About Smart Material
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Smart Material market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Advanced Cerametrics among (United States).
Segmentation Overview
AMA Research has segmented the market of Global Smart Material market by Type (Piezoelectric, Electrostrictive, Magnetostrictive, Thermoelectric, Shape Memory Alloys and Others), Application (Construction industry, Aircraft Manufacturing, Pharma & Healthcare, Military, Automobiles and Others) 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). If we see Market by Components, the sub-segment i.e. Data Acquisition (Tactile sensing) will boost the Smart Material market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Shape Memory Alloys Phases, the sub-segment i.e. Martensite (Low-Temperature Phase) will boost the Smart Material market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Use of Smart Material Almost All the Sectors of Engineering
Market Growth Drivers:
Growing Demand for Smart Packaging in Consumer Goods Is Also Driving the Scope of the Smart Material in the Market and Increasing Demand from the Textile Industry and Medical Field
Challenges:
Smart Materials Are Complex to Control and Have Limited Bandwidth
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
Market Leaders and their expansionary 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
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.