Albany, NY -- (SBWIRE) -- 08/29/2018 -- Transparency Market Research has released a new report, titled "Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," providing a comprehensive overview of the global smart materials market, covering the various factors influencing the market between 2014 and 2020.
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The rising popularity of piezoelectric devices is one of the key factors driving the global smart materials market. Piezoelectric devices are used for various purposes across industries such as security and defense, industrial equipment, aerospace, defense and security, medical, automotive, commercial sonar, home goods, and power generation and flow monitoring.
Smart materials refer to a class of reactive materials that change a few of their properties in response to changing external environment conditions. These materials possess unique properties that can be changed or altered. Smart materials can sense the change in their external environment and respond to it accordingly by altering their properties. However, the response of smart materials to the changing environment varies, depending on their chemical composition.
The report pegs the overall value of the global smart materials market at US$27.7 bn in 2013. Rising at a robust CAGR of 12.5% between 2014 and 2020, the market is anticipated to reach US$63.2 bn by the end of 2020. The smart materials market is poised to significantly benefit from the rapidly expanding artificial organ and bionics industry.
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Based on product, the report segments the global smart materials market into thermally responsive materials, piezoelectric materials, biomimetic materials, and others. Of these, the piezoelectric segment dominated the market in 2013. The report covers the various factors leading to the dominance of this segment. The segment is also anticipated to continue leading the market over the next few years.
In terms of application, the market is segmented into transducers, structural materials, actuators and motors, sensors, and others. By volume, the actuators and motors segment held the largest share in the market in 2013, accounting for over 54%. The transducers segment held the second largest share in the market, however, it is expected to register sluggish growth over the forecast period.
Regionally, the global smart materials market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Among these regions, North America dominated the global smart materials market in 2013, accounting for a share of 38%. However, during the forecast period, the report expects Asia Pacific to exhibit the fastest CAGR as a regional market for smart materials.