Global Smart Materials Industry Foresees growth through rising Applications
The global smart material market is driven by rising demand for piezoelectric devices for several end-use applications including automotive, defense & aerospace, robotics, medical devices, consumer goods, and telecommunication along with the favorable government initiatives & plans. Over the past few years, smart materials have also gained traction in aging population-centric products in order to reduce day-to-day routine complexities and make life easier for them, which in turn is further anticipated to increase market demand for the products over the coming years.
According to the new report offered by DecisionDatabase.com “Global Smart Materials Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast
” expanding bionics & artificial organ industry and increasing R&D investment to optimize quality and cost of the product is also a major factor governing the growth of this market. Growing demand from the emerging economies coupled with the continuous evolution of Internet of Things (IoTs) is also anticipated to have a positive impact on the growth of the market during the forecast period. Constant progress in manufacturing processes and acceptance of enhanced materials has augmented the applications of these materials across various end-user industries. However, lack of research and development is one of the key constraints, which can restrict the market growth.
Smart materials are an intelligent material with extrinsic and intrinsic capabilities that can be changed by external factors such as temperature, pressure, moisture and electromagnetic field to attain the desired effects. These materials are very responsive to their immediate environments and dynamic in nature. They find applications in various fields such as actuators & motors, transducers, and structural materials.
The report on the global smart material market has been segmented based on product into biomimetic materials, piezo-electric materials, thermally responsive materials and others (including smart hydrogels, smart fluids, etc.). The Piezo-electric segment is a leading product segment and is expected to witness a double-digit growth over the forecast period owing to its growing application scope for various end-users due to numerous advantageous properties such as high responsiveness, high precision, and high energy-saving capabilities. Furthermore, the market has been segmented based on application into actuators & motors, sensors, transducers, structural materials and others (including sports & leisure,
energy harvesting devices, mechanical structures etc.). The actuators and motors sector is a major application segment and is anticipated to grow at a significant rate in the study period on account of rising demand in the IT, robotics, aerospace and automotive industries to enhance automobile performance and fuel economy to ensure comfort & convenience across the globe.
The presence of major industry players along with the growing demand of piezoelectric products in the North American region makes it a dominant market compared to other geographies. The report also foresees growth of various end-user industry in the Asia- Pacific region, thus anticipates high CAGR growth in this region under the study period.
Key industry players covered in the study are TDK Corporation, Wright Medical Group, NOLIAC A/S, Kyocera Corporation, CTS Corporation, Channel Technologies, CeramTec, LORD Corporation, APC International, and Advanced Cerametrics.
In Oct 2013, MedShape, Inc., an Atlanta, based medical device company, has invested USD 11 million to launch of Eclipse Soft Tissue Anchor, a smart materials orthopedics technology
In Feb 2014, Bolton scientists have commercially launched the 'smart' material that could revolutions phone and laptop charging, by harnessing nature’s energy.
In Jan 2015, Startupbootcamp HighTechXL along with Brightlands Chemelot has jointly introduced the Startupbootcamp program to provide mentorship, funding, access, and office space to a network of investors, industry partners and venture capital firms deals in Smart Materials.
In March 2016, Oxfordshire’s has launched a cutting-edge ePSIC center (electron Physical Sciences Imaging Centre) for nanoscale materials research.
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