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Smart Materials Market to Soar at 12.5% CAGR till 2020
January 19, 2016 | PRNewswireEstimated reading time: 2 minutes
Transparency Market Research (TMR) has announced the release of a new report, titled "Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to this report, the global smart materials market will expand at a CAGR of 12.5% during the forecast period from 2014 to 2020. In 2013, the global smart materials market was worth more than US$27.7 billion and by 2020, it is expected to be worth over US$63.2 bn.
The global smart materials market is driven by the rising popularity of piezoelectric devices. These devices serve various markets such as industrial equipment, security and defense, aerospace, automotive, medical, commercial sonar, power generation and flow monitoring, and home goods. Furthermore, the rapidly expanding artificial organ and bionics industry will also fuel the overall smart materials market. Players in the global smart materials market will benefit from the rising number of end-use applications of smart materials. Nevertheless, the global smart materials market is experiencing challenges to transform R&D of smart materials into end-use applications.
On the basis of product, the global smart materials market is divided into piezo-electric materials, biomimetic materials, thermally responsive materials, and others. In 2013, the piezo-electric segment led the global smart materials market. This segment is projected to lead the global smart materials market in the foreseeable future. The biomimetic materials segment trailed piezo-electric materials in terms of value the same year. On the other hand, the thermally responsive materials sector is expected to show moderate growth during the forecasting horizon.
By application, the global smart materials market is divided into structural materials, transducers, sensors, actuators and motors, and others. By volume, the actuators and motors sector dominated the global smart materials market in 2013. The actuators and motors segment held a share of more than 54% in the global smart materials market. This segment will enjoy the fastest growth in the coming few years. The transducers sector emerged as the second-largest sector in the global smart materials market. Nevertheless, the transducers sector is expected to show sluggish growth during the forecast period.
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