Smart Materials Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Smart Materials Market Overview

Smart materials have the ability to alter one or more properties when a controlled external stimuli such as stress, temperature, moisture, pH, electric and magnetic fields are applied on the material. Piezoelectric, magneto-rheostatic, electro-rheostatic, and other shape memory alloys are the most widely used smart materials. Properties such as viscosity, volume, and conductivity can be altered as per requirement in end applications. The smart material market is segmented on the basis of type which includes biomimetric materials, piezo-electric materials, thermally responsive materials and others. The piezoelectric materials segment dominated the smart materials market. Smart materials are adaptive to different environmental and operational conditions. Increased investments in R&D to innovate new smart materials has resulted in broadened applications in automotive, construction, healthcare, aerospace, chemical industries. Shape memory alloys has wide range of applications in manufacturing actuators and motors. Piezoelectric and electro-rheostatic materials are widely used in permeated households and automotive applications. Universities and key players are conducting research on smart materials to increase the elasticity of the materials to increase the application of smart materials to be used in health care industry for artificial muscles in prosthetics. Automobile industryis leaning towards replacing conventional materials with smart materials to manufacture highquality vehicles termed as 'smart vehicle'.

Global Smart MaterialsMarket Taxonomy

The global smart materialsmarket is classified on the basis of the following segments:

  • By product type
    • Piezoelectric materials
    • Electro-rheostatic
    • Magneto-rheostatic
    • Shape memory materials
    • Smart fluids
    • Smart hydrogels
    • Electrochromic materials
    • Others
  • Application
    • Actuators & motors
    • Sensors
    • Transducers
    • Structural materials
    • Others
  •  End-user
    • Industrial
    • Defense
    • Aerospace
    • Automotive
    • Consumer electronic
    • Healthcare

Prevalent Scenario in Smart MaterialsMarket

Increasing technological advancements has resulted use of developed materials rather than conventional materials such as polymers, metal, and glass in various industries such as industrial, automotive, consumer electronics, and healthcare, among others. The property of smart materials to change one or more of its properties due to external stimulus is driving the usage of smart materials for various applications such as transducers, actuators & motors, structural materials among others. The use of smart materials requires high investments. Various governmental and non-governmental bodies are focusing on increasing awareness and fuel uptake of smart materials. For instance, Centexbel launched a new TIS action along with with Sirris to educate companies about the various applications of smart materials, which are available commercially. The increased demand for consumer electronics and wide range of applications for smart sensors by the end users act as a driving factor for growth of the smart materials market. The introduction of Internet of things (IoT) and the increased demand forconnected devices is driving market growth globally. Europe contributes a major market share, due to its growing automobile and electronics industries as well as energy sector. AsiaPacific market is expected to be the fastest growing market for smart materials, due to growing electronics market and improved standard of living in emerging economies such as China and India. Use of smart materials in the healthcare sectorhas led to innovation of medical devices. The key restraint for the smart materials lies in manufacturing costs for large quantities in different applicationsat effective yields.High costs in manufacturing and high investment in research and development investments hamper growth of the smart materials market.The market has high potential and large numbers of manufacturers are focusing on offering innovative products to enhance their market share.  The new prospects for smart material products would have its applications in engineering sector for manufacturing control devices, self-detection, self-diagonistic and other devices.

Fragmented Market

The global smart materials market is highly fragmented due to the participation of many established and emerging players in the smart materials market. Major players involved in the market include TDK Corporation (Japan), CTS Corporation (U.S.), Optotune AG (Switzerland), AMM Technologies (Italy), Lord Corporation (U.S.), Fort Wayne Metals (U.S.), AI Technology Inc. (U.S.), AVX Corporation (U.S.), Advanced Cerametrics,Inc., (U.S.), Wright Medical Group (U.S.).

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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