Global Smart Materials Market Is Expected to Reach Approximately USD 73 Billion By 2023

Market Highlights:

Piezo-electric materials, by product segment accounted the largest share of the global smart materials market. Biomimetic materials held the second largest share of the smart materials market. However, thermally responsive materials segment is expected to expand at a moderate rate during the forecast period.

Technology giants such as Noliac A/S (Denmark), Wright Medical Group, Inc. (U.S.), Channel Technologies Group (U.S.), LORD Corporation (U.S.) among others. Wright Medical Group N.V., a significant player in Smart Materials Market has announced the acquisition of IMASCAP SAS, a leader in the development of software-based solutions for preoperative planning of shoulder replacement surgery. The transaction ensures exclusive access to breakthrough software enabling technology and patents to further differentiate Wright's product portfolio and to further accelerate growth opportunities in Wright's global extremities business. Channel Technologies Group, LLC, a prominent player in smart materials market (“CTG”), a manufacturer of piezoelectric ceramics, transducers and complex sonar and navigation systems used in defense, medical and energy industries, announced it has acquired Materials Systems Inc. (“MSI”) located in Littleton, MA. MSI will become a wholly-owned subsidiary of CTG. Terms of the transaction were not disclosed. CTG is a portfolio company of Blue Wolf Capital Fund II, L.P.

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The global smart materials market is segmented by products and application. By product segment the market consists of piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials and others. By application it is segmented into actuators & motors, transducers, sensors, structural materials, and others.

According to Market Research Future Analysis, the global smart materials market is estimated to generate revenue of approximately USD 73 billion by 2023 growing at a CAGR of 14% during the forecast period 2017-2023.

Major Key Players:

Some of the key players in the market: APC International (U.S.), Harris Corporation (U.S.), CeramTec (Germany), Kyocera Corporation (Japan), TDK Corporation (Japan), Noliac A/S (Denamrk), Wright Medical Group, Inc. (U.S.), Channel Technologies Group (U.S.), LORD Corporation (U.S.) among others.

Smart Materials Market Segmentation:

By application segment it is observed that actuators & motors dominated the segment and are anticipated to remain the leading segment over the forecast period. The piezoelectric actuators has wide application in smartphones and wearable devices and are promoting the market growth due to vast shift in the market trend towards the efficiency of electronics, which, in turn, is expected to propel the smart materials market growth.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Regional Analysis:

The global color detection market is studied for Asia Pacific, North America, Europe, and Rest of the World. It is observed that North America market was leading in the global smart materials market in 2016, owing to significant demand for smart actuators & motors in key industries such as automotive, consumer goods, and aerospace. Europe accounted for the second-largest share of the market due to presence well-established automotive industry followed by Asia Pacific market. Asia Pacific market is anticipated to exhibit a remarkable growth over the forecast period, owing to significant research activities supported by the government.

Intended Audience:

• Research/Consultancy firms
• Technology Solution Providers
• Original Equipment Manufacturers
• Government bodies
• Automotive Industry
• Civil Industry

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