What is Smart Material Market?
The increasing demand for smart materials gaining attention in the biomedical research fields, defence, aerospace, automotive and other industrial branches due to their adjustable physical and chemical properties. Smart material can be defined as it is a wide group of different substances that have been expanded to the materials that transmit, process, or receive a stimulus and respond by producing a useful effect that may comprise a signal that the materials are acting upon it or to environmental changes. It encompasses several properties such as sensing, actuation, control devices technique, self-detection and others. As time will pass by, these materials will be more known of and be more extensively used to meet even the minute needs of the society. There are many types of smart material Piezoelectric, magneto-rheostat, electro-rheostat, and other shape memory alloys are the most widely used smart materials.
The market study is being classified by Type (Piezoelectric, Electrostrictive, Magnetostrictive, Thermoelectric, Shape Memory Alloys and Others), by Application (Construction industry, Aircraft Manufacturing, Pharma & Healthcare, Military, Automobiles and Others) and major geographies with country level break-up.
Smart Material Corporation (United States), Ioniqa (Netherlands), Mide Technology (United States), TDK Corporation (Japan), Vertellus (United States), CTS Corporation (United States), Wright Medical Group (United States), CeramTec (Germany), NOLIAC A/S (Denmark) and Kyocera Corporation (Japan) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Advanced Cerametrics among (United States).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Smart Material market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Material market by Type, Application and Region.
On the basis of geography, the market of Smart Material has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand for Smart Packaging in Consumer Goods Is Also Driving the Scope of the Smart Material in the Market
- Increasing Demand from the Textile Industry and Medical Field
Market Trend
- The Use of Smart Material Almost All the Sectors of Engineering
Restraints
- Cost Associated With Smart Material
Opportunities
- Rapid Growth and Investment in the Research and Development Activities to Develop Innovation in Smart Materials Is Booming the Opportunity of Growth in the Market
Challenges
- Smart Materials Are Complex to Control and Have Limited Bandwidth
Market Leaders and some development strategies
In January 2019 United States Based ANSYS, Inc. Has Signed The Definitive Acquisition Agreement With The Material Intelligence Leader Granta Design. Ansys Is Global Innovator Of Engineering Simulation Software. This Agreement Between Companies Will Help Customer By Offering Access To Material Intelligence. As Company Require Accurate, Traceable, And Reliable Materials Information For Making Smart Materials Choices. Moreover, This Merger Help Customer To Make Smarter Decision When Developing Their Next Generation Products.
In March 2020 University Of Southern California (USC) Has Created New Smart Materials That Can Mimic Electrical Devices By Triggering Different Responses To Sound. This Material Can Encompass Multiple Properties In One Structure, E.G. Transmitting And Damping External Noise Transmission In A Submarine Through Single Device, Moreover This Material Can Recreate Properties Intrinsic To Electronic Devices Such As Switches And Others. To Overcome The Problem Of Traditional Acoustic Materials That Is Complex Geometrics These Material Has Been Invented.
Key Target Audience
Manufacturers of Smart Material, Suppliers of Smart Material, Wholesalers, Distributors and Retailers of Smart Material, Healthcare Industry, Governmental Bodies and Research Firms