in the smart materials market on the global and regional level. 
 
Porter’s five forces model has been used to evaluate the smart materials market in order to understand the factors affecting the different stages of the value chain. The study includes market attractiveness analysis, which includes benchmarking of applications based on their market size, market size, growth rate, and general attractiveness. Attractiveness has been calculated based on profit margin, raw material and technology, growth, size and other factors such as legal, economical and social factors.
 
We use a combination of primary and secondary research to determine the market estimate and forecast. Secondary research sources that were typically referred to include, but were not limited to company websites, independent studies, technical journals, annual reports, trade magazines, financial reports, and SEC filings. Other information sources such as internal and external proprietary databases, government documents, statistical databases and market reports, company’s news articles, industry specific magazines and webcasts specific to companies operating in the market have also been referred for the report. 
 
Primary research includes in-depth interviews and discussions with a wide range of key industry experts and opinion leaders. Primary research represents bulk of the research efforts, supplemented by an extensive secondary research. Key players’ investor presentations, annual reports, press releases and relevant documents were reviewed for competitive analysis and market understanding. Primary research helps in validating and strengthening the secondary research findings.
 
The report presents a detailed competitive outlook including company profiles of key participants operating in the global market. Key players profiled in the report include Advanced Cerametrics, Inc., APC International, Ltd., LORD Corporation, CeramTec GmbH, Channel Technologies Group, LLC, CTS Corporation, Kyocera Corporation, Noliac A/S, Wright Medical Group, Inc., and TDK Corporation. Company profiles include attributes such as company overview, brand overview, financial overview (financial year), business strategy, and recent/key developments. 
 
This report segments the global smart materials market as follows:
  • Smart Materials Market - Product Segment Analysis
    • Biomimetic materials
    • Piezo-electric materials
    • Thermally responsive materials
    • Others (including smart fluids, smart hydrogels etc.)
  • Smart Materials Market - Application Analysis
    • Actuators & motors
    • Sensors
    • Transducers
    • Structural materials
    • Others (including sports & leisure, energy harvesting devices, mechanical structures etc.)
  • Smart Materials Market - Regional Analysis
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World (RoW)
.