The smart materials market is expected to grow by USD 48.48 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has published a new market research report on the smart materials market from 2020-2024. (Graphic: Business Wire)
The smart materials market is in its emerging stage as many potential applications of smart materials have not yet been commercialized at a full scale. Hence, various industries such as automotive, aerospace and defense, electrical and electronics, and consumer goods are investing heavily in R&D to explore the possibility of commercialization of smart materials. For instance, NASA has been exploring the possibility of using shape memory alloys to develop tires for its rovers to Mars. Such R&D efforts are expected to result in the development of innovative applications of smart materials, thereby driving market growth.
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As per Technavio, the advances in shape memory alloys with high fatigue life will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Materials Market : Advances in Shape Memory Alloys with High Fatigue Life
Most of the shape memory alloys available in the market have poor fatigue characteristics. Fatigue life refers to the number of loading cycles such as twisting, bending, or compression that an element can survive without exhibiting permanent deformation. These shortcomings limit the use of nitinol for applications that experience 10,000 to 100,000 loading cycles over their useful life. However, recent advances in material sciences have resulted in the development of shape memory alloys that have very high fatigue life. These developments have the potential to increase the use of these alloys in many applications. This is expected to drive the demand for shape memory alloy, thereby driving the growth of the smart materials market during the forecast period.
“Factors such as the growing use of piezoelectric devices and the development of tires with shape memory alloys will have a significant impact on the growth of the smart materials market value during the forecast period,” says a senior analyst at Technavio.
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Smart Materials Market: Segmentation Analysis
This market research report segments the smart materials market by materials (piezoelectric materials, shape memory alloys, thermoelectric materials, rheological fluids, magnetostrictive materials and other materials), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The North American region led the smart materials market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increasing demand for smart materials in the US and the wide-range of applications of smart materials in the medical, automotive, electrical and electronics, and aerospace and defense sectors.
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Some of the key topics covered in the report include:
- Piezoelectric materials
- Shape memory alloys
- Thermoelectric materials
- Rheological fluids
- Magnetostrictive materials
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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