Smart Materials Market to Soar at 12.5% CAGR till 2020, Industry to Benefit from Augmented Demand for Smart Structural Systems - Transparency Market Research

Jan 19, 2016, 11:30 ET from Transparency Market Research

ALBANY, New York, January 19, 2016 /PRNewswire/ --

Transparency Market Research (TMR) has announced the release of a new report, titled "Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to this report, the global smart materials market will expand at a CAGR of 12.5% during the forecast period from 2014 to 2020. In 2013, the global smart materials market was worth more than US$27.7 billion and by 2020, it is expected to be worth over US$63.2 bn.

The global smart materials market is driven by the rising popularity of piezoelectric devices. These devices serve various markets such as industrial equipment, security and defense, aerospace, automotive, medical, commercial sonar, power generation and flow monitoring, and home goods. Furthermore, the rapidly expanding artificial organ and bionics industry will also fuel the overall smart materials market. Players in the global smart materials market will benefit from the rising number of end-use applications of smart materials. Nevertheless, the global smart materials market is experiencing challenges to transform R&D of smart materials into end-use applications.

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On the basis of product, the global smart materials market is divided into piezo-electric materials, biomimetic materials, thermally responsive materials, and others. In 2013, the piezo-electric segment led the global smart materials market. This segment is projected to lead the global smart materials market in the foreseeable future. The biomimetic materials segment trailed piezo-electric materials in terms of value the same year. On the other hand, the thermally responsive materials sector is expected to show moderate growth during the forecasting horizon.

By application, the global smart materials market is divided into structural materials, transducers, sensors, actuators and motors, and others. By volume, the actuators and motors sector dominated the global smart materials market in 2013. The actuators and motors segment held a share of more than 54% in the global smart materials market. This segment will enjoy the fastest growth in the coming few years. The transducers sector emerged as the second-largest sector in the global smart materials market. Nevertheless, the transducers sector is expected to show sluggish growth during the forecast period.

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Region-wise, the global smart materials market is classified into Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2013, North America dominated the global market for smart materials. North America accounted for more than 38% of the revenue in the global smart materials market. According to the report, Asia Pacific will experience the fastest growth in the coming few years due to the rising demand for smart materials from its end-use industries. On the contrary, RoW held the smallest share in the global smart materials market in 2013.

The market dynamics are different for each product sector of the smart materials market, however, many companies can be seen to be successfully operating in more than one market sector. Some of the key players operating in the global smart materials market are TDK Corporation, Wright Medical Group, NOLIAC A/S, Kyocera Corporation, CTS Corporation, Channel Technologies, CeramTec, LORD Corporation, APC International, and Advanced Cerametrics.

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This Report Segments the Global Smart Materials Market as follows: 

Smart Materials Market - Product Segment Analysis 

  • Biomimetic materials
  • Piezo-electric materials
  • Thermally responsive materials
  • Others (including smart fluids, smart hydrogels etc.)

Smart Materials Market - Application Analysis 

  • Actuators & motors
  • Sensors
  • Transducers
  • Structural materials
  • Others (including sports & leisure, energy harvesting devices, mechanical structures etc.)

Smart Materials Market - Regional Analysis 

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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