SMART MATERIALS MARKET ANALYSIS

Smart Materials MarketSize and Trends

Market- Trends

Increasing technological advancements have resulted in increased use of developed materials rather than conventional materials such as polymers, metal, and glass in various industries such as 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 and others. The use of smart materials require 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 Sirris to educate companies about the various applications of smart materials that 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 for connected 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. Asia Pacific 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 sector has led to innovation of medical devices. The key restraint for smart materials lies in manufacturing costs for large quantities in different applications at effective yields.