The latest report by IMARC Group, titled “Smart Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global smart materials market size reached US$ 47.36 Billion in 2021. Smart materials, also known as intelligent or responsive materials, are manufactured by modifying the mechanical and physical properties of standard materials under a controlled environment. They have one or more properties that can adapt to changes caused by external stimuli, such as stress, electric or magnetic fields, moisture, temperature, light, pH, or chemical compounds. However, they are dynamic in nature and can retain their original state after the stimuli are removed. Owing to these properties, smart materials find extensive applications in various end use industries across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Global Smart Materials Market Trends:
The market is primarily driven by the increasing utilization of chemical products in various industries. Besides this, the rising awareness among employees about workplace safety has led to escalated demand for smart materials in protective clothing. In addition, the escalating demand for energy-efficient building materials represents another major growth-inducing factor. Smart materials are combined with standard construction materials to build structures that adapt to atmospheric conditions, such as wind, heat, or rain. Besides this, due to the rising incidences of chronic diseases and trauma injuries, there has been a significant rise in the demand for effective, localized, and need-based systems in numerous biomedical applications, including cancer targeting, tissue engineering, and biosensors. This, coupled with various initiatives undertaken by governments of numerous countries to encourage the usage of smart materials, is positively influencing the market growth. Moreover, the rising demand for enhanced smart materials from construction, manufacturing, and automotive industries has prompted manufacturers to develop these materials using biopolymers, such as bacterial cellulose, polylactic acid, gelatin, chitosan, starch, and polyglycolic acid, which is expected to propel market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 92.48 Billion by 2027, expanding at a CAGR of 11.20% during the forecast period (2022-2027).
- On the basis of the product, the market has been segmented into piezoelectric, shape memory, electrostrictive, magnetostrictive, phase change, electrochromic, and other materials.
- Based on the application, the market has been classified into transducers, actuators and motors, sensors, structural materials, and others.
- On the basis of the end use industry, the market has been categorized into automotive, consumer electronics, aerospace and defense, healthcare, industrial, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being APC International Ltd, Arkema S.A, Confluent Medical Technologies, CTS Corporation, Gentex Corporation, Johnson Matthey, Kyocera Corporation, Meggitt PLC, Murata Manufacturing Co. Ltd, Piezo Kinetics Inc. (The Crest Group Incorporated), SAGE Electrochromics Inc. (Saint-Gobain S.A.) and Solvay S.A.
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