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Auguest 31, 2021, New York, USA - Smart Materials are those materials that can be modified in a certain fashion. They respond to external stimuli and could be altered in magnetic fields, stress, temperature, nuclear radiation, and chemical properties. They can also be called responsive materials. They can change their shape and behavior according to size, shape, chemical, light, and heat.
It is a fundamental technology in science and a cutting-edge technology.
The Global Smart Material Market overview-
The Global smart material market is expected to reach $US 98.2 billion by the year 2025. It is expected to expand at a CAGR of 13.5% over the forecast period 2021-2025.
The Geographical Distribution of the Smart Material Market is North America, followed by Asia-Pacific, Europe. North America is expected to have the highest share globally with 39.54 % of the market share. The increasing usage of applications in the aerospace and defense industry has also spurred the demand for smart materials in this region.
Europe also held the second-largest share due to the increasing demand in the developed countries such as Switzerland, UK, France, and Germany. Asia-Pacific is also expected to register an outstanding growth over the forecast period with increasing demand from China, Japan, and India. The reason for the Asia-Pacific market expected to grow at a higher rate is due to the fact that there have been many collaborations between the manufacturers and various research organizations and which is likely to present new and innovative avenues in the market driving the overall Asia-Pacific domain.
The demand for the structural material application is expected to grow at a satisfactory rate and the highest during the forecast period. This is due to the reasons such as adaptive materials in structural manufacturing, health monitoring, and green building materials. The various requirements about efficient vibration, noise control systems, ultrasonic motors, and standard industrial actuators will also be in the long run.
The key players in the market are also focusing on introducing innovative techniques which will likely make the market size increase in the forecast period.
By product categorization, the piezoelectric product will hold the largest market share and will continue to hold the same during the forecast period. This is because there has a been a rising demand for the piezoelectric product market in various industries such as defense, automotive, healthcare, information, communication, and various manufacturing industries. It is followed by Shape Memory Alloys. The market share of shape memory alloys is expected to garner 19% of the market share. This is because there has been increasing use of shape alloys in industries such as medical and surgical, prosthetic devices, and stents. This very demand is expected to boost over the forecast period.
By the application of the global smart material market, the actuators and motors are expected to grow at a rate of 48% of the market share. The actuators are the various components of the machine which react to a change in the mechanical property and any kind of dimensional change. The rising demand for this market share is expected in industries such as automotive, aerospace, and consumer goods.
There is a very strong value chain analysis and wherein there are a large number of stakeholders from the raw material providers to the end-users.
The top players in the Smart Material Market are-
LCR Hall crest
Fort Wayne Metals
Nitinol Devices and Components
The ever-changing demographic-
The Smart materials market is also changing its demographics due to the older centric population. These products help reduce the daily complexities of life and the demand is expected to increase at a significant rate for which there needs to be an increasing level of innovation for the smart material market. The hindrance in the smart material market is due to the fact some industries lack the required funds and are unable to develop the resources due to its high adoption cost. Also, the manufacturing costs are one of the prominent restraints in the Global Smart Materials market. The lack of expertise in the designing of the systems has also created various growth barriers in the market.
But to overcome these restraints there have been various creative strategies being adopted by the government as well as non-government organizations to increase the large-scale production of the smart material market.
Hence there has been the introduction of many several initiatives and various programs to encourage the industries and utilize the smart materials which are anticipated throughout the forecast period.
Various government and non-government organizations are focusing on the use of the smart material component due to the growing use of electronics and the rise in the everyday standard of the developed and developing countries such as India and China. The introduction of the internet of things has also augmented the use of the market and increased the demand for connecting devices.
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