The global smart materials market is expected to grow at a positive CAGR of 12.5% during the
period between 2014 and 2020. The market was valued at US$27.74 billion in 2013 and with the rising demand of smart materials in sensors, transducers,
structural materials, actuators and motors, the overall market will be worth US$63.28 billion by the end of 2020.
Huge Challenge in Transforming Research Results into End-Use Applications
Smart materials exhibit one or more properties that can be changed by the application of external stimuli such as temperature, moisture, stress, electric,
and magnetic fields. The rising usage of piezoelectric devices is expected to drive demand from the global smart materials market.
Biomimetic materials are used to make artificial organs and, after integrating with electronic systems and components, they are implanted in the human
body. The growth of the artificial organ and bionics market is expected to boost the smart materials market. The rising number of end-use applications of
smart materials will open new avenues for the global market. However, the industry faces a huge challenge of transforming the research and development on
smart materials to end-use applications. This will be a restraining factor for the growth of the global smart materials market.
Piezoelectric Materials will Experience Highest Demand in Global Smart Materials Market
On the basis of the product segments, the global smart materials market has been categorized into biomimetic materials, piezoelectric materials, thermally
responsive materials, and others including smart hydrogels and smart fluids. Piezoelectric materials have advantageous properties such as high precision,
high responsiveness, and high energy-saving capabilities. In 2013, this product segment dominated the overall market. The extensive use of piezoelectric
materials in various industries such as robotics, automotive, medical devices, telecommunication, and consumer goods will lead to the substantial growth of
this segment during the period between 2014 and 2020.
Actuators and Motors to Drive the Demand from Global Smart Materials Market
In terms of application, the global smart materials market has been divided into actuators and motors, transducers, sensors, structural materials, and
others. The actuators and motors segment accounted for more than 54% of the overall market revenue in 2013. During the forecast horizon, the segment is
expected to continue its dominance in the market. Transducers will be the second largest segment of the global smart devices market in the near future.
North America Dominated Global Smart Materials Market in 2013
Geographically, the global smart materials market has been divided into four key regions: North America, Asia Pacific, Europe, and Rest of the World. More
than 38% of the global smart materials market was taken up by North America in 2013. The rising demand for smart materials in various industries such as
healthcare, electronics, IT, and building and construction is expected to boost this region in the global market. Asia Pacific is estimated to display the
fastest growth during the forecast horizon, owing to the rapid industrialization of the emerging economies in this geographical segment.
Key Players of the Global Smart Materials Market
The key players of the global smart materials market include Wright Medical Group Inc., TDK Corporation, Noliac A/S, Kyocera Corporation, and CTS
Browse the full Global Smart Materials Market report at http://www.mrrse.com/smart-materials-market