Albany, NY -- (SBWire) -- 12/27/2016 --Advent of smart materials in the global industrial scenario significantly impacted the use of energy, a range of communication technology, security systems, and human health. Industry experts predict that adopting innovation and manufacturing strategies that would effectively highlight the use of these advanced materials is more likely to spur commercial success and wealth creation.
For manufacturers in various economies, the key to acquiring competitive advantage in the 21st century will be the development of products that showcase a multitude of functionalities. Smart materials will thus prove to be indispensable in the development process, wherein these materials are defined as a part of a smart structural system with the capability of sensing the effect and environment thereof, and possessing smart traits to respond to the external stimuli or environment.
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According to a recently published research report, the global smart materials market, which was valued at US$27.74 billion in 2013, is expected to grow to be worth US$63.28 billion over the period between 2014 and 2020, growing at an impressive CAGR of 12.5%.
The flourishing smart materials market is led by companies such as APC International Ltd., Channel Technologies Group, CTS Corporation, Advanced Cerametrics Inc., CeramTec GmbH, Wright Medical Group Inc., KYOCERA Corporation, LORD Corporation, Noliac A/S, LLC, and TDK Corporation.
Global Smart Materials Market to Benefit from High Demand for Piezoelectric Devices
The escalating use of piezoelectric devices across several end-use industries is expected to significantly boost the demand from the smart materials market. Piezoelectric devices are mostly used in industries such as automotive, IT, robotics, consumer goods, medical devices, and telecommunications. Piezoelectric devices have beneficial properties such as high torque, high responsiveness, high precision, and high energy-saving capabilities, which have made them one of the most popular smart materials to be used across several industries.
The prospering industry for artificial organs and bionics has also stimulated the opportunities for the global smart materials market to grow. Artificial organs are manufactured from biomimetic materials incorporating intelligent electronic systems and components, and are implanted into the human body to act as an artificial replacement for non-functional organs.
Smart Materials Market Impeded by Challenges in Actualizing R&D Results
Despite registering a steady growth in demand the global market for smart materials has to deal with challenges in converting conventional research and development practices into functions to produce commercial products to be used in end-use industries. However, the augmented application of smart materials is expected to create remarkable opportunities for the leading vendors in the market to capitalize on in the forthcoming years. The use of smart materials is expected to increase significantly in energy harvesting devices and smart packaging industries.
Asia Pacific to Register Fastest Growth in Demand for Smart Materials
On the basis of product types, the global market for smart materials can be segmented into biomimetic materials, thermally responsive materials, piezoelectric materials, and others. In 2013, piezoelectric materials emerged as the largest segment in the global smart materials market. In terms of application, the market can be segmented into sensors, structural materials, transducers, actuators and motors, and others. In 2013, actuators and motors emerged as the largest segment, accounting for more than 54% of the global market in terms of revenue generated. Moreover, the actuators and motors segment is expected to remain the largest segment in the global smart materials market in the near future. Transducers will emerge as the second largest segment in the next couple of years.
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Geographically, North America was the largest market for smart materials in 2013, accounting for more than 38% of the global market, followed by Europe. Accelerated demand for smart materials across industries such as electrical and electronics, IT, building and construction, and healthcare is expected to boost its demand in North America. However, rapid industrialization in the emerging economies of Asia Pacific is expected to help the region register the fastest growth in the near future.
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Global Smart Materials Market to Benefit from Augmented Demand for Smart Structural Systems
Transparency Market Research has published a new research report titled “Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” to their report store.