"Growing applications of smart materials, driving the market growth"
Smart materials are new generation materials that possess smarter conventional and structural properties than the conventional materials. Smart materials has the ability to change their physical properties in response to specific stimulus input. The adaptive capabilities to external stimuli, like loads or environment, with inherent intelligence. The smart materials stimuli with pressure, temperature, electric and magnetic fields, chemicals, hydrostatic pressure or nuclear radiation. The associated changeable physical properties could be shape, stiffness, viscosity or damping. This way, the smart materials adjust in an environment to give better efficiency and save resources by responding to corrosion, temperature, mechanical forces, etc.
Smart materials are majorly used in industries such as consumer electronics, aerospace & defense, automotive industry, etc. among others. In aerospace industry, an aircraft build from sensual structure can self-monitor its performance better than currently running data machines. This provides enhanced health checkup of the aircraft and reduces MRO costing, thereby improving its average flying hours. Moreover, smart materials used in automotive industry like copper-aluminum-nickel alloys, nickel-titanium change their structural properties with external stimuli like heat, magnetic field, electrical voltage or stress.
The expanding scope of smart materials in various industries is driven by increasing investment in R&D and more focus of industries on improving their product efficiency and performance. Overall, the global smart materials market was US$ 132.6 Bn in 2018 and expected to reach US$ 174.5 Bn by 2027, growing at a CAGR of 3.1% from 2019 to 2027.
Market Snapshot
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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.
"North America dominating the global market by region"
In 2018, North America dominated the global smart materials market, accounting for nearly 40% global market share. Well-established aerospace and defense industry and entrants of large number of private players such as SpaceX, and Blue Origin, have increased the demand for smart materials from the region. Furthermore, the ever increasing defense budget of the U.S., amounting over US$ 686 Bn in 2019 alone have further created opportunities for the growth in demand for the smart materials.
During the forecasted period, it is estimated that the Asia Pacific market to show significant growth, owing to the increasing demand from end-use industries in countries such as Japan and China. Furthermore, the regional economic development has showed rise in aerospace, marine, automotive, electronics and consumer goods industry. This has influenced the demand for smart materials from the region.
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"Growing investment in R&D is keeping the market competitive"
The global smart materials market is competitive. Prominent players operating in the smart materials market are adopting strategies such as a partnership with other companies, investing in R&D, acquisition of smaller players to increase their client base and geographical reach. Following is the list of players included in the published reports.
List of Companies Covered:
Key Industry Development:
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Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
ATTRIBUTE | DETAILS |
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Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Billion |
Segmentation |
Application Segment (2017-2027; US$ Bn) |
Industry Vertical Segment (2017-2027; US$ Bn) |
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Geography Segment (2017–2027; US$ Bn) |
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global smart materials market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.