The global smart material market size is anticipated to reach
USD 98.2 billion by 2025, expanding at a CAGR of 13.5% over the forecast
period, according to a report by Grand View Research, Inc. Extensive research
& innovation activities have widened the industrial applications of smart
material. Augmented use of smart actuators & motors, sensors, and
structural materials is anticipated to bolster the demand over the next few
years.
Smart materials are advanced products, which
can sense and respond to a broad range of stimuli, including electric and
magnetic fields, temperature, pressure, mechanical stress,hydrostatic pressure,
nuclear radiation, and pH change. Unique properties of these products allow
them to revert to their original state after removal of the stimuli.
Piezoelectric, shape memory, electrostrictive,
magnetostrictive, phase change, and electrochromic materials have gained wide
industrial acceptance in the recent past. Furthermore, ferromagnetic shape
memory alloys, electroactive polymers, conductive polymers, and carbon nanotube
actuators are few of the emerging materials in the market, with strong
application potential.
North America was the leading region in the
global market in 2016, primarily owing to significant demand for smart
actuators & motors in key industries such as automotive, consumer goods,
and aerospace. Europe accounted for the second-largest share of the market in
2016, followed by Asia Pacific. Asia Pacific is anticipated to exhibit a
remarkable growth over the forecast period, owing to significant research
activities supported by the government.
For full research report on Smart
Material Market visit here: https://www.grandviewresearch.com/industry-analysis/smart-materials-market
Further key
findings from the report suggest:
- The global smart material market was valued at
USD 32.77 billion in 2016 and is estimated to grow at a CAGR of 13.5% from
2017 to 2025, owing to increasing demand from key verticals such as
aerospace, consumer electronics, and aerospace.
- Considerable growth of piezoelectric devices
in numerous end-user industries has boosted the product demand over the
past few years, thereby enabling this product category to remain the
dominant segment, with a share of over 50%.
- The dominance of the piezoelectric product
segment can be primarily attributed to the rising demand in applications
such as hydrophones, sonar, speakers, buzzers, gas igniters, and sporting
equipment.
- Shape memory materials are predicted to
experience the fastest growth over the forecast period, owing to rapid
emergence of the product in medical sub-segments such as stents, dental
braces, medical textiles, prosthetics, and surgical fixation devices.
- Requirements pertaining to efficient vibration
& noise control systems, ultrasonic motors, fuel injection systems,
and standard industrial actuators have motivated the product demand in
actuators & motors application segment.
- The demand for the products in the structural
material application segment is estimated to grow at the fastest rate
during the forecast period, owing to emerging requirement of adaptive
materials in structural health monitoring and green building materials.
- Asia Pacific is estimated to grow at the
fastest CAGR of 15.0% from 2017 to 2025. Collaboration between
manufacturers and research organizations is likely to present new openings
in the Chinese market, thereby also driving the overall Asia Pacific
market.
- Key players in the industry focus on research
collaborations and product innovation to strengthen their positions in the
industry.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/smart-materials-market/request/rs1
Grand
View Research has segmented the global smart material market on the basis of
product, application, and region:
Smart
Material Product Outlook (Revenue, USD Million; 2014 - 2025)
- Piezoelectric
materials
- Shape memory
materials
- Electrostrictive
materials
- Magnetostrictive
materials
- Phase change
materials
- Electrochromic
materials
- Others
Smart
Material Application Outlook (Revenue, USD Million; 2014 - 2025)
- Actuators &
Motors
- Transducers
- Sensors
- Structural materials
- Others
Smart
Material Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- Central & South
America
- Brazil
- MEA
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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