Smart Materials Market to Record Sturdy Growth by 2020

by Priyanka Thakare
Posted: Dec 29, 2018

The presence of multitude of companies and global manufacturers of piezoelectric materials in the smart materials market is what contributes to the high intensity of competition prevailing in the market, finds Transparency Market Research (TMR). Relentless efforts of these players to develop technologically advanced products and the rising investment on research and innovations are further expected to up the degree of competition in the coming years. Numerous players in the smart materials market are exploring new revenue streams by engaging in mergers and acquisitions.

Prominent players operating in the global smart materials market include LORD Corporation, Noliac A/S, Kyocera Corporation, CTS Corporation, Channel Technologies Group, APC International, and Noliac A/S.

The global smart materials market is projected to rise at an impressive CAGR of 12.50% during the assessment period of 2014–2020. By the end of this period, the global market stood at US$27.7 billion and is expected to touch a valuation of US$63.28 Bn.

Of the various product types, the piezoelectric materials segment is expected to account for the major share in the smart materials market throughout the forecast period. This is on account of the vast application of these materials in smart materials technology used in the industries such as aerospace, automotive, information technology, and robotics, especially in recent decades.

Of the various regional markets for smart materials, North America held the sway as it accounted for a major share in the global market in 2013. The regional market is expected to retain its lead in the next few years as well. This is on account of substantial use of smart materials for actuator applications in various end-use industries in the region.

Copious Commercial Applications of Piezoelectric Materials to fuel Market Growth

The drive for smart materials stemmed from the need for stimuli-responsive, smart polymers to be used in a wide variety of material science applications. The inherent property of smart materials in responding to external, environmental stimuli has been propelling its use in making a range of smart materials in end-use industries, such as smart hydrogels, biomimetic materials, and piezoelectric materials.

Probably, the most promising application of smart material has been in making piezoelectric materials. Smart materials have gained considerable traction in the aerospace industry as piezoelectric transducers. The global smart materials market is increasingly fueled by the growing application of piezoelectric materials in industrial equipment, defense and security, automotive, commercial sonar, and power generation, among several others.

The growth of the smart materials market is bolstered by the rising promising use of these materials in biomedical and biotechnological applications. The rising use of smart materials in imparting properties to smart fabrics and the growing popularity of these textile is catalyzing the rapid evolution of the global market. The notably rising use of smart materials in the automotive and robotics industries for actuators, motors, and transducers, is expected to accentuate the smart materials market in the coming years.

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Rapid Advances in Polymer Science help Leverage Potential of Smart Materials in Innovative Applications

However, the limited awareness of the product specialties made of smart materials among end-use industries is crippling the steady growth of the market. Nevertheless, these concerns are likely to be address by technological advancement and the development of cost-effective smart materials. In this regard, rapid advances in the smart materials market hinge on advancement in polymer sciences.

The rising use of these in active coating in recent years has opened a lucrative avenue in the smart materials market. Moreover, substantial research are being done to leverage the potential of smart materials in innovative biomedical applications all over the world. This is evident in the substantial prospect that these materials have in the making of advanced tissue engineering, drug-delivery systems, and responsive injectable materials in the medical industry.The presence of multitude of companies and global manufacturers of piezoelectric materials in the smart materials market is what contributes to the high intensity of competition prevailing in the market, finds Transparency Market Research (TMR). Relentless efforts of these players to develop technologically advanced products and the rising investment on research and innovations are further expected to up the degree of competition in the coming years. Numerous players in the smart materials market are exploring new revenue streams by engaging in mergers and acquisitions.