Global smart materials market is expected to reach USD 70.85 billion in 2022, growing at a CAGR of 11.1% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 09/14/2017 -- Zion Market Research has published a new report titled "Smart Materials Market (Biomimetic Materials, Piezoelectric Materials, Thermally responsive Materials and Others) for Actuators & Motors, Sensors, Transducers, Structural Materials and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, global smart materials market was valued at USD 37.8 billion in 2016 and is expected to reach USD 70.85 billion in 2022, growing at a CAGR of 11.1% between 2017 and 2022.
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Smart materials belong to a class of reactive materials which change some of their properties in response to change in external environmental conditions. Smart material possesses properties which can be altered or changed. Smart materials sense the change in their external environment and react to it accordingly by changing their properties. Chemical composition is responsible for the response of smart materials. It varies depending on the chemical composition. Smart materials are dynamic in nature and react to external environments by adapting their properties.
Increasing demand of piezo-electric devices in the different end-user application is likely to trigger the smart materials market. These devices are used in industries such as medical devices, robotics, information, automotive, information technology and telecommunication. Characteristics of piezoelectric devices like accuracy, high torque, high responsiveness, and energy saving are getting accepted across different industries. Moreover, bionics and flourishing organ industry are likely to trigger the smart materials market. Artificial organs are made up of biomimetic materials with electronic components and systems, which are integrated into the human body and act as a replacement for natural organ. However, challenges in implantation research and development actions into products to be used in industries are predicted to hamper the growth of the market. The rapid increase in a number of applications of smart materials is likely to provide huge opportunities for market players over the forecast period.
Product segment of smart materials includes piezo-electric materials, biomimetic materials, thermally responsive materials and others. Piezo-electric materials were the largest segment of the global smart materials market in the year 2016 in terms of revenue and are anticipated to expand at a faster rate over the coming years. Biomimetic materials held the second largest share of the smart materials market in 2016. However, thermally responsive materials segment is expected to expand at a moderate rate during the upcoming period.
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On the basis of application, the global market for smart materials is divided into; actuators & motors, sensors, transducers, structural materials and others.
Actuators & motors dominated the segment in the year 2016 and are anticipated to remain the leading segment over the forecast period, expanding at the fastest rate compared to all other applications. The piezoelectric actuators are widely used in smartphones and wearables and are promoting the growth due to the vast shift in market trend towards the efficiency of electronics, which, in turn, is expected to propel the smart materials market growth.
On the basis of region, the global market for smart materials is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America leads the segment and is expected to experience high demand for smart materials in electrical & electronics, information technology, construction, and healthcare industries.
The key players in the global market for smart materials include TDK Corporation, CTS Corporation, Wright Medical Group, CeramTec, NOLIAC A/S, Kyocera Corporation, APC International, Channel Technologies, LORD Corporation, and Advanced Cerametrics among others.
Browse the full "Smart Materials (Biomimetic Materials, Piezoelectric Materials, Thermally responsive Materials and Others) Market" report at https://www.zionmarketresearch.com/report/smart-materials-market
This report segments the smart materials market as follows:
Smart Materials Market: Product Analysis
Thermally responsive materials
Smart Materials Market: Application Analysis
Actuators & motors
Smart Materials Market: Region Analysis
The Middle East and Africa