Market Research Report
Smart Materials Market Analysis By Product (Piezoelectric, Shape Memory Alloys, Electrostrictive, Magnetostrictive, Electrochromic), By Application, By Region, And Segment Forecasts, 2014 - 2025
|Published by||Grand View Research, Inc.||Product code||600830|
|Published||Content info||95 Pages
Delivery time: 2-3 business days
|Smart Materials Market Analysis By Product (Piezoelectric, Shape Memory Alloys, Electrostrictive, Magnetostrictive, Electrochromic), By Application, By Region, And Segment Forecasts, 2014 - 2025|
|Published: November 15, 2017||Content info: 95 Pages||
The global smart materials market is anticipated to reach USD 98.2 billion by 2025, according to a report by Grand View Research, Inc. Extensive research & innovation activities have widened the industrial applications of smart materials. 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.