Press release
Smart Materials Market Anticipated To Witness Robust Growth, Surpassing 112.79 Billion By 2029
Smart Materials Market
What Is the Current Smart Materials Market Size and Its Estimated Growth Rate?
The smart materials market size has grown rapidly in recent years. It will grow from $63.10 billion in 2024 to $71.06 billion in 2025 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increasing investments in research and development, rising consumer demand for energy-efficient materials, growing demand for responsive materials, increasing use of smart textiles, and rising demand for corrosion-resistant smart materials.
Anticipated to witness substantial growth in the imminent years, the smart materials market is projected to expand to a market size of $112.80 billion by 2029, with a compound annual growth rate (CAGR) of 12.2%. The expansion during the predicted period can be credited to the rising usage of shape-memory alloys, increased use of electroactive polymers, amplified consumer inclination towards adaptive materials, the swelling adoption of self-healing concrete, and the escalating demand for nanomaterials. Key trends expected to emerge during the forecast period include the integration of IoT technology into these materials, advances in applications related to aerospace, a concentration in sustainability, improvement in sensor technologies, as well as their adoption in industrial automation.
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How Are Emerging Segments Shaping the Smart Materials Market Landscape?
The smart materials market covered in this report is segmented -
1) By Product Type: Piezoelectric Materials, Electro-Rheostatic, Magneto-Rheostatic, Shape Memory Materials, Smart Fluids, Smart Hydrogels, Electrochromic Materials, Other Product Types
2) By Application Type: Transducers, Actuators And Motors, Sensors, Structural Materials, Coating, Other Applications
3) By End User: Industrial, Defense And Aerospace, Automotive, Consumer Electronics, Healthcare, Other End User
Subsegmentss:
1) By Piezoelectric Materials: Piezoelectric Ceramics, Piezoelectric Polymers, Piezoelectric Composites, Piezoelectric Crystals
2) By Electro-Rheostatic: ER Fluids with Liquid Crystals, ER Fluids with Polymers, ER Fluids with Suspended Particles
3) By Magneto-Rheostatic: MR Fluids with Iron Particles, MR Fluids with Cobalt Particles, MR Fluids with Nickel Particles
4) By Shape Memory Materials: Shape Memory Alloys, Shape Memory Polymers, Shape Memory Ceramics, Shape Memory Hydrogels
5) By Smart Fluids: Magnetorheological Fluids, Electrorheological Fluids, Ferrofluids
6) By Smart Hydrogels: pH-Responsive Hydrogels, Temperature-Responsive Hydrogels, Light-Responsive Hydrogels, Electric-Responsive Hydrogels
7) By Electrochromic Materials: Organic Electrochromic Materials, Inorganic Electrochromic Materials, Hybrid Electrochromic Materials
8) By Other Product Types: Self-Healing Materials, Conductive Polymers, Photomechanical Materials, Thermochromic Materials
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Which Growth Factors Are Influencing Smart Materials Market Expansion?
The surge in the need for consumer electronic devices is predicted to accelerate the expansion of the smart materials market in the future. Consumer electronics, including smartphones, laptops, televisions, gaming consoles, and smart home equipment, are electronic tools intended for routine personal or residential usage. The escalating demand for these devices stems from their increasing incorporation into daily activities, improving aspects such as communication, productivity, entertainment, and convenience, while also catering to ever-changing consumer requirements and alterations in lifestyle. By facilitating innovative features, such as self-repairing screens, flexible displays, energy-conserving components, and adjustable reactions to environmental variations, smart materials amplify the benefits of consumer electronics. This eventually bolsters their durability, performance, and user interface. For example, in 2023, the annual financial report of 2022 by LG, a consumer electronics firm based in South Korea revealed that LG reached its maximum ever annual income in 2022, representing a 12.9% surge from 2021. The LG Home Appliance & Air Solution Company registered $0.021 trillion (KRW 29.9 trillion) as income, signifying a 10.3% growth compared to the previous year. Thus, the burgeoning demand for consumer electronics fuels the proliferation of the smart materials market.
Who Are the Dominant Players Across Different Smart Materials Market Segments?
Major companies operating in the smart materials market are Honeywell International Inc., 3M Company, Toray Industries Inc., Evonik Industries AG, TDK Corporation, DuPont de Nemours Inc., Arkema S.A., AMETEK Inc., Schott AG, Harris Corporation, CeramTec AG, CTS Corporation, SAES Getters S.p.A, Piezo Kinetics Inc., Laird Thermal Systems GmbH, PI Ceramic GmbH, Kyocera Corporation, APC International, LORD CorporationQinetiQ Group, Smart Material Corp.
What Are the Latest Developing Trends in the Smart Materials Market?
Key players in the smart materials market are prioritizing the creation of innovative smart materials using ultrasonic conversion and actuator technology, coupled with polymers, to increase flexibility and performance in a wide variety of industrial and medical settings. Ultrasonic conversion is a method of turning electrical energy into mechanical vibrations of high frequency, and actuator technology aids in accurate motion control using these vibrational waves. Such technologies offer multiple advantages including precision, efficiency, fast response times, lower maintenance requirements, and usage in medical, industrial, and automation sectors. For example, PI Ceramic GmbH, a company specializing in advanced materials based in Germany, launched piezoceramic composites in May 2024. These composites are produced by embedding piezoelectric ceramics into filling polymers, using ultrasonic conversion and actuator technology. This method boosts adaptability for applications in medical technology, like high-intensity focused ultrasound and diagnostic imaging, and industrial applications such as flow rate metering and non-destructive measurement, by enhancing acoustic impedance matching, precision, sensitivity, and resolution.
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Which Geographic Regions Are Expected to Dominate the Smart Materials Market in the Coming Years?
North America was the largest region in the smart materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Materials Market?
2. What is the CAGR expected in the Smart Materials Market?
3. What Are the Key Innovations Transforming the Smart Materials Industry?
4. Which Region Is Leading the Smart Materials Market?
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