The global smart materials market was US$ 132.6 Bn in 2018 and expected to progress with CAGR of 3.1% from 2019 to 2027, reaching US$ 174.5 Bn in 2027.
“Rising oil spilling accidents demands smart materials”
Technological development in the smart materials have expanded their scope of applications. With the growing applications in consumer electronics, aerospace & defense, automotive, civil engineering and healthcare, the demand for smart materials is showing rapid growth. Rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the overall market growth. Rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric devices, in recent years.
In healthcare industry, shape memory alloys (SMAs) are increasingly used in medical devices which are biocompatible and does not induce any health problem. SMAs are favored for their ability to be bent and squeezed into a target body cavity or vessel after which they then revert to their original, working shape. Moreover, in civil engineering, smart materials such as sensual structure is helping to increase the durability of structures. This leads to enhanced safety and also provides early warning of its collapse. This in turn helping to reduce the upfront cost of the construction.
Growing application of smart materials have influenced the market players to invest in the R&D of the smart materials to grab major chunk of the market.
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“Actuators & motors segment dominating the world market”
In 2018, actuators & motors captured the largest share of the global smart materials market. The segment accounted for around 60% share of the global revenues in 2018. Actuators and motors are majorly used in automotive, aerospace & defense and consumer good industry. In 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 rising demand for these products from past few years. During the forecast period, this segment expected to show good growth thereby significantly add-up market revenue to the global smart materials market.
In addition to the above, structural material segment anticipated to show fastest growth during the forecast period. Growing penetration of healthcare industry and increasing investment in medical R&D expected to drive the market growth.
The overall smart materials market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching innovative & new products, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.
• In March 2019, Mechano Transformer Corp. and Smart Material signed a distributorship agreement for the distribution of Smart Material’s products in Japan. Mechano Transformer Corporation expertise is in core actuator technology, aiming to explore opportunities locally and globally by providing new developments to industries such as medical, energy, agricultural and other segments.
• In August 2019, CTS Corporation announced the release of five new quartz crystal models, 412W, 416W, 402W, 425W, 403W, with specific enhanced design parameters targeted for wireless protocols used in Internet of Things [IoT] applications. The new CTS crystal series provides advanced circuit elements needed for new chipset oscillator designs, operating at lower battery power and gain margins, to effectively perform. CTS IoT crystals are optimized for long-term reliability and performance.
Key Market Movements:
• Based on application, actuator and motor segment captured the largest share in 2018. On the other hand, the structural material segment expected dominate the market with highest CAGR during the forecasted period.
• Based on region, North America was the largest regional smart materials market in 2018. On the other hand, Asia Pacific expected to drive the market growth with the highest CAGR from 2019 to 2027.
List of Companies Covered:
• Kyocera Corporation
• CTS Corporation
• LORD Corporation
• Fine Tubes Ltd.
• TDK Corporation
• Smart Material Corporation
• Noliac A/S
• APC International, Ltd.
• Piezo Kinetics, Inc.
• Harris Corporation
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