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The smart materials market is experiencing significant growth as technological advancements continue to drive innovation across various industries. Smart materials, also known as intelligent or responsive materials, possess unique properties that allow them to respond to external stimuli such as temperature, light, pressure, or electrical signals. This adaptability enables them to change their properties dynamically, making them invaluable in applications ranging from healthcare to construction and consumer electronics. One of the prominent trends in the smart materials market is the increasing demand for shape memory alloys (SMAs) and polymers. SMAs have the ability to return to a predetermined shape when subjected to heat or stress, making them ideal for applications in actuators, robotics, and medical devices. Similarly, shape memory polymers exhibit similar properties and find extensive use in self-healing materials and biomedical applications.
The induced motion can also be described as the consequence of the variation of the electrical charge content of the piezo actuator. CeramTec, a key player in smart materials market, will be offering a variety of wear protection solutions made of high-performance ceramics for machines and systems for mechanical process engineering as well as handling of powders and bulk material at POWTECH at the Nuremberg Trade Fair Centre.
Another notable trend is the growing adoption of piezoelectric materials, which generate an electric charge when subjected to mechanical stress. These materials are extensively used in sensors, energy harvesting devices, and actuators across industries such as automotive, aerospace, and consumer electronics. The rising interest in sustainability and environmental consciousness has also propelled the demand for smart materials that can contribute to energy efficiency and conservation. For instance, thermochromic materials, which change color in response to temperature variations, are being increasingly incorporated into smart windows to regulate building temperatures and reduce energy consumption.
Furthermore, the smart materials market is witnessing a surge in research and development activities aimed at enhancing the functionalities and cost-effectiveness of these materials. Nanotechnology is playing a crucial role in this regard, enabling the development of novel smart materials with superior properties at the nanoscale level. Graphene, for instance, has emerged as a promising material due to its exceptional strength, conductivity, and flexibility. Research efforts are focused on leveraging graphene and other nanomaterials to enhance the performance of sensors, batteries, and other electronic devices.
In addition to technological advancements, the smart materials market is influenced by factors such as increasing investment in infrastructure development, rising disposable incomes, and changing consumer preferences. The automotive industry, in particular, represents a significant market opportunity for smart materials, driven by the growing demand for fuel-efficient vehicles and the integration of advanced electronics and sensors for enhanced safety and comfort features. Moreover, the healthcare sector is embracing smart materials for applications such as drug delivery systems, implantable devices, and diagnostic tools, driving the market growth further.
However, despite the promising outlook, the smart materials market faces challenges related to high initial costs, scalability issues, and regulatory hurdles. The integration of smart materials into existing infrastructure and manufacturing processes can be complex and requires substantial investments in research, development, and testing. Moreover, ensuring the reliability and durability of smart materials in real-world applications remains a key concern for manufacturers and end-users alike. Addressing these challenges will be crucial for unlocking the full potential of smart materials and driving their widespread adoption across industries.
Smart Materials Market Highlights:
Global Smart Materials Market Overview
Smart Materials Market Size was valued at USD 44.50 billion in 2023. The smart materials industry is projected to grow from USD 50.73 Billion in 2024 to USD 127.10 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.17% during the forecast period (2024 - 2032). Growing investments in medical tools in the healthcare sector and bionics, as well as a thriving artificial organ industry, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Materials Market Trends
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Rising Actuator Demand in a Variety of End-Use Industries is propelling market growth
Rising Actuator Demand in a Variety of End-Use Industries is driving the market CAGR for Smart Materials. Actuators are in high demand in a variety of industries, including automotive, electronics, information and telecommunications, aerospace and defence, and healthcare. The actuators control and move a mechanism or system. It needs a control signal and an energy source to function. For diverse purposes, several types of actuators, such as hydraulic actuators, pneumatic actuators, electrical actuators, thermal actuators, and mechanical actuators, are produced employing electrostrictive material.
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.
Smart Materials Market Segment Insights
Smart Materials Product Insights
The smart materials market segmentation, based on product includes piezoelectric materials, shape memory materials, electrostrictive materials and magnetostrictive materials. In 2022, the Piezoelectric Materials segment held the largest market share of 36% in the Smart Materials market. Piezoelectric smart materials have the ability to convert mechanical pressure operating on them into electrical signals, which is known as the direct piezoelectric effect, and electrical signals to mechanical signals, which is known as the converse piezoelectric effect. Piezoelectricity requires a lack of centre of symmetry in the material, as well as a crystal lattice structure. Piezoelectric smart materials are used in a variety of applications in the electrical and electronics industries, such as transducers, actuators, motors, and sensors. Piezoelectric smart materials are also used as electroactive scaffolds for tissue repair and regeneration in tissue engineering.
Smart Materials Application Insights
The smart materials market segmentation, based on application, includes actuators & motors, transducers, sensors and structural materials. The sensors segment is expected to account for a significantly large revenue share over the forecast period due to the growing adoption of smart materials in piezoelectric sensors. Piezoelectric sensors are widely used in healthcare, defense, automotive, and aerospace applications. A piezoelectric sensor is a smart device that uses the piezoelectric effect to transform changes in pressure, strain, temperature, acceleration, or force into an electric charge. These sensors provide a number of benefits such as availability in the right shape, good freqstency response, little phase shift, and small size. It is also used in industrial applications to build sonar equipment and pressure sensors.
Figure1: Smart Materials Market, by application, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Materials Regional Insights
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, MRFR 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.
Smart Materials Key Market Players& Competitive Insights
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.
Key Companies in the smart materials market include
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APC International (U.S.)
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Harris Corporation (U.S.)
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CeramTec (Germany)
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Kyocera Corporation (Japan)
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TDK Corporation (Japan)
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Noliac A/S (Denmark)
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Wright Medical Group Inc. (U S.)
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Channel Technologies Group (U S.)
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LORD Corporation (US.)
Smart Materials Industry Developments
In February 2021, CTS Corporation and Entekno Materials of Turkey have announced that they have received Eurostars funding to develop an environmentally friendly lead-free piezoelectric ceramic smart material. This substance was created with the intention of replacing lead-based materials.
In April 2021, Evonik has introduced a new photopolymer product range for 3D printing that includes colour phase transition materials. This new photopolymer range is comprised of ready-to-use, high-performance formulations that combine Evonik's experience in 3D printing with smart materials and its innovative growth field.
In February 2020, Hexagon announced the debut of a new smart material, Intergraph Smart® Materials 10, which marked a significant milestone in the company's product history. This is the largest update to Hexagon's market-leading materials and contract management system in Smart Materials history.
Smart Materials Market Segmentation
Smart Materials Market Product Outlook
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Piezoelectric Materials
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Shape Memory Materials
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Electrostrictive Materials
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Magnetostrictive Materials
Smart Materials Market Application Outlook
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Actuators & Motors
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Transducers
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Sensors
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Structural Materials
Smart Materials Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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