Market Overview

Smart materials have the power to change one or more properties when a controlled external stimuli like stress, temperature, moisture, pH, electric and magnetic fields are applied on the fabric . Piezoelectric, magneto-rheostatic, electro-rheostatic, and other shape memory alloys are the foremost widely used smart materials. Properties like viscosity, volume, and conductivity are often altered as per requirement in end applications. The smart material market is segmented on the idea of type, which incorporates biomimetric materials, piezo-electric materials, thermally responsive materials et al. .

The piezoelectric materials segment dominated the smart materials market. Smart materials are adaptive to different environmental and operational conditions. Increased investments in R&D to innovate new smart materials has resulted in broadened applications in automotive, construction, healthcare, aerospace, and chemical industries. Shape memory alloys have wide selection of applications in manufacturing actuators and motors.

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Market Dynamics

Increasing technological advancements have resulted in increased use of developed materials instead of conventional materials like polymers, metal, and glass various industries like automotive, consumer electronics, and healthcare, among others. The property of smart materials to vary one or more of its properties thanks to external stimulus is driving the usage of smart materials for various applications like transducers, actuators & motors, structural materials et al. .

The use of smart materials require high investments. Various governmental and non-governmental bodies are that specialize in increasing awareness and fuel uptake of smart materials. as an example , Centexbel launched a replacement TIS action along side Sirris to teach companies about the varied applications of smart materials that are available commercially. The increased demand for consumer electronics and wide selection of applications for smart sensors by the top users act as a driving factor for growth of the smart materials market. The introduction of internet of things (IoT) and therefore the increased demand for connected devices is driving market growth globally.

Global Smart Materials Market Taxonomy

The global smart materials market is classified on the basis of the following segments:

product type

Piezoelectric materials

Electro-rheostatic

Magneto-rheostatic

Shape memory materials

Smart fluids

Smart hydrogels

Electrochromic materials

Others

Application

Actuators & motors

Sensors

Transducers

Structural materials

Others

Major players involved in the market include TDK Corporation (Japan), CTS Corporation (U.S.), Optotune AG (Switzerland), AMM Technologies (Italy), Lord Corporation (U.S.), Fort Wayne Metals (U.S.), AI Technology Inc. (U.S.), AVX Corporation (U.S.), Advanced Cerametrics,Inc., (U.S.), Wright Medical Group (U.S.).

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