Smart Materials Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030

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 conventional materials. Smart materials have 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 the aerospace industry, an aircraft build from a sensual structure can self-monitor its performance better than currently running data machines. This provides an enhanced health checkup of the aircraft and reduces MRO costing, thereby improving its average flying hours. Moreover, smart materials used in the 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 production efficiency and performance. Overall, the global smart materials market was US$ 144.9 Bn in 2021 and is expected to reach US$ 190.7 Bn by 2030, growing at a CAGR of 3.1% from 2022 to 2030.

Application Type Segment Analysis

Actuators & motors segment dominating the world market

In 2021, actuators & motors captured the largest share of the global smart materials market. The segment accounted for around 60% share of the global revenues in 2021. Actuators and motors are majorly used in the automotive, aerospace & defense, and consumer goods industry. In the 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 a rising demand for these products from the past few years. During the forecast period, this segment is expected to show good growth thereby significantly add-up market revenue to the global smart materials market.

In addition to the above, the structural material segment is anticipated showing the fastest growth during the forecast period. Growing penetration of the healthcare industry and increasing investment in medical R&D expected to drive market growth.

Regional Analysis

North America dominating the global market by region

In 2021, North America dominated the global smart materials market, accounting for nearly 40% of the global market share. The well-established aerospace and defense industry and entrants of a 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 to over US$ 686 Bn in 2019 alone have further created opportunities for the growth in demand for 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 shown a rise in aerospace, marine, automotive, electronics, and consumer goods industry. This has influenced the demand for smart materials from the region.

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 the company's sensing product portfolio, and building on a strategy to focus on innovative products that sense, connect and move.

Historical & Forecast Period:

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Materials market are as follows:

Research and development budgets of manufacturers and government spending

Revenues of key companies in the market segment

Number of end users and consumption volume, price and value.

Geographical revenues generate by countries considered in the report

Micro and macro environment factors that are currently influencing the Smart Materials market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS

Research Period 2020-2030

Base Year 2021

Forecast Period 2022-2030

Historical Year 2020

Unit USD Billion

Segmentation

Application

Actuators & Motors

Transducers

Sensors

Structural materials

Others

Industry Vertical

Industrial

Defense & Aerospace

Automotive

Consumer Electronics

Healthcare

Other

Region Segment (2020-2030; US$ Billion)

North America

U.S.

Canada

Rest of North America

UK and European Union

UK

Germany

Spain

Italy

France

Rest of Europe

Asia Pacific

China

Japan

India

Australia

South Korea

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East and Africa

GCC

Africa

Rest of Middle East and Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Billion )

Pre Covid-19 situation

Post Covid-19 situation

Key questions answered in this report:

What are the key micro and macro environmental factors that are impacting the growth of Smart Materials market?

What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?

Estimated forecast and market projections up to 2030.

Which segment accounts for the fastest CAGR during the forecast period?

Which market segment holds a larger market share and why?

Are low and middle-income economies investing in the Smart Materials market?

Which is the largest regional market for Smart Materials market?

What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Which are the key trends driving Smart Materials market growth?

Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Materials market worldwide?