The growth of the global smart materials market is dependent on many small markets such as thermally responsive and biomimetic materials as it is a confluence of all these markets, states Transparency Market Research (TMR) in a new research report. Only a few companies that operate in the global smart materials market hold a high production capacity and thus invest heavily in research and development activities to advance existing smart materials and discover more variants. Leading players operating in the global smart materials market are TDK Corporation, Wright Medical Group Inc., Noliac A/S, Kyocera Corporation, CTS Corporation, Advanced Cerametrics Inc., APC International Ltd, and LORD Corporation among others.
The global smart materials market is expected to expand at a CAGR of 12.5% between 2014 and 2020. The market was worth US$34.96 bn in 2015 and is likely to touch a valuation of US$63.28 bn by the end of 2020. In terms of product type, piezo-electric materials led the global smart materials market in 2013 with a share of 51.0%. The segment is expected to retain a lead until 2020 with a share of approximately 52.9% in the same year. Owing to the demand for piezo-electric materials from various end-use industries in Asia Pacific and the Rest of the World, the sales of these materials are expected to accelerate over the forecast period. Furthermore, this product segment is also projected to witness strong growth over the next couple of years.
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Growing Construction Industry to Fuel Demand for Smart Materials in North America
Regionally, North America dominated the global smart materials in terms of consumption with a share of 38.4% in 2013 and is likely to retain a lead with a share of 38.2% by the end of 2020. According to a TMR analyst, “The growth of the smart materials market in North America can be attributed to their rising demand in applications such as structural materials and motors and actuators.” Moreover, the building and construction industry in North America is focusing on the implementation of new techniques regarding the monitoring of structural health, environment control, and vibration control, thus driving the demand for smart materials in the region. The growth of the global smart materials market is further expected to be fueled by the growing demand for smart materials from applications such as embedded and surface-mounted sensors.
Flourishing Bionics and Artificial Organ Industries to Aid Market Growth
Smart materials such as biomimetic materials have applications in the bionics industry for the development of engineering systems and modern technologies. Several industries such as healthcare, wind energy, marine, aerospace, and automotive use biomimetic materials in their manufacturing processes. For instance, biomimetic systems and materials are used in the copying mechanisms for the production of water sports attire for replicating shark skin. Further, in the healthcare industry, biomimetic materials are used in applications such as artificial muscles and artificial organs, which are made from biomimetic materials with electronic systems and components. As a result of the rising adoption of artificial organs, the demand for smart materials is expected to intensify over the forecast period.
Transformation of Smart Materials into Commercial Products to Act as Challenge for Manufacturers
Dynamic features of smart materials enable them to sense and respond to environmental changes and adapt according to the surroundings. Smart materials have characteristics such as biomimetic, controlling, actuating, and sensing. Although smart materials have applications in many industries, manufacturers are striving to transform them into commercial products. The challenge of converting smart materials into commercial products is likely to impact the cost of these materials. Thus, manufacturers are investing in research and development projects to decrease the cost of smart materials as well as make them commercially viable.
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This review is based on a Transparency Market Research report titled, “Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
This report segments the global smart materials market as follows:
Smart Materials Market - Product Segment Analysis
- Biomimetic materials
- Piezo-electric materials
- Thermally responsive materials
- Others (including smart fluids, smart hydrogels etc.)
Smart Materials Market - Application Analysis
- Actuators & motors
- Structural materials
- Others (including sports & leisure, energy harvesting devices, mechanical structures etc.)
Smart Materials Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)