Albany, NY, March 5, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled " Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 ." According to the report, the global smart materials market was valued at US$ 27.74 Bn in 2013 and is projected to reach US$ 63.28 Bn by 2020, expanding at a CAGR of 12.5% between 2014 and 2020.
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Significant growth in the global piezo-electric devices market is anticipated to drive the global smart materials market. Additionally, expansion in the artificial organ and bionics industry is boosting the smart materials market. However, challenges in transforming research and development activities into end-use applications are estimated to hamper market growth. Increasing number of end-use applications is likely to provide immense growth opportunities to the smart materials market in the next few years.
Piezo-electric materials segment dominated the smart materials market in 2013. It is likely to be the fastest growing product type in the global smart materials market during the forecast period. Biomimetic materials followed piezo-electric materials segment in terms of revenue in 2013. Thermally responsive materials product segment is estimated to expand at a moderate rate during the forecast period. Other smart materials segment includes smart hydrogels and smart fluids.
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In terms of volume, actuators & motors held the largest share of the global smart materials market in 2013. The segment accounted for over 54% share of the market in 2013. It is projected to be the fastest growing application segment in the next few years. Rising demand for smart materials-based actuators & motors in the information technology, robotics, automotive, and aerospace industries is driving actuators & motors application segment. The transducers application segment emerged as the second-largest segment in the smart materials market in 2013. The segment is likely to expand at a sluggish rate in the next few years.
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North America dominated the global smart materials market, accounting for more than 38% share in terms of revenue in 2013. The region was followed by Europe and Asia Pacific in terms of revenue in the year. Asia Pacific is anticipated to be fastest growing region in the next few years, owing to increasing demand for smart materials in end-user industries. Rest of the World constituted the smallest share of the smart materials market in 2013. Its share is estimated to rise at a sluggish rate in the next few years as compared to other regions.
The Global Smart Materials Market is a confluence of different markets such as piezo-electric materials, biomimetic materials, thermally responsive materials, and other smart materials. Market dynamics for market are different; few companies operate in more than one market. Key players operating in the smart materials market include Advanced Cerametrics, Inc., APC International, Ltd., LORD Corporation, CeramTec GmbH, Channel Technologies Group, LLC, CTS Corporation, Kyocera Corporation, Noliac A/S, Wright Medical Group, Inc., and TDK Corporation.
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This Report Segments the Global Smart Materials Market as follows:
Smart Materials Market - Product Segment Analysis
- Biomimetic materials
- Piezo-electric materials
- Thermally responsive materials
- Others (including smart fluids, smart hydrogels etc.)
Smart Materials Market - Application Analysis
- Actuators & motors
- Sensors
- Transducers
- Structural materials
- Others (including sports & leisure, energy harvesting devices, mechanical structures etc.)
Smart Materials Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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