Smart materials market
Smart materials are a class of reactive materials that change some of their properties in response to a change in external environmental conditions.
Increasing demand for piezo-electric devices in a range of end-user applications is likely to trigger growth in the smart materials market. These are used in medical devices, robotics, information and communications technology, automobiles and so on. Piezoelectric devices typically have good accuracy, high torque, high responsiveness, and energy saving properties.
Artificial organs are made up of biomimetic materials with electronic components and systems, which are integrated into the human body and act as a replacement for natural organs. Challenges in implantation research and development may hamper the growth of this market.
Product segments include:
Piezo-electric materials were the largest segment of the market in 2016 in terms of revenue and are expected to expand at an even faster rate over the coming years. Biomimetic materials held the second largest share of the market in 2016. Thermally responsive materials are expected to expand at a moderate rate in the future.
On the basis of application, the market for smart materials is divided into:
- Actuators and motors.
- Sensors
- Transducers
- Structural materials.
- Others.
Actuators and motors dominated the market in 2016 and are expected to remain the leading segment over the forecast period, expanding at the fastest rate compared to all other applications. The piezoelectric actuators are widely used in smartphones and wearables and are driving growth due to the vast shift in the market trend towards the efficiency of electronics.
On the basis of region, the market is segmented into; North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America leads the market and is expected to experience high demand for smart materials in electrical and electronics, information technology, construction, and healthcare.
The key players in the market include; TDK Corporation, CTS Corporation, Wright Medical Group, CeramTec, NOLIAC A/S, Kyocera Corporation, APC International, Channel Technologies, LORD Corporation, and Advanced Cerametrics among others.
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