Portland, OR -- (SBWIRE) -- 06/28/2018 -- Smart Materials Market is expected to garner $72.63 billion by 2022, registering a CAGR of 14.9% during the forecast period 2016-2022. Smart materials are adaptive or intelligent materials which pose intrinsic and extrinsic capabilities. These can be altered by external stimuli, such as moisture, temperature, electromagnetic field, and pressure to obtain the desired functional effects. In addition, these materials are dynamic in nature and respond to their immediate interaction environments by adapting their characteristics. Advancements in the materials science sector resulted in the development of materials for specific applications, which was previously not possible with the use of conventional materials, such as polymers/plastics, metals, glass, and ceramics. Smart materials are capable of working at a very basic functional level, such as temperature and can be used in very complex technical systems by incorporating additional functionalities and properties. For instance, smart materials can be used in energy supply systems for microelectronic components.

Smart materials are used in applications, such as transducers, actuators & motors, and structural materials. The market for smart materials is driven by the rise in adoption of smart materials products among various end-user industries, such as defense & aerospace, automotive, and consumer electronics; supportive government initiatives & plans; and increase in R&D investment by prominent players to optimize the cost and quality of smart materials. There is a high demand for smart materials on account of potential growth in emerging economies as well as evolution in Internet of Things (IoTs).

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Value Chain Analysis

The value chain of smart materials observes the presence of large number of stakeholders from the raw material providers to final end users. Each of these stakeholders share a specific value at their point of operation, and in turn, contribute to the competitive value of the product. R&D activities, innovations, and marketing strategies further enhance the value associated with end-deliverables by each player, who operate in the global smart materials industry.

Growing Aging Population

Smart materials have increase in gaining traction in older population-centric products. In addition, these products help reduce daily routine complexities and make life easier for old people. In near future, population share of this age-group is projected to increase at significant rate which in-turn is anticipated to increase demand for smart materials products. According to an International Population Reports, 2015 published by United States Census Bureau, the population increase of older population is projected outpace that of younger population over the next 35 years. Thus, the overall impact of this factor is projected to be high by 2022.

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Widening Applications

Continuous development in manufacturing processes and adoption of enhanced materials has increased the applications of smart materials across various end-user industries. By 2022, smart materials are projected to further expand their applications and is anticipated to play pivotal role in the smart materials market growth. Hence, the impact is projected to be high throughout the forecast period.

Government Initiatives and Incentive Programs

Currently, some specific group of industries, such as small and medium enterprises (SMEs) lack in terms of adoption of smart materials due to high cost. Introduction of several initiatives and programs to encourage industries to invest in and utilize smart materials is projected to impact throughout the forecast period.

Smart Materials Market Segmentation:
The segmentation of the smart materials market based on application, end-user industry, and geography is as below.

By Application

- Transducers
- Actuators & Motors
- Sensors
- Structural Materials
- Coatings

By End-User Industry

- Industrial
- Defense & Aerospace
- Automotive
- Consumer Electronics
- Healthcare
- Other (Civil Engineering and Retail)