Smart Materials Market Size To Reach $133.10 Billion By 2030

Smart Materials Market Growth & Trends

The global smart materials market size is expected to reach USD 133.10 billion by 2030, registering a CAGR of 8.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Extensive research & innovation activities have widened the industrial applications of smart material. Augmented use of smart actuators & motors, sensors, and structural materials is anticipated to bolster the demand over the next few years.

Smart materials are advanced products, which can sense and respond to a broad range of stimuli, including electric and magnetic fields, temperature, pressure, mechanical stress,hydrostatic pressure, nuclear radiation, and pH change. Unique properties of these products allow them to revert to their original state after removal of the stimuli.

Piezoelectric, shape memory, electrostrictive, magnetostrictive, phase change, and electrochromic materials have gained wide industrial acceptance in the recent past. Furthermore, ferromagnetic shape memory alloys, electroactive polymers, conductive polymers, and carbon nanotube actuators are few of the emerging materials in the market, with strong application potential.

North America was the leading region in the global market in 2023, primarily owing to significant demand for smart actuators & motors in key industries such as automotive, consumer goods, and aerospace. Europe accounted for the second-largest share of the market in 2023, followed by Asia Pacific. Asia Pacific is anticipated to exhibit a remarkable growth over the forecast period, owing to significant research activities supported by the government.

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Smart Materials Market Report Highlights

• The global smart material market was valued at USD 72.36 billion in 2023 and is estimated to grow at a CAGR of 8.0% from 2024 to 2030, owing to increasing demand from key verticals such as aerospace, consumer electronics, and aerospace.

• Considerable growth of piezoelectric devices in numerous end-user industries has boosted the product demand over the past few years, thereby enabling this product category to remain the dominant segment, with a share of over 50%.

• The dominance of the piezoelectric product segment can be primarily attributed to the rising demand in applications such as hydrophones, sonar, speakers, buzzers, gas igniters, and sporting equipment.

• Shape memory materials are predicted to experience the fastest growth over the forecast period, owing to rapid emergence of the product in medical sub-segments such as stents, dental braces, medical textiles, prosthetics, and surgical fixation devices.

• Requirements pertaining to efficient vibration & noise control systems, ultrasonic motors, fuel injection systems, and standard industrial actuators have motivated the product demand in actuators & motors application segment.

Smart Materials Market Segmentation

Grand View Research has segmented the global smart materials market based on product, application, and region:

Smart Materials Application Outlook (Revenue, USD Million, 2018 - 2030)

• Actuators & Motors

• Transducers

• Sensors

• Structural materials

• Others

Smart Materials Product Outlook (Revenue, USD Million, 2018 - 2030)

• Piezoelectric materials

• Shape memory materials

• Electrostrictive materials

• Magnetostrictive materials

• Phase change materials

• Electrochromic materials

• Others

Smart Materials 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

List of Key Players in the Smart Materials Market

• Kyocera Corporation

• TDK Corporation

• CHANNELL COMMERCIAL CORPORATION

• Parker Hannifin Corp (LORD Corporation)

• Wright Medical Group N.V.

• CeramTec GmbH

• APC International Ltd.

• CTS Corporation