Smart
materials have the ability to alter one or more properties when a
controlled external stimuli such as stress, temperature, moisture,
pH, electric and magnetic fields are applied on the material.
Piezoelectric, magneto-rheostatic, electSmart Materials Industry
Insightsro-rheostatic, and other shape memory alloys are the most
widely used smart materials. Properties such as viscosity, volume,
and conductivity can be altered as per requirement in end
applications. The smart material market is segmented on the basis of
type which includes biomimetric materials, piezo-electric materials,
thermally responsive materials and others. The piezoelectric
materials segment dominated the smart materials market. Smart
materials are adaptive to different environmental and operational
conditions. Increased investments in R&D to innovate new smart
materials has resulted in broadened applications in automotive,
construction, healthcare, aerospace, chemical industries. Shape
memory alloys has wide range of applications in manufacturing
actuators and motors. Piezoelectric and electro-rheostatic materials
are widely used in permeated households and automotive applications.
Universities and key players are conducting research on smart
materials to increase the elasticity of the materials to increase the
application of smart materials to be used in health care industry for
artificial muscles in prosthetics. Automobile industryis leaning
towards replacing conventional materials with smart materials to
manufacture highquality vehicles termed as 'smart vehicle'.
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Global
Smart Materials Market Taxonomy
The
global smart materialsmarket is classified on the basis of the
following segments:
-
By product type
-
Piezoelectric materials
-
Electro-rheostatic
-
Magneto-rheostatic
-
Shape memory materials
-
Smart fluids
-
Smart hydrogels
-
Electrochromic materials
-
Others
-
-
Application
-
Actuators & motors
-
Sensors
-
Transducers
-
Structural materials
-
Others
-
-
End-user
-
Industrial
-
Defense
-
Aerospace
-
Automotive
-
Consumer electronic
-
Healthcare
-
Prevalent
Scenario in Smart Materials
Market
Increasing
technological advancements has resulted use of developed materials
rather than conventional materials such as polymers, metal, and glass
in various industries such as industrial, automotive, consumer
electronics, and healthcare, among others. The property of smart
materials to change one or more of its properties due to external
stimulus is driving the usage of smart materials for various
applications such as transducers, actuators & motors, structural
materials among others. The use of smart materials requires high
investments. Various governmental and non-governmental bodies are
focusing on increasing awareness and fuel uptake of smart materials.
For instance, Centexbel launched a new TIS action along with with
Sirris to educate companies about the various applications of smart
materials, which are available commercially. The increased demand for
consumer electronics and wide range of applications for smart sensors
by the end users act as a driving factor for growth of the smart
materials market. The introduction of Internet of things (IoT) and
the increased demand forconnected devices is driving market growth
globally. Europe contributes a major market share, due to its growing
automobile and electronics industries as well as energy sector.
AsiaPacific market is expected to be the fastest growing market for
smart materials, due to growing electronics market and improved
standard of living in emerging economies such as China and India. Use
of smart materials in the healthcare sectorhas led to innovation of
medical devices. The key restraint for the smart materials lies in
manufacturing costs for large quantities in different applicationsat
effective yields.High costs in manufacturing and high investment in
research and development investments hamper growth of the smart
materials market.The market has high potential and large numbers of
manufacturers are focusing on offering innovative products to enhance
their market share. The new prospects for smart material
products would have its applications in engineering sector for
manufacturing control devices, self-detection, self-diagonistic and
other devices.
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Fragmented
Market
The
global smart materials market is highly fragmented due to the
participation of many established and emerging players in the smart
materials market. Major players involved in the market include TDK
Corporation (Japan), CTS Corporation (U.S.), Optotune AG
(Switzerland), AMM Technologies (Italy), Lord Corporation (U.S.),
Fort Wayne Metals (U.S.), AI Technology Inc. (U.S.), AVX Corporation
(U.S.), Advanced Cerametrics,Inc., (U.S.), Wright Medical Group
(U.S.).
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