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Global Smart Materials Market Will Reach USD 70.85 Billion by 2022: Zion Market Research

According to the report, global smart materials market was valued at USD 37.8 billion in 2016 and is expected to reach USD 70.85 billion in 2022, growing at a CAGR of 11.1% between 2017 and 2022.

/EIN News/ -- Sarasota, FL, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Materials Market (Biomimetic Materials, Piezoelectric Materials, Thermally responsive Materials and Others) for Actuators & Motors, Sensors, Transducers, Structural Materials and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global smart materials market was valued at USD 37.8 billion in 2016 and is expected to reach USD 70.85 billion in 2022, growing at a CAGR of 11.1% between 2017 and 2022.

Smart materials belong to a class of reactive materials which change some of their properties in response to change in external environmental conditions. Smart material possesses properties which can be altered or changed. Smart materials sense the change in their external environment and react to it accordingly by changing their properties.  Chemical composition is responsible for the response of smart materials. It varies depending on the chemical composition. Smart materials are dynamic in nature and react to external environments by adapting their properties.

Browse through 19 Market Tables and 24 Figures spread through 110 Pages and in-depth TOC on "Global Smart Materials Market: By Size, Product, Application, Share, Segments and Forecast 2016 – 2022”.

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Increasing demand of piezo-electric devices in the different end-user application is likely to trigger the smart materials market. These devices are used in industries such as medical devices, robotics, information, automotive, information technology and telecommunication. Characteristics of piezoelectric devices like accuracy, high torque, high responsiveness, and energy saving are getting accepted across different industries. Moreover, bionics and flourishing organ industry are likely to trigger the smart materials market. Artificial organs are made up of biomimetic materials with electronic components and systems, which are integrated into the human body and act as a replacement for natural organ. However, challenges in implantation research and development actions into products to be used in industries are predicted to hamper the growth of the market. The rapid increase in a number of applications of smart materials is likely to provide huge opportunities for market players over the forecast period. 

Product segment of smart materials includes piezo-electric materials, biomimetic materials, thermally responsive materials and others.  Piezo-electric materials were the largest segment of the global smart materials market in the year 2016 in terms of revenue and are anticipated to expand at a faster rate over the coming years. Biomimetic materials held the second largest share of the smart materials market in 2016. However, thermally responsive materials segment is expected to expand at a moderate rate during the upcoming period. 

Browse the full "Smart Materials (Biomimetic Materials, Piezoelectric Materials, Thermally responsive Materials and Others) Market for Actuators & Motors, Sensors, Transducers, Structural Materials and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/smart-materials-market

On the basis of application, the global market for smart materials is divided into; actuators & motors, sensors, transducers, structural materials and others.

Actuators & motors dominated the segment in the year 2016 and are anticipated to remain the leading segment over the forecast period, expanding at the fastest rate compared to all other applications. The piezoelectric actuators are widely used in smartphones and wearables and are promoting the growth due to the vast shift in market trend towards the efficiency of electronics, which, in turn, is expected to propel the smart materials market growth. 

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North America dominated the smart materials market in terms of revenue, accounting for over 40% of the total share in the year 2016. The region has been leading the segment due to high demand for smart materials in electrical & electronics, information technology, healthcare and building & construction industry. Demand for smart materials is expected to increase in moderate rate in the forecast period followed by Europe.

Europe is one of the leading regions in the smart material market. The rapidly growing demand for structural materials and mimetic materials has been the main growth driver of the smart materials market in this region. The adoption of new methods in the domains of monitoring of structural health, environmental control, and vibration control is also responsible for the development of the smart materials market in this region.

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Asia Pacific is expected to experience lucrative growth in the near future due to the high implementation of products those were developed using smart materials in industries like construction, automotive, manufacturing, and defense with a large number of small players presenting smart materials. Growing geriatric population, improving standards of living in countries like India, China, and Japan, declining prices of smart materials these are some factors which trigger the market for smart materials in Asia Pacific. Moreover, the region is expected to augment market growth for overcoming period as the internet of things (IoT) applications are being adopted widely.

Latin America and Middle East & Africa are expected to experience a substantial growth in the smart materials market over the coming years. This is mainly attributed to the growing urbanization and industrialization in Brazil. Brazil attained highest sales of automobiles and stood as the seventh largest producer across the globe. Thus, this factor is likely to boost the growth of automotive market which in turn is expected to strengthen the growth of the smart material market. Improving living standards of the regions in the Middle East and Africa is likely to witness gleam growth for the smart material market. Moreover, evolution in IoT and increasing demand for connected devices are expected to drive the market growth worldwide.

The key players in the global market for smart materials include TDK Corporation, CTS Corporation, Wright Medical Group, CeramTec, NOLIAC A/S, Kyocera Corporation, APC International, Channel Technologies, LORD Corporation, and Advanced Cerametrics among others. 

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This report segments the smart materials market as follows:

Smart Materials Market: Product Analysis

  • Biomimetic materials
  • Piezo-electric materials
  • Thermally responsive materials
  • Others

Smart Materials Market: Application Analysis

  • Actuators & motors
  • Sensors
  • Transducers
  • Structural materials
  • Others

Smart Materials Market: Region Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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