The latest market report published by Acute Market Reports “Global Smart Materials Market: Growth, Future Prospects, and Competitive Analysis, 2023 - 2030” the global smart materials market was US$ 144.9 Bn in 2021 and expected to progress with CAGR of 3.1% from 2023 to 2030, reaching US$ 190.7 Bn in 2030.

Market Insights

"Rising oil spilling accidents demand smart materials"

Technological development in smart materials has expanded their scope of applications. With the growing applications in consumer electronics, aerospace & defense, automotive, civil engineering, and healthcare, the demand for smart materials is showing rapid growth. Rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the overall market growth. Rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric devices, in recent years. 

In the healthcare industry, shape memory alloys (SMAs) are increasingly used in medical devices which are biocompatible and do not induce any health problem. SMAs are favored for their ability to be bent and squeezed into a target body cavity or vessel after which they then revert to their original, working shape. Moreover, in civil engineering, smart materials such as sensual structure are helping to increase the durability of structures. This leads to enhanced safety and also provides early warning of its collapse. This in turn helps to reduce the upfront cost of the construction. 

The growing application of smart materials has influenced the market players to invest in the R&D of the smart materials to grab a major chunk of the market. 

Browse the full report at https://www.acutemarketreports.com/report/smart-materials-market

The overall smart materials market is competitive in nature and it is growing at a moderate rate. The market players are adopting strategies such as launching innovative & new products, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.

Industrial Developments

• In March 2023, Mechano Transformer Corp. and Smart Material signed a distributorship agreement for the distribution of Smart Material's products in Japan. Mechano Transformer Corporation's expertise is in core actuator technology, aiming to explore opportunities locally and globally by providing new developments to industries such as medical, energy, agricultural, and other segments. 

• In August 2023, CTS Corporation announced the release of five new quartz crystal models, 412W, 416W, 402W, 425W, 403W, with specific enhanced design parameters targeted for wireless protocols used in Internet of Things [IoT] applications. The new CTS crystal series provides advanced circuit elements needed for new chipset oscillator designs, operating at lower battery power and gain margins, to effectively perform. CTS IoT crystals are optimized for long-term reliability and performance. 

Key Market Movements:

• Based on application, the actuator, and the motor segment captured the largest share in 2021. On the other hand, the structural material segment expected dominates the market with the highest CAGR during the forecasted period.

• Based on region, North America was the largest regional smart materials market in 2021. On the other hand, Asia Pacific expected to drive the market growth with the highest CAGR from 2023 to 2030.

List of Companies Covered:

• CeramTec
• Kyocera Corporation
• CTS Corporation
• LORD Corporation
• Fine Tubes Ltd.
• TDK Corporation
• Smart Material Corporation
• Noliac A/S
• APC International, Ltd.
• Piezo Kinetics, Inc.
• Harris Corporation
• Others

The Global Smart Materials Market is Segmented into:

*Complete segmentation list is on the report page