Smart Materials Market Expected to Exceed $200.82 billion By 2032: Players Arkema S.A, APC International Ltd, CTS Corporation, Confluent Medical Technologies

As per the report published by The Brainy Insights, the global smart materials market is expected to grow from USD 58.95 billion in 2022 to USD 200.82 billion by 2032, at a CAGR of 13.04% during the forecast period 2023-2032. North American region emerged as the largest global smart materials market, with a 46.34% market revenue share in 2022. The increasing use of wearable technology that is widely utilised in heart rate sensors and in various other sensors to check fitness is propelling the market's growth in this region. Furthermore, the significant demand for smart actuators and motors in key industries such as consumer goods, automotive, and aerospace is anticipated to drive market growth in this region. In addition, the Asia Pacific region is expected to show the fastest CAGR growth over the projection period due to the heavy investment in research and development.

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Smart Materials Market Size by Application (Sensors, Actuators & Motors, Structural Materials, Transducers, and Others), Product (Phase Change Materials, Electrostrictive Materials, Piezoelectric Materials, Electrochromic Materials, Shape Memory Materials, Magnetostrictive Materials, and Others), End-User (Aerospace and Defense, Automotive, Industrial, Healthcare, Consumer Electronics, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Arkema S.A, APC International Ltd, CTS Corporation, Confluent Medical Technologies, Kyocera Corporation, Murata Manufacturing Co. Ltd, Meggitt PLC, Gentex Corporation, Piezo Kinetics Inc. (The Crest Group Incorporated), Solvay S.A., Johnson Matthey, SAGE Electrochromics Inc. (Saint-Gobain S.A.), and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The application segment is divided into sensors, actuators & motors, structural materials, transducers, and others. The actuators & motors segment led the market with a market share of 29.21% in 2022. This growth is attributed to the growing use of smart actuators in various industries. The product segment is divided into phase change materials, electrostrictive materials, piezoelectric materials, electrochromic materials, shape memory materials, magnetostrictive materials, and others. The piezoelectric materials segment led the market with a market share of 21.16% in 2022. This growth is attributed to the increasing demand for applications such as speakers, gas igniters, hydrophones, sonar, buzzers, and sporting equipment. The end-user segment is divided into aerospace and defense, automotive, industrial, healthcare, consumer electronics, and others. The aerospace and defense segment led the market with a market share of 25.17% in 2022. This growth is attributed to increased investment in the defense & aerospace sector among different countries worldwide.

The rising awareness among employees about workplace safety and protection from hazardous conditions, coupled with the growing demand for smart clothing in the sports industry, is helping to drive the growth of the smart materials market. Further, the increasing preference for wearable technology such as sensors and other types of electronic device are helping to stimulate the smart materials market growth during the forecast period.

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