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Global Smart Materials Market sales is growing at CAGR 11.1% CAGR till 2022

Press Release   •   Jan 24, 2018 05:07 EST

Zion Market Research has published a new report titled “Smart Materials Market (Biomimetic Materials, Piezoelectric Materials, Thermally responsive Materials and Others) for Actuators & Motors, Sensors, Transducers, Structural Materials and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.According to the report, global smart materials market was valued at USD 37.8 billion in 2016 and is expected to reach USD 70.85 billion in 2022, growing at a CAGR of 11.1% between 2017 and 2022.

Smart materials are the type of materials which change or tend to vary their properties when introduced to external effects like temperature, stress, pH, magnetic field, and moisture. These materials are known to be smart materials not because of the changes they undergo due to external force but also because of the inherent changes in them. Smart materials react to their immediate interaction environments by adapting their characteristics and are dynamic in nature. These materials work at a very basic functional level. Smart materials are used in applications like actuators & motors, transducers, and structural materials.

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The rapid increase in demand for improved smart materials and products from different industries such as automotive, construction and manufacturing are anticipated to boost the smart materials market over the forecast period. Moreover, increased demand from the military aerospace sector is likely to trigger the market for smart materials. Currently, a small and medium group of companies are lacking in terms of adoption of smart materials owing to high cost, an introduction of several programmes and initiative to promote industries to invest in and use smart materials can turn out to be an opportunity for smart materials market in years to come. Moreover, key players operating in the smart materials are likely to invest some considerable amount on research and development to innovative efficient products and to stay ahead in the competition. This may turn out to be another opportunity for the growth of smart materials market in terms of all aspects. However, lack of awareness of smart materials may hamper the market.

The global market for smart materials is segmented on the basis of product, application, and region. On the basis of product, the smart material market is divided into biomimetic materials, piezoelectric materials, thermally responsive materials and others. Piezoelectric segment dominated the market in the year 2016 and is anticipated to continue leading the market for next few coming years. Piezoelectric materials find wide applications in military and defense sector like smart nanorobotics, smart combat suits, smart sensors, and smart skins. Therefore, the several applications of piezoelectric smart materials in military and aerospace industry will urge the growth of this market until the end of 2022.

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On the basis application, smart materials market is divided into actuators & motors, sensors, transducers, structural materials and others. Actuators & motors were the leading application segment in 2016 accounting for almost 54% of the total share. The second largest share was held by transducer segment and is expected to register sluggish growth over the coming period. On the basis of region, the market is divided into, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America led the global smart market in 2016 and accounted for a share of 39%. Asia Pacific is likely to exhibit the fastest CAGR as a regional market for smart materials owing to improving standards of living in countries like India, China, and Japan.

The key players in the global market for smart materials include TDK Corporation, CTS Corporation, Wright Medical Group, CeramTec, NOLIAC A/S, Kyocera Corporation, APC International, Channel Technologies, LORD Corporation, and Advanced Cerametrics among others.

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