Smart Materials Market Revenue to close at USD 107.8 BN by 2027

Posted On February 02, 2021     

The Global Smart Materials Market is foreseen to grow at a remarkable CAGR of 10% during the year 2020-2027 as estimated by the report from Value Market Research wherein the market value is expected to grow to USD 107.8 BN by 2027. Smart materials are intelligent materials that are highly sensitive and responsive to external environments and stimuli. Extensive research and the use of innovative products across various end-user industries will be the trending factor for this market’s growth. The increasing use of smart materials in many advanced biomedical and biotechnological applications, like cancer targeting, controlled drug delivery, tissue engineering, or biosensors therapies, will boost this market’s growth. The growing demand for responsive materials in PPE manufacturing to alleviate the effects of severe environmental conditions will benefit market growth. A significant increase in the need for smart structures of aircraft will expand the market in the aerospace industry. The main restraints for the development of this market are the high costs and non-biodegradability of these materials.

Smart materials are also referred to as responsive materials that undergo a visible property change when subject to external stimuli or chemical compounds. The external stimuli can be stress, moisture, salt, electric or magnetic fields, light, temperature, pH, etc. The changes undergone by these materials are reversible and can be repeated several times. They are designed with different responsiveness and actuation mechanisms specific to the requirements. Some of the key areas they are used include sensors, actuators, artificial muscles, and electroactive polymers. There is a wide range of smart materials available, each with different responsive characteristics. Some materials are highly efficient and cover a wide range of scales.

The geographical and segmentation study covered in the report "Global Smart Materials Market Report By Product (Piezoelectric Materials, Shape Memory Materials, Electrostrictive Materials, Magnetostrictive Materials, Phase Change Materials, Electrochromic Materials, Others), By Application (Actuators & Motors, Transducers, Sensors, Structural Materials, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2020-2027" helps in understanding the upcoming trends of the market.
On the basis of product the market is segmented into Piezoelectric Materials, Shape Memory Materials, Electrostrictive Materials, Magnetostrictive Materials, Phase Change Materials, Electrochromic Materials, Others. By application the smart materials market is categorised as Actuators & Motors, Transducers, Sensors, Structural Materials, Others. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. This section provides the estimates of market by segment, thus providing valuable data to take strategic decisions.

The Report Segments Global Smart Materials Market -
By Product

  • 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 Region

  • North America
  • Europe
  • the Asia Pacific
  • Latin America
  • The Middle East and Africa

Players Profiled In the Report:
APC International, Ltd., Harris Corporation, CeramTec, Kyocera Corporation, NOLIAC A/S., CTS Corporation, Channel Technologies Group, LLC, Advanced Cerametrics, LORD Corporation, CeramTec GmbH, TDK Corporation, and Wright Medical Group, Inc.

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