The latest research study “Smart Material Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global smart materials market reached a value of US$ 47.36 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 92.48 Billion by 2027 exhibiting a CAGR of 11.20% during 2022-2027.
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Smart materials are designed by modifying the physical and mechanical properties of standard materials under externally controlled and applied conditions. They are available in numerous multi-functional variants, including carbon nanotubes, graphene, inorganic nanoparticles, conducting polymers, etc. Smart materials are preferred over conventional materials in terms of directness, selectivity, immediacy, self-actuation, and transiency. They can be manipulated by electrical stimuli to adjust their electrical and magnetic fields, acoustics, temperature, chemical behaviors, nuclear radiation, etc. Consequently, smart materials find extensive applications across numerous sectors, such as automotive, consumer electronics, aerospace, healthcare, etc., across countries.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Smart Materials Market Trends and Drivers:
The increasing usage of chemical products across several industries and the rising awareness towards workplace safety and protection from hazardous conditions are among the key factors stimulating the smart materials market. Besides this, the inflating demand for localized, effective, and need-based systems in various biomedical applications, such as cancer targeting, tissue engineering, controlled drug delivery, and biosensors, is also catalyzing the market growth.
Additionally, the escalating incidences of trauma injuries and chronic diseases and the expanding need for regenerative medicines are acting as significant growth-inducing factors. Moreover, the emerging trend of energy-efficient building materials to construct structures that can adapt to changing atmospheric conditions, including wind, heat, or rain, is further augmenting the product demand.
Apart from this, the growing investments in R&D activities to develop smart materials using biopolymers, such as chitosan, bacterial cellulose, starch, gelatin, polylactic acid, polyglycolic acid, etc., are expected to bolster the smart materials market in coming years.
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Global Smart Materials Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Smart Materials Companies:
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.
The report has segmented the market on the basis of region, product, application and end use industry.
Breakup by Product:
- Piezoelectric Materials
- Shape Memory Materials
- Electrostrictive Materials
- Magnetostrictive Materials
- Phase Change Materials
- Electrochromic Materials
Breakup by Application:
- Actuators and Motors
- Structural Materials
Breakup by End Use Industry:
- Consumer Electronics
- Aerospace and Defense
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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