Smart Materials Market By Application (Actuators & Motors, Transducers, Sensors, Structural materials, Others), By Industry Vertical (Industrial, Defense & Aerospace, Automotive, Consumer Electronics, Healthcare, Other) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Key Market Insights 

"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

Smart Materials Market

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Application Type Segment Analysis

"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.

Smart Materials Market

Regional Analysis

"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.

Smart Materials Market

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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:

  • CeramTec
  • Kyocera Corporation
  • CTS Corporation
  • LORD Corporation
  • Fine Tubes Ltd.
  • TDK Corporation
  • Smart Material Corporation
  • Noliac A/S
  • APC International, Ltd.
  • Piezo Kinetics, Inc.
  • Harris Corporation
  • Others

Key Industry Development:

  • In October 2019, Kyocera Corporation announced its smart, portable carbohydrate monitoring system. The first of its kind, Kyocera’s carbohydrate monitoring system is designed to enhance wellness by estimating carbohydrate metabolism based on measurements of pulse-wave patterns from the user’s heartbeat. Once the user touches the device to their wrist, the monitor measures pulse waves to estimate carbohydrate metabolism in the blood in around 8 seconds, and the result is then visualized via a smartphone. Since it uses a gyro sensor which is commonly used in everyday electronic devices such as smartphones, the company believes it will be able to offer the product at an affordable price once commercialized. 
  • In July 2019, CTS Corporation announced the acquisition of Quality Thermistor, Inc. (QTI). QTI is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers (OEMs) with mission-critical applications in the industrial, aerospace, defense and medical markets. QTI’s sensors are used to measure temperature in gas, liquid or solid mass depending on the application to ensure equipment performance and reliability. The acquisition of QTI provides CTS a new core temperature sensing technology, expanding company’s sensing product portfolio and building on strategy to focus on innovative products that sense, connect and move. 

Smart Materials Market

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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.

Market Segmentation 


Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion

 Application Segment (2017-2027; US$ Bn)
 • Actuators & Motors
 • Transducers
 • Sensors
 • Structural materials
 • Others

 Industry Vertical Segment (2017-2027; US$ Bn)
 • Industrial
 • Defense & Aerospace
 • Automotive
 • Consumer Electronics
 • Healthcare
 • Other

 Geography Segment (2017–2027; US$ Bn)
 • North America (U.S. and Rest of North America)
 • Europe (U.K., Germany, France, and Rest of Europe)
 • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
 • Rest of World (Middle East & Africa (MEA), Latin America)

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. 

Unique data points of this report

  • Recent trends across different regions in terms of development of smart materials market
  • Attractive investment proposition for application segment as well as geography

Key questions answered in this report

  • What was the market size of smart materials market in 2018 and forecast up to 2027?
  • What are the key factors driving the global smart materials market?
  • What are the key market trends and high-growth opportunities observed in the smart materials market?
  • Which is the largest regional market for smart materials market?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market growth? Why?
  • Which players are leading the smart materials market?
  • What are the key strategies adopted by the leading players operating in the market?
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Published Date:  Apr 2020
Category:  Advanced Materials
Report ID:   60260
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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