Smart Materials Application and Technologies Market: Advance Application Current Market Trends

Smart materials are referred to materials whose properties can be modified according to the given requirements by means of stress, temperature, light, electric potential difference, pH or a strong magnetic field. There is wide range of smart material varieties with various properties that make a material well suited for a particular use. Some common examples of smart materials include piezoelectric materials, temperature responsive polymers, photomechanical materials, and dielectric elastomers among some others.

The global market for smart materials was estimated to be over USD 20 billion in 2011 and is expected to grow at a CAGR of over 12% from 2012 to 2018. The growth of the market is primarily driven by the growing demand for high performance materials which can be modified or changed according to the given requirements. However, growing concerns regarding the impact of smart materials on the environment is acting as one of the major factors hindering the growth of the market. The growing R&D to introduce new products in order to develop new applications for smart materials provides immense opportunities for the participants operating in the global market.

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Actuators and motors make up the largest application segment for smart materials and accounted for approximately 55% of the overall market. This segment is expected to increase its overall share to over 64% by 2018. The global demand for smart materials in actuators and motors is expected to grow at a CAGR of over 15% from 2012 to 2018. The transducers segment, with approximately 32% of the market, is the second biggest application market for smart materials. The global demand for smart materials in transducers is expected to grow between a range of 5% to 6% from 2012 to 2018. Other applications of smart materials include structural materials and sensors.

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