Smart Materials Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Smart Materials Market Size - Analysis

Smart Materials Market Trends

More and more people are migrating to urban centers in search of better opportunities and infrastructure. As a result, the demand for consumer electronics like smartphones, tablets, laptops, wearables, and other connected devices has surged tremendously. This has fueled higher sales of electronics as people increasingly rely on their devices for communication, entertainment, work, and daily activities.

Low-cost devices are also making digitalization more inclusive. This ensures sustained demand growth for consumer as well as industrial electronics. At the same time, more stringent regulations and customer expectations of robust yet eco-friendly products will motivate manufacturers to rely even heavier on smart materials. Their ability to enhance device functionality while reducing raw material usage makes them an ideal choice for the electronics industry.

Market Driver - Growing Adoption of Advanced Medical Applications Leveraging Piezoelectric and Shape Memory Alloys for Diagnostics

Piezoelectric sensors that can generate electric potential when subjected to pressure or force have revolutionized ultrasonic medical imaging systems. By facilitating accurate capture of internal tissue vibrations, these sensors have enhanced capabilities of ultrasound diagnostic equipment.

Market Challenge - High Cost of Smart Materials Impacting Adoption in Underdeveloped Regions

Additionally, most smart materials industries are concentrated in developed economies where the focus is on innovation and cutting-edge R&D. The high capital expenditure required for setting up smart material production facilities also poses challenges for their affordability in cost-sensitive underdeveloped markets.

One key opportunity for the future growth of the smart materials market lies in ramping up research and development activities focused on enhancing functionality and durability. With increasing R&D investments, material scientists and engineers are working to develop advanced materials with improved self-repairing, self-healing and environmental adaptive properties. This includes materials that can change color, optimize energy absorption and generate electricity.

Key winning strategies adopted by key players of Smart Materials Market

One of the most successful strategies in the smart materials market was intensive R&D. Companies like TDK Corporation and CTS Corporation focused on developing advanced piezoelectric materials for applications like actuators, sensors, transducers etc. TDK invested over $100 million in 2010-12 on piezo R&D which helped them launch innovative piezo products for devices.

Segmental Analysis of Smart Materials Market

In terms of product type, piezoelectric materials account for 37.5% share of the smart materials market. This is due to their wide applications in actuators and motors domain. Owing to a unique property known as piezoelectric effect, they are extensively used in the manufacture of actuators and motors which require fast, accurate and noiseless motion.

In aerospace components too, piezoelectric actuators are replacing traditional hydraulic and mechanical actuators to reduce weight and space. Electronics makers are also utilizing piezoelectric materials' ability to convert vibration into electrical signals for advancing haptic feedback and touchscreen technologies. The expanding scope of piezoelectric materials across industries will continue stimulating growth of this segment in the smart materials market.

In terms of application, actuators & motors account for 41.3% share of the market owning to the heightened demand from automotive and aerospace sectors in particular. Advantages like compact size, lower power requirement and longer lifespan have made actuators and motors a preferred choice over hydraulic and pneumatic components.

Further gains are expected from non-traditional areas like robotics, prosthetics and artificial organs where actuators play a pivotal role. This will continue driving gains within this highly lucrative segment of the smart materials market.

Insights, By End User: Aerospace & Defense Dominates Due to Criticality of Applications

Key aircraft components such as wings, tails, landing gears extensively deploy shape memory alloys and piezoelectric materials. Defense equipment similarly uses smart materials in applications ranging from missile guidance systems to armored vehicles suspension for high performance, reliability and safety. Even small performance improvements delivered by smart materials translate into significant competitive advantages and cost savings for OEMs. 

Additional Insights of Smart Materials Market

• The North American smart materials market has a dominant position due to advanced technologies and regulatory support for R&D.
• China’s rapid urbanization and defense investments are creating high demand for smart materials, especially in electronics and automotive industries.
• The incorporation of shape memory alloys in medical stents has revolutionized cardiovascular treatments by enabling minimally invasive procedures and improving patient recovery times.
• Piezoelectric materials are being utilized in energy harvesting systems, allowing the conversion of mechanical vibrations into electrical energy, thus powering low-energy devices without batteries.
• Application Growth: The sensor segment of the smart materials market is expected to grow significantly owing to the rising demand for smart sensors in automotive and consumer electronics industries.

Competitive overview of Smart Materials Market

The major players operating in the smart materials market include Kyocera Corporation, Parker Hannifin Corp (Lord Corporation), Wright Medical Group N.V., CeramTec GmbH, APC International Ltd., CTS Corporation, TDK Corporation, Channell Commercial Corporation, LORD Corporation, Advanced Cerametrics Inc., Allegheny Technologies Incorporated, and Metglas, Inc.

Recent Developments in Smart Materials Market

Smart Materials Market Segmentation

• By Product Type
  • Piezoelectric Materials
  • Shape Memory Materials
  • Electrostrictive Materials
  • Magnetostrictive Materials
  • Phase Change Materials
  • Electrochromic Materials
  • Others
• By Application
  • Actuators & Motors
  • Transducers
  • Sensors
  • Structural Materials
  • Others
• By End User
  • Aerospace & Defense
    • Aircraft Components
    • Defense Equipment
  • Automotive
    • Sensors
    • Actuators
  • Consumer Electronics
    • Smart Devices
    • Wearables
  • Healthcare
    • Medical Devices
    • Implants
  • Industrial
    • Robotics
    • Machinery
  • Others
    • Construction
    • Energy