Global Smart Materials Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Smart Materials Market report has been segmented on the basis of product type, application, end-user, and region.

Global Smart Materials Market: Overview

“The Smart Materials Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Smart materials can sense and respond to a wide range of stimuli, such as electric and magnetic fields, temperature, pressure, mechanical stress, hydrostatic pressure, nuclear radiation, and pH change.

Piezoelectric, magneto-rheostatic, electro-rheostatic, and other shape memory alloys are the most widely used smart materials.

Global Smart Materials Market: Dynamics

Rising technological advancements and increasing adoption of developed materials such as polymers, metal, and glass across various industries such as automotive, consumer electronics, and healthcare is a major factor expected to drive the growth of the global market over the forecast period.

In addition, increasing investment in research and development activities in order to develop innovation in smart materials is another factor expected to further fuel the growth of the target market over the forecast period.

Moreover, rising initiatives by various government and non-government organizations towards increasing awareness and fuel uptake of smart materials. For instance, Centexbel launched a new TIS action along with Sirris to educate companies about the various applications of smart materials that are available commercially.

Moreover, increasing demand for consumer electronics and the availability of a wide range of applications for smart sensors are some other factors expected to boost the growth of the target market over the forecast period.

Additionally, the introduction of the internet of things (IoT) and the rising demand for connected devices are other factors propelling the growth of the global market.

However, high manufacturing costs and increasing investment costs for research and development are some factors restraining the growth of the target market over the forecast period.

An ongoing trend observed in the target market is increasing demand for smart packaging in consumer goods, this trend is expected to support the growth of the target market over the forecast period.

Technological advancements and innovative product launches by manufacturers are expected to create potential revenue opportunities for players operating in the global market over the forecast period.

Global Smart Materials Market: Segment Analysis

Among the product type segments, the piezoelectric materials segment is expected to dominate in the global market owing to the rising adoption of piezoelectric materials in households and automotive applications.

Global Smart Materials Market: Regional Analysis

The market in North America is expected to dominate the global market and is expected to continue its dominance over the forecast period, owing to increasing demand for smart materials across various industries such as information technology (IT), electrical & electronics, construction, and healthcare in countries in this region.

In addition, the increasing presence of a number of market players across various countries such as the US and Canada is another factor expected to support the growth of the target market in this region.

The market in Europe is expected to register significant growth in terms of revenue over the forecast period over the forecast period, owing to increasing automobile and electronics industries as well as the energy sector in countries in this region.

The market in the Asia Pacific is expected to register the fastest growth in the global market, owing to the growing electronics industry and improved standard of living across countries such as China and India.

Global Smart Materials Market Segmentation:

Segmentation by product type:

• Piezoelectric materials
• Electro-rheostatic
• Magneto-rheostatic
• Shape memory materials
• Smart fluids
• Smart hydrogels
• Electrochromic materials

Segmentation by application:

• Actuators & motors
• Sensors
• Transducers
• Structural materials

Segmentation by end-user:

• Industrial
• Defense
• Aerospace
• Automotive
• Consumer electronic
• Healthcare

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa