Smart Materials Market

• Rising Actuator Demand in a Variety of End-Use Industries is propelling market growth

For instance, mechanical actuators are employed in rack and pinion steering systems. The demand for electrostrictive materials is increasing as the demand for robots in the industrial automation sector rises. According to Statista, the actuator market was worth roughly USD 49.2 billion in 2019 and is predicted to reach USD 74.5 billion by 2024.

In addition, smart materials are gaining popularity in the healthcare industry due to their benefits and features. These materials are used in biomedical devices due to their biocompatibility and biodegradability. The growing use of smart materials such as sensors and actuators to produce smart medical devices and provide a better understanding of piezoelectricity within the medical industry is propelling the market forward. Additionally, increased investments in medical devices in the healthcare industry are a driving market growth.

For instance, the government of India announced incentive plans of at least USD 4.9 billion over a five-year period in May 2020 to further facilitate investments in the production of medical devices, which will involve the use of smart materials. This information comes from the India Brand Equity Foundation (IBEF). Thus, throughout the forecast period, all of the aforementioned factors are anticipated to drive the market revenue for smart materials in the healthcare sector.

The Global Smart Materials Market Industry is experiencing a surge in demand for advanced materials across various sectors, including aerospace, automotive, and healthcare. This demand is driven by the need for lightweight, durable, and energy-efficient materials that can enhance performance and reduce costs. For instance, smart materials such as shape memory alloys and piezoelectric materials are increasingly utilized in aerospace applications to improve fuel efficiency. The market is projected to reach 50.7 USD Billion in 2024, indicating a robust growth trajectory as industries seek innovative solutions to meet stringent regulatory standards and consumer expectations.

The increasing awareness of sustainable solutions is influencing the Global Smart Materials Market Industry. Consumers and industries alike are prioritizing eco-friendly materials that minimize environmental impact. Smart materials, such as thermochromic and photochromic materials, are being developed to enhance energy efficiency in buildings and vehicles. This shift towards sustainability is not only a response to regulatory pressures but also a reflection of changing consumer preferences. As companies adopt greener practices, the demand for smart materials that align with sustainability goals is expected to rise, further propelling market growth in the coming years.

Technological advancements in material science are propelling the Global Smart Materials Market Industry forward. Innovations in nanotechnology, biomaterials, and smart polymers are enabling the development of materials with enhanced properties and functionalities. For example, self-healing materials are gaining traction in construction and automotive sectors, potentially reducing maintenance costs and extending product lifespans. As these technologies evolve, they are likely to create new applications and markets, contributing to the industry's growth. The anticipated compound annual growth rate of 12.17% from 2025 to 2035 underscores the potential for continued innovation and market expansion.

The Global Smart Materials Market Industry is witnessing expanding applications across diverse industries, including healthcare, automotive, and electronics. In healthcare, smart materials are being utilized for drug delivery systems and tissue engineering, showcasing their versatility and potential to improve patient outcomes. Similarly, in the automotive sector, smart materials are employed for adaptive structures and energy absorption systems, enhancing safety and performance. This diversification of applications is likely to drive market growth as industries recognize the benefits of integrating smart materials into their products. The ongoing exploration of new use cases suggests a promising future for the industry.

Investment in research and development is a crucial driver for the Global Smart Materials Market Industry. Governments and private entities are allocating substantial resources to explore new applications and improve existing smart materials. For instance, initiatives aimed at developing energy-efficient materials for renewable energy applications are gaining momentum. The focus on sustainability and environmental impact is likely to foster innovation in smart materials, leading to breakthroughs that could reshape industries. As a result, the market is expected to grow significantly, with projections indicating a rise to 179.4 USD Billion by 2035, reflecting the importance of R&D in driving market dynamics.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, North America held the largest economic share in the market for smart materials as a result of the region's expanding use of smart materials in the aerospace and defense sectors, particularly in the United States and Canada. Government spending on aerospace and defence is rising, which presents a significant market opportunity for smart materials in this area.

Further, the major countries studiedin the market reportare The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: SMART MATERIALS MARKET SHARE BY REGION 2022 (%) Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe smart materials market accounts for the second-largest market share due to the rise in the exports and consumer base of the region. Further, the German smart materials market held the largest market share, and the UK smart materials market was the fastest-growing market in the European region

The Asia-Pacific Smart Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing development of electronics and automobile industries in several countries across the region. Moreover, China’s smart materials market held the largest market share, and the Indian smart materials market was the fastest-growing market in the Asia-Pacific region.

Leading market players are extensively investing in research and development in order to extend their product lines, which will help the smart materials market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in a more competitive and expanding market climate, the smart materials industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies employed by manufacturers in the smart materials industry to serve customers and expand the market sector. In recent years, the smart materials industry has provided some of the most significant benefits to medicine. Major players in the smart materials market are TDK Corporation (Japan), Noliac A/S (Denmark), and Wright Medical Group, Inc. (U.S.). Channel Technologies Group (U.S.). LORD Corporation (U.S.) and others are attempting to improve market demand by investing in research and development operations.

TDK Corporation is a Japanese multinational electronics corporation that makes electronic components as well as recording and data storage media. Its motto is "Contribute to culture and industry through creativity." "TDK" is an abbreviation for the company's original Japanese name: Tokyo Denki Kagaku Kgy K.K. (Tokyo Electric Chemical Industry Co., Ltd.). The company is traded on the Tokyo Stock Exchange and is a component of the Nikkei 225 and TOPIX indices. On December 7, 1935, Kenzo Saito created TDK in Tokyo, Japan, to manufacture the iron-based magnetic substance ferrite, which had recently been invented by Yogoro Kato and Takeshi Takei.

They began producing magnetic tape in 1952 and 1957, respectively, with tiny cassette tapes following in 1966. In May 2022, TDK Corporation announced an investment in XCOM Labs, a wireless technology developer based in the United States, through its subsidiary Ventures, Inc. The money will be used to create 5G and wireless communications systems with an emphasis on bandwidth capacity, latency reduction, and compute load balancing.

Kyocera Corporation is a Japanese multinational ceramics and electronics firm located in Kyoto, Japan. Kazuo Inamori created Kyoto Ceramic Company, Limited in 1959, and it was renamed in 1982. It makes industrial ceramics, solar power producing systems, telecommunications equipment, office document imaging equipment, electronic components, semiconductor packages, cutting tools, and components for medical and dental implant systems. Kyocera's first product was a ceramic insulator known as a "kelcima" for use in television picture tubes. The company quickly modified its methods to produce an expanding range of ceramic components for electronic and structural applications.

In March 2022, Kyocera Corporation has finalized the acquisition of AVX Corp., a U.S.-based electronic component manufacturing company. Kyocera formerly owned about 72% of AVX's outstanding shares. Following the completion of the merger, AVX became a wholly owned subsidiary of Kyocera.