Smart Materials Market (Updated Version Available)

Key Market Overview:

The smart materials market is expected to grow at a CAGR of 7.1% during the forecast period (2023-2030), with a projected market size of USD 115.4 billion by 2030. The market was valued at USD 71.4 billion in 2022. Factors driving market growth include the increasing demand for smart materials in various applications such as construction, automotive, aerospace, and healthcare, as well as the growing adoption of Internet of Things (IoT) and automation technologies. Additionally, advancements in material science and the development of new smart materials are expected to contribute to market growth.

Smart materials are defined as advanced materials that have the ability to respond to changes in environment or stimuli by altering one or more of the properties in a predictable and controllable manner. Such materials are designed to be highly adaptive and responsive to external factors such as temperature, pressure, light, or magnetic fields. Thus, smart materials comprise properties with the ability to change, including shape, stiffness, conductivity, color, and permeability.
Furthermore, smart materials are used in a wide range of applications such as biomedical, construction, consumer electronics, and others. Among such applications, the usage of shape memory alloys in orthodontic braces for applying pressure to teeth is one application of smart materials. Overall, smart materials have revolutionized the field of materials science by providing unique and innovative solutions to various engineering issues.

Moreover, the usage of smart materials in emerging smart infrastructure is expected to boost the demand for such materials during the forecast period. For instance, according to the report published by the Organisation for Economic Co-operation and Development (OCED) for smart cities, the city of Dijon (France) is represented as one of the first smart cities in France due to the city\\\'s smart traffic management, street lighting management, and Wi-Fi services quality. The main goal of the project is to significantly reduce costs by over 65% on energy bills in terms of street lighting and attain better coordination among city services through smart materials integration. Thus, the adoption of such smart city concepts among population is estimated to offer lucrative growth opportunities for the market.

Smart Materials Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2030
Market Size in 2030 (USD Billion)	115.4 Billion
CAGR (2023-2030)	7.1 %
Base Year	2022
By Type	Piezoelectric Materials, Shape Memory Materials, Chromoactive Materials, Magnetorheological Materials, Photoactive Materials, Hydrogels, Bi-Component Fibers
By Application	Components, Transducers, Actuators & Motors, Sensors, Structural Materials
By End Use	Aerospace & Defense, Marine, Automotive, Consumer Electronics, Biomedical, Construction, Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Noliac A/S, APC International, Ltd., TDK Electronics AG,CTS Corporation, BASF SE, CeramTech GmbH, Metglas, Inc., SMART MATERIAL CORP., SAGE Electrochromics Inc. (Saint-Gobain S.A.), Solvay S.A., ARKEMA INC., DuPont

Request Sample

Market Dynamics:

Driver:

Rising development of new technologies drives the demand for smart materials in terms of advancements in nanotechnology for the creation of new materials. Further, increased adoption of IoT devices also propels the demand for smart materials to create intelligent systems that sense, respond, and adapt to the environment. Moreover, rising investments in research and development by public as well as private ventures for efficient usage of smart materials, especially in construction, fuels the market demand.

Restraint:

High costs of integrating smart materials as compared to conventional materials mainly hamper the smart materials market growth. Further, lack of standards and protocols limits the large-scale adoption of smart materials due to issues with interoperability and compatibility with other systems and products.

Opportunities:

The scope of innovations especially in the healthcare industry in terms of drug delivery, tissue engineering, and biosensors is expected to offer lucrative opportunities for market growth. Furthermore, the emerging adoption of advanced smart materials in construction industry to improve energy efficiency in buildings is also estimated to create opportunities for market growth during the forecast period.

Smart Materials Market Segmentation:



By Type

The type segment is categorized into piezoelectric materials, shape memory materials, chromoactive materials, magnetorheological materials, photoactive materials, hydrogels, and bi-component fibers. The piezoelectric materials segment contributed the highest shares to the market growth in 2022. The increased applications of piezoelectric materials or crystals such as topaz, tourmaline, Rochelle salt, tourmaline in ultrasound equipment, watches, cigarette lighters, microphones, inkjet printers, speakers, and others support segmental growth. All mentioned applications witness a favorable demand among consumers, resulting in rising demand for such materials. Moreover, the shape memory materials segment is also anticipated to contribute significant shares to the smart materials market statistics during the forecast period. The usage of shape memory materials for protection against environmental conditions, biocompatibility, and high mechanical properties is expected to boost segmental growth in various applications such as building structures, consumer electronics, and others.

By Application

The application segment is separated into components, transducers, actuators & motors, sensors, and structural materials. The sensors segment accounted for highest share contribution to the market growth in 2022. High demand for smart sensors for control and monitoring mechanisms in various environments such as environmental monitoring, smart grids, traffic control and monitoring, flood and water level monitoring systems, energy saving in artificial lighting and others supports the segmental growth. Furthermore, the actuators segment is anticipated to support the market growth in terms of volume. Presence of different types of actuators for multiple applications such as bio mimicking, prostheses, and rehabilitation, and others fuel the market growth.

By End User

The end-user segment is divided into aerospace & defense, marine, automotive, consumer electronics, biomedical, construction, and others. The aerospace & defense segment dominated the market circumstances with highest share contribution in 2022. Growing usage of smart materials in aircraft for vibration control in terms of improved aeronautical engineering boosts the segmental growth. Also, such smart materials are effectively integrated especially in aircraft structures that have the ability to adapt to several environmental conditions as per the design requirements. Further, the consumer electronics segment is also projected to support the market growth in terms of volume. Rising adoption of smart printers in 3D printing for developing a wide range of mobile phone casings, laptop frames, and other structures is expected to fuel the segmental growth.

By Region

The regional segment includes North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. North America accounted for highest share contribution to the smart materials market growth in 2022. Rising awareness and investments in smart material production to reduce the maintenance costs of several applications, especially in construction and consumer electronics boosts the market presence in North American region.



Moreover, Europe is also expected to support market growth in terms of value and volume. The increased investments in adoption of nanotechnology and IoT in smart infrastructure are anticipated to fuel market growth in European region.

Smart Materials Market Competitive Landscape:

The smart materials market is a rapidly growing sector, driven by the increasing demand for responsive and adaptive materials in various applications such as healthcare, aerospace, automotive, and construction. The market players are focused on developing innovative smart materials with improved performance, durability, and cost-effectiveness to meet the growing demand from mentioned industries. The competitors are also focused on expanding the global presence through strategic partnerships, collaborations, and acquisitions to strengthen their market position. Mentioned are major companies that operate in the latest market environmentâ€\"

• Noliac A/S
• APC International, Ltd.
• TDK Electronics AG
• CTS Corporation
• BASF SE
• CeramTech GmbH
• Metglas, Inc.
• SMART MATERIAL CORP.
• SAGE Electrochromics Inc. (Saint-Gobain S.A.)
• Solvay S.A.
• ARKEMA INC.
• DuPont

Recent Developments:

• In June 2022, CTS Corporation successfully completed the acquisition of Ferroperm Piezoceramics from a company named Meggitt PLC. The deal was made for 525 million Danish Krone as per the terms and conditions cited by Definitive Share Purchase Agreement. Such acquisition is expected to boost the company\\\'s expertise in piezoelectric materials, further increasing the company sales.

• In June 2020, CTS Corporation introduced a renewed piezoelectric product portfolio that includes miniature multilayer actuators with the ability to operate in voltages of a minimum 45 V. The applications for such products include micro-positioning, medical implants, and consumer electronics devices.