The global smart material market size was worth around USD 62.31 Billion in 2022 and is estimated to grow to about USD 158.21 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 14.42 percent over the forecast period.
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➤ The market is anticipated to expand due to the increased demand from the aerospace industry.
In the aerospace industry, piezoelectric smart materials are employed to regulate and sustain the airflow over the wings of an aircraft during takeoff and landing. Furthermore, these materials have been demonstrated to effectively address common aircraft challenges, including engine vibration, excessive cabin noise levels, ice formation on wings, turbulence-induced secondary flows, and surface controls in frigid temperatures. It is anticipated that airlines will replace their older aircraft with more fuel-efficient models and expand their fleets to accommodate the ongoing growth of air travel across existing and new countries.
➤ High production costs and costly research and development expenditures impede market expansion.
Smart materials are materials that are exceedingly efficient. Nevertheless, its efficacy is exorbitantly expensive due to the extensive research and development required. End-users are seeking materials that are more cost-effective and efficient. The value of smart materials decreases as consumers seek more cost-effective solutions. The challenge for food and agricultural providers is to reduce the cost of smart labels and expand their range so that they have the same disability as bar codes, as the smart labels and identifiers used in the Smart Packaging industry are costly.
➤ The market is expected to expand significantly as smart materials become more widely applicable.
The demand for smart materials has increased in a variety of end-user sectors as manufacturing systems have improved and superior materials have been implemented. It is anticipated that the applications of smart materials will expand substantially, and they will be instrumental in the market’s expansion. Consequently, it is probable that the impact will be substantial during the anticipated period. In recent years, a variety of industrial applications have been observed for shape memory, piezoelectric, electrostrictive, phase change, magnetostrictive, and electrochromic materials.
➤ The market may be impeded by a lack of experience in the development of system-based materials.
The sector of smart materials is still in the process of development, and the expansion of research activities is presenting new opportunities. Nevertheless, the synthesis of smart material is intricate and necessitates a qualified workforce to enhance the cost-effectiveness of the product. Additionally, the demand for system-based smart materials is on the rise in order to enhance overall productivity, as the complexity of apparatus and devices continues to rise. However, only a small number of manufacturers in the market are able to produce system-based materials.
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The Global Smart Material Market is segmented based on product, application and region
Global Smart Material Market: Product Segment Analysis
● Transducer
● Actuators & Motors
● Sensors
● Structural Materials
● Coatings
Global Smart Material Market: Application Segment Analysis
● Industrial
● Defense & Aerospace
● Automotive
● Consumer Electronics
● Healthcare
● Other
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The global Smart Material market profiles key players such as:
● APC International Ltd.
● LORD Corporation
● Kyocera Corporation
● Advanced Cerametrics Inc.
● Metglas Inc.
● Channel Technologies
● Group
● Ametek Inc.
● Metamaterial Inc.
● Harris Corporation
● CeramTec
● Kyocera Corporation
● TDK Corporation
● NOLIAC A/S.
???? Recent Developments
• KYOCERA Corporation introduced its HAPTIVITY®i human-machine interface (HMI) technology in December 2021. This hybrid invention integrates the company’s proprietary HAPTIVITY® contact technology with TactoTek Oy’s IMSETM, a patented 3D injection-molded structural electronics technology.
• TDK Ventures, a subsidiary of TDK Corporation, invested in Span in March 2021. Span is a developer of innovative smart electrical panels that aim to enable consumers to manage and monitor their household energy consumption in real time through a mobile application. The Span Smart Panel is highly advantageous when implemented in conjunction with sustainable energy enhancements, such as EV charging, house batteries, and solar panels.
➤ North America is anticipated to dominate the global market during the forecast period.
In 2021, North America dominated the global smart material market, contributing 38% of the total sales. The aerospace and military industries have expanded the application scope of items, which has bolstered the region’s product demand. The annual budget of the United States Department of Defense (DoD) has increased from USD 560 billion in 2015 to USD 636.4 billion in 2021. In the market, it is anticipated that increased defense expenditure will generate attractive prospects as a result of the growing demand for the product in defense and military applications.
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