Smart Materials Market by Materials and Geography - Forecast and Analysis 2020-2024

The smart materials market size has the potential to grow by USD 48.48 bn during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by materials (piezoelectric materials, shape memory alloys, thermoelectric materials, rheological fluids, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Allegheny Technologies Inc., APC International Ltd., Arkema SA, CeramTec TopCo GmbH, CTS Corp., Kyocera Corp., LORD Corp., Metglas Inc., Piezo Kinetics Inc., and Solvay SA.

Market Overview

Market Competitive Analysis

The market is concentrated, and the degree of concentration will remain the same during the forecast period. Kyocera Corp., LORD Corp., Metglas Inc., Piezo Kinetics Inc., and Solvay SA are some of the major market participants. Although the rise in R&D efforts to develop innovative materials will offer immense growth opportunities, the high cost of smart materials will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this smart materials market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart materials market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Allegheny Technologies Inc.
• APC International Ltd.
• Arkema SA
• CeramTec TopCo GmbH
• CTS Corp.
• Kyocera Corp.
• LORD Corp.
• Metglas Inc.
• Piezo Kinetics, Inc.
• Solvay SA 

Smart Materials Market: Segmentation by Region

North America was the largest smart materials market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increasing demand for smart materials in the US and the wide range of applications of smart materials in the medical, automotive, electrical and electronics, and aerospace and defense sectors will significantly influence smart materials market growth in this region.

39% of the market’s growth will originate from North America during the forecast period. The US, Canada, and Mexico are the key markets for smart materials in North America. Market growth in this region will be faster than the growth of the market in other regions.

Smart Materials Market: Segmentation by Material

The high demand for piezoelectric materials for actuators, sensors, and memory devices, is expected to boost the growth of this market segment. Piezoelectric materials also have a wide variety of applications in the automotive, construction, sensors, and defense industries, leading to their growing demand.

However, market growth in this segment will be slower than the growth of the market in the other materials segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart materials market size.

Smart Materials Market: Key Drivers and Trends

The rising demand for piezoelectric material-based devices in automotive sector is one of the significant factors driving smart materials market growth. Piezoelectric-based devices hold high significance in a broad range of vehicle components, due to their simplicity and reliability. Piezoelectric actuators are cost effective and can efficiently function billions of times without charging. Piezoelectric fuel injectors enhance fuel economy and reduce emissions. Piezoelectric sensors are used for better driving experience and improving automotive control. Piezoelectric materials-based sensors are used for safety features in most of the cars. The growing demand for piezoelectric material based devices in the automotive sector will fuel the overall growth of global smart materials market during the forecast period.

• The development of tires with shape memory alloys is one of the key smart materials market trends expected to drive market growth.
• Air-filled rubber tires are not suitable for space missions due to their punctures being unrepairable. Metallic tires can go through deformation and breakage on application. This has led to the adoption of shape memory alloys that can withstand up to 30 times deformation before breaking.
• NASA has deployed shape memory alloy tires for Mars rovers to withstand the rigged surface of Mars.
• NASA opines that in the future, there can be commercial use of shape memory alloy tires on Earth in applications such as wildlife and geological survey rovers.
• During 2020-2024, the smart materials market will register a CAGR of almost 14%.

Smart Materials Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive smart materials market growth during the next five years
• Precise estimation of the smart materials market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart materials market industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart materials market vendors