Smart Materials Market Report

Smart Materials Market Analysis By Product (Piezoelectric, Shape Memory Alloys, Electrostrictive, Magnetostrictive, Electrochromic), By Application, By Region, And Segment Forecasts, 2018 - 2025

  • Published Date: Nov, 2017
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-036-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 95

Industry Insights

The global smart materials market size was valued at USD 32.77 billion in 2016 and is expected to experience robust growth at a CAGR of 13.5% from 2017 to 2025. They exhibit responsiveness in a controlled manner to changing environments. They have a molecular structure, which allows them to respond to a wide array of external stimuli, such as electric fields, magnetic fields, pressure, temperature, moisture, and chemicals.

Rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the demand. Various U.S.-based organizations such as The National Science Foundation (NSF) and the Defense Advanced Research Projects Agency (DARPA) have encouraged research programs to promote commercial and industrial usage of smart materials. DARPA has funded various research activities to evaluate the application potential of the product in defense sector.

U.S. smart materials market

The new generation materials, with inherent intelligence, exhibit adaptive capabilities in response to specific stimulus input. They change their physical properties such as shape, stiffness, and viscosity in a specific manner. Multiple functionalities such as self-adaptability, self-sensing, self-healing, and memory enable their usage in numerous applications.

Rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric devices, in recent years. Initiatives to promote the use of non-conventional energy sources have also fueled the demand for piezoelectric devices during this period. Reliability, coupled with cost-effectiveness, is one of the key advantages that has resulted in the industrial acceptance of these devices. Thus, spurring demand for piezoelectric devices has played a key role in driving the market over the past years.

The aerospace engineering sector has experienced an increasing usage of the product to improve performance and fuel efficiency in recent years. Smart systems are being implemented in aeronautical engineering and astronautical engineering. DARPA has developed a .50-caliber bullet called “Extreme Accuracy Tasked Ordinance (EXACTO) bullet”, which involves the use of smart actuators.

Persistence of global tension motivated the affected countries to invest on improving their defense structure, including land-based, air, and naval forces. Countries in Europe, the Middle East, and Asia Pacific have increased their defense budgets to buy next next-generation military equipment. Countries such as the U.S., China, South Korea, Japan, Russia, Saudi Arabia, and UAE have increased their defense spending over the recent past, owing to increasing security threats.

A significant rise in the defense budget of key economies is expected to propel the use of advanced smart materials to equip their defense sectors with high-end weapons and warfare systems. Strategy to reinforce war technologies, including cyber, intelligence, defense electronics, and precision strike capabilities, is expected to drive the demand over the next few years.

Lack of expertise in designing systems based on smart materials has created growth barriers in the market. Furthermore, lack of awareness among end users has restricted the commercial scope of the product, which in turn is likely to hamper the market growth over the forecast period. However, research & innovation strategies supported by government and universities are expected to accelerate the large-scale industrialization of the product.

The EU Directive on Restriction of Hazardous Substances (RoHS) has restricted the use of lead oxides in the production process, owing to its environmental toxicity. As a result, manufacturers are strengthening on the development of lead-free products based on binary and ternary systems. Compounds such as barium titanate (BT), potassium bismuth titanate (KBT), sodium potassium niobate (KNN), and bismuth ferrite (BFO) are increasingly used in these products.

Product insights

Piezoelectric materials accounted for the largest share of the global industry, among products, accounting for 54% share of the revenues in 2016. Mechanical deformations or stress can induce electric dipoles in these materials, which generates electricity. Piezoelectricity can be generated by different sources, including naturally-occurring crystals and synthetic crystals. The growing demand for piezoelectric devices in various end-user industries, including aerospace & defense, automotive, healthcare, information, communication, and manufacturing industries have propelled the market demand.

Shape memory products are anticipated to be the fastest-growing product segment over the forecast period. Nitinol, copper-based alloys, and various shape memory polymers have extensive usage in actuators & motors, sensors, and structural products. Emerging use of these materials in medical applications including surgical devices, prosthetic devices, and stents is expected to boost the demand over the next few years, anticipated to grow at a CAGR of 15.5% during the forecast period.

Phase change products are projected to exhibit a promising trend over the forecast period. The growing use of structural products in applications including building resources, electronics cooling, energy storage, shipping, and packaging is predicted to drive the product demand over the forecast period. The growing demand for green buildings, especially in the developed countries, is likely to fuel the market over the next few years.

Application insights

Actuators & motors held the largest share of the market over the past few years, and a similar trend is expected to continue over the next few years. The segment accounted for around 59% share of the global revenues in 2016, and the share is projected to rise by 2025. Significant demand for smart actuators & motors in automotive, aerospace & defense, and consumer goods is likely to boost the market growth.

 

Global smart materials market

The structural materials application segment is projected to be the fastest-growing segment, growing at a CAGR of 14.9% from 2017 to 2025. Considerable demand from the medical industry is expected to drive the market over the forecast period. Structural health monitoring, biomedical, and structural engineering are predicted to be the most attractive sectors for this application.

Regional insights

North America dominated the market, accounting for 37.4% of global revenues in 2016. Increasing application scope of the products in the aerospace & defense industry has strengthened the product demand in the region. The U.S. Department of Defense (DoD) budgets have increased from USD 560 billion in 2015 to USD 589 billion in 2017. Increased defense spending is predicted to create attractive opportunities in the market, owing to rising demand for the product in defense and military applications

Europe held the second-largest share of the global revenues in 2016, due to a sizeable demand in developed countries such as the UK, Germany, the Netherlands, France, and Switzerland. Several European organizations such as the German Foundation for Industrial Research, Agence Nationale de la Recherch, and NL Agency have provided significant funding to promote research programs on smart materials.

The Asia Pacific market is expected to experience outstanding growth over the forecast period, owing to the increasing demand from end-use industries in countries such as Japan and China. The Chinese government has implemented favorable incentive policies, which has led to increasing number of research centers in the country. In 2015, China entered into a collaboration with the UK to persuade industrial production of smart materials, suitable for use in aerospace & defense, healthcare, automotive, and building & construction industries.

Competitive insights

Major players in the industry include APC International, Ltd., Harris Corporation, CeramTec, Kyocera Corporation, TDK Corporation, and NOLIAC A/S. Manufacturers are focusing on supplying products tailored to meet varying demand from customers. Focus on developing advanced products has helped the companies in gaining a competitive edge.

Numerous manufacturers have received funding and support from government bodies and universities for the development of innovative and advanced products. In April 2017, Noilac A/S has received funding from the European Union to conduct a research study for the development of new piezoceramic materials for high-power applications.

Report Scope

Attributes

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, UK, China, Japan, Brazil, South Africa

Report coverage

Revenue forecasts, company share, competitive landscape, growth factors, and trends

15% free customization scope(equivalent to 5 analyst working days)

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Segments covered in the report:

This report forecasts revenue growth at global, regional & country levels, and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. Grand View Research has segmented the smart materials market by product, application, and region.

  • Product Estimates & Trend Analysis (Revenue, USD Million; 2014 - 2025)

    • Piezoelectric materials

    • Shape memory materials

    • Electrostrictive materials

    • Magnetostrictive materials

    • Phase change materials

    • Electrochromic materials

    • Others

  • Application Estimates & Trend Analysis (Revenue, USD Million; 2014 - 2025)

    • Actuators & Motors

    • Transducers

    • Sensors

    • Structural materials

    • Others

  • Regional Estimates & Trend Analysis (Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • Japan

    • Central & South Africa

      • Brazil

    • Middle East & Africa

      • South Africa

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