The global smart materials market is projected to witness a rapid growth during the forecast period. The study indicates that chemical composition present in the smart materials are responsible for the characteristics of the smart materials it displays. Its response varies depending on the chemical composition of the smart materials used. It is observed that smart materials are dynamic in nature and react to external environments by adapting their properties.
The global smart materials market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share as compared to other regions, the Smart Materials market in Europe market is expected to witness a significant growth and hold the second largest market share during the forecast period. Countries such as France, Italy, and Germany are anticipated to drive the growth of the smart materials market owing to the presence of established automotive industry. The rapidly growing demand for structural materials and mimetic materials has been the main growth driver of the smart materials market in this region. The adoption of new methods in the domains of monitoring of structural health, environmental control, and vibration control is also responsible for the development of the smart materials market in this region.
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In the global smart materials market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of low labor costs coupled with the reduced costs associated with raw materials.
The global smart materials market is projected to reach USD 73 billion at a CAGR of over 14% by the end of the forecast period 2017-2023.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Smart Materials Market Research Report-Forecast to 2023”.
Smart Materials Market Segmentation
The global smart materials market is segmented by products and application. By product segment, the market consists of piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. By application, it is segmented into actuators & motors, transducers, sensors, structural materials, and others.
Some of the key players in the market: APC International (U.S.), Harris Corporation (U.S.), CeramTec (Germany), Kyocera Corporation (Japan), TDK Corporation (Japan), Noliac A/S (Denmark), Wright Medical Group, Inc. (U.S.), Channel Technologies Group (U.S.), LORD Corporation (U.S.) among others.
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Market Research Analysis
The North American market is witnessing rapid growth due to technological advancements and increasing demand for Smart Materials across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of advance solutions.