Smart Materials Market Size, Share & Trends Analysis Report By Application (Actuators & Motors, Transducers), By Product (Piezoelectric Materials, Shape Memory Materials), By Region And Segment Forecasts, 2024 - 2030

Smart Materials Market Size & Trends

The global smart materials market size was valued at USD 72.36 billion in 2023 and is projected to grow at a CAGR of 8.0% from 2024 to 2030. Smart materials 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 magnetic fields, electric fields, pressure, moisture, temperature, and chemicals. Rising demand for sensors and actuators in aerospace & defense, consumer electronics, and consumer goods have propelled the demand.

Rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric devices. 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.

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.

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.

Application Insights

The actuators & motors segment accounted for the largest market share of 60.4% in 2023. The continuous progress in materials science and manufacturing methods enables the development of actuators and motors that are smaller and lighter. Thus, making them appropriate for use in confined spaces. The smooth incorporation of actuators and motors with electronic systems, like sensors and controllers, allows for more advanced and smart capabilities. These are some of the key factors attributed to the segment's growth.

The structural materials segment is expected to register the fastest CAGR of 8.4% during the forecast period. The structural materials are capable of enduring severe conditions, such as temperature changes, vibrations, and impacts, which makes them suitable for use in challenging environments. Moreover, intelligent structural materials such as shape-memory alloys and self-healing composites can be utilized to design lighter and tougher structures, enhancing fuel efficiency in transportation and lessening the total weight of buildings.

Product Insights

The piezoelectric materials segment dominated the market and accounted for a share in 2023. Piezoelectric actuators can handle movement and location, which is advantageous in various fields such as robotics, medical equipment, and automotive technology. The growth of the market is propelled by the advancement of new piezoelectric materials that have improved properties, including higher piezoelectric coefficients and increased durability.

The Shape memory materials (SMMs) segment is expected to register the fastest CAGR during the forecast period. The rising demand for SMMs in medical devices, drug delivery systems, and prosthetics to provide customized solutions for patients is resulting in segment growth. It is utilized in actuators, sensors, and aircraft parts offering lightweight and long-lasting options. In addition, SMMs are utilized in car components like grilles, mirrors, and seat belts to improve safety and comfort. These factors are leading to the increased use of SMMs in the smart material market.

Regional Insights

North America smart materials market dominated the market in 2023. Increasing the application scope of the products in the aerospace & defense industry has strengthened the product demand in the region. Additionally, the region has a robust manufacturing infrastructure with a reliable supply chain for raw materials, parts, and manufacturing machinery.

U.S. Smart Materials Market Trends

The U.S. smart materials market dominated the North America market with a share of 77.7% in 2023 due to advancements in material science allowing for the creation of innovative smart materials that are more effective and versatile. The incorporation of cutting-edge sensors and actuators into materials is enhancing their capacity to react to environmental triggers and carry out intricate functions.

Europe Smart Materials Market Trends

The Europe smart materials market was identified as a lucrative region in 2023 due to continuous research and development in institutions and companies leading in the creation of advanced smart materials with improved properties and capabilities.

Asia Pacific Smart Materials Market Trends

Asia Pacific smart materials market is anticipated to witness significant growth in the coming years.The existence of numerous companies and a highly developed healthcare infrastructure is driving the smart materials market in the region. Furthermore, the expanding automobile and electronics sectors and the energy industry as well is necessitating the demand for smart materials.

Key Smart Materials Company Insights

Some key companies in smart materials market include TDK Corporation, Kyocera Corporation, CeramTec GmbH, APC International Ltd., and others. Manufacturers are concentrating on providing products customized to meet different needs of consumers. The companies have gained a competitive advantage through their focus on creating advanced products.

• Kyocera Corporation is a multinational corporation based in Japan. The company manufactures ceramics such as cutting tools and medical devices, electronic parts, semiconductor materials, solar power systems, and office equipment such as printers, copiers, and multifunction devices globally.

Recent Developments

• In July 2024, Kyocera launched a Peltier (thermoelectric) module with enhanced heat absorption capabilities. This new Peltier module's heat absorption rate is 21% higher than the organization’s products, resulting in significantly improved cooling performance.

Smart Materials Market Report Scope

Global Smart Materials Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart materials market report based on product, application, and region. 

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Actuators & Motors

  • Transducers

  • Sensors

  • Structural materials

  • Others

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Piezoelectric materials

  • Shape memory materials

  • Electrostrictive materials

  • Magnetostrictive materials

  • Phase change materials

  • Electrochromic materials

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa