Smart Materials Market Revenue to Attain USD 156.99 Bn by 2033

22 Oct 2024

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Table of Content

1. Smart Materials Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Smart Materials Market 4. Smart Materials Market Trends  5. Regional Snapshot 6. Smart Materials Market Coverage 7. Market News

Smart Materials Market Revenue and Trends

The global smart materials market revenue was valued at USD 78.27 billion in 2024 and is expected to attain around USD 156.99 billion by 2033, growing at a CAGR of 8.04% during forecast period. The demand for sensors and actuators is rising in the aerospace, defense, and consumer electronics industries, which contributes to market growth. In addition, the increasing demand for piezoelectric devices fuels the market growth.

Market Overview

Smart materials are active materials that can change their properties when exposed to external stimuli like pressure, temperature, and magnetic or electric fields. These materials are suitable for various environmental conditions and are mostly used in the aerospace industry.

Implementing advanced technologies like Artificial Intelligence (AI) and machine learning in the production process helps increase the production of smart materials, contributing to market expansion. AI algorithms can be used to analyze datasets and help professionals identify better materials and their use across several applications. Moreover, robotic implementation enables efficient production without human intervention. The increasing demand for Internet of Things (IoT) devices in various industries further boosts the demand for smart materials.

Report Highlights of the Smart Materials Market

• On the basis of product, the piezoelectric materials segment held the largest share of the market in 2023, as they generate mechanical charge when stress is applied that converts energy. These materials are widely used in medical devices, sensors, and vibration-based systems. The increasing demand for smart sensors further contributed to segmental dominance. On the other hand, the shape memory materials segment is projected to expand at a rapid pace in the coming years due to their ability to retain their original shape after heat or current is applied.
• Based on application, the actuators & motors segment dominated the market for smart materials in 2023. This is due to their extensive use in smart devices, which further helps in controlling the system efficiency. They are widely used in the healthcare and defense systems. On the other hand, the structural materials segment is expected to grow at the fastest rate during the forecast period due to their rising adoption in the construction and automotive industries.

Smart Materials Market Trends 

• Increasing demand from the electronics industry: With the rising production of smartphones, tablets, and wearables, there is a high demand for smart materials in the electronics industry. These materials help maintain the overall performance of the devices. 
• Rising use of medical devices: The rising adoption of medical devices significantly drives the growth of the market. Smart materials play a key role in medical devices to maintain performance. Smart materials like piezoelectric are widely used to develop diagnostic equipment. In addition, the rising demand for wearable devices that help with remote patient monitoring further boosts market growth. 
• Increasing research and development: Ongoing research and development programs to enhance the functionality and durability of these materials and explore the area of applications ultimately expand the market for smart materials. Several market players are investing heavily in R&D to boost their production efficiency.
• Rising demand for energy storage: With rising energy sources like wind and solar, there is a need for energy storage devices, which raises the demand for smart materials. Moreover, its use in the automotive industry for electric vehicle batteries drives the growth of the market.

Regional Snapshot

North America dominated the smart materials market in 2023. This is mainly due to well-established infrastructure and the availability of advanced technologies in countries like the U.S. and Canada. Moreover, the government also provides support to boost the production of smart materials by investing more in research and development. Advances in materials science, the increasing production of automobiles, and the high usage of cutting-edge technologies further contributed to regional dominance. On the other hand, the Asia Pacific is expected to witness the fastest growth in the market in the near future due to the rising demand for advanced electronic devices. Moreover, increasing infrastructure developments boost the market in the region.

Smart Materials Market Coverage

Market News

• In September 2024, Li Auto and Covestro, a leading Germany-based materials manufacturer, signed a strategic cooperation agreement at Covestro's integrated Shanghai base in the Shanghai Chemical Industry Park. The two companies will form a joint innovation platform to advance the research and development of smart materials for future mobility, promoting the economy and reducing the carbon emissions in the automotive value chain. 

Market Segmentation

By Product

• Piezoelectric Materials
• Shape Memory Materials
• Electrostrictive Materials
• Magnetostrictive Materials
• Phase Change Materials
• Electrochromic Materials
• Others

By Application

• Actuators & Motors
• Transducers
• Sensors
• Structural Materials
• Others

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