Smart Materials Market Size by Product Type (Piezoelectric Materials, Electrostrictive Materials, Magnetostrictive Materials, Shape-memory Alloy Materials, Electrochromic Materials, Phase Change Materials, and Others), by Application (Transducers, Actuators & Motors, Sensors, Packaging, Structural & Building Materials, and Others), and by End-User (Industrial, Defense & Aerospace, Automotive, Healthcare, Consumer Electronics, and Others)- Global Opportunity Analysis and Industry Forecast 2022-2030

Smart Materials Market

Industry:  Materials & Chemicals | Publish Date: Sep 2023 | No of Pages:  N/A | No. Tables:  N/A | No. Figures:  N/A

Market Definition

The Smart Materials Market was valued at USD 70.14 billion in 2021 and is predicted to reach USD 251.20 by 2030 with a CAGR of 15.5% from 2022 to 2030.

Smart materials are advanced materials that are capable to alter one or more properties via the application of external stimuli in a controlled manner. These materials possess properties that can change and respond to a broad range of stimuli, including temperature, electric & magnetic fields, pressure, mechanical stress, hydrostatic pressure, pH change, and nuclear radiation. Some instances of smart materials include photovoltaic, shape-memory alloy, magnetic shape memory, smart inorganic material, pH-sensitive polymer, and piezoelectric materials among others. Smart materials are utilized in applications such as structural materials, engines, transducers, and actuators in order to improve accuracy & efficiency and optimize their performance.

Market Dynamics and Trends

The demand for smart materials is gaining traction due to the rapid adoption of these materials by the automotive sector to develop vehicles that can sense damage, and gather performance data for the design and engineering processes. Also, the growing awareness of industrial work safety among employees for protection against hazardous chemicals is further driving the growth of the smart materials market.

Furthermore, smart materials are gaining popularity in the healthcare industry owing to their usage in biomedical equipment, particularly for their exceptional properties including biocompatibility and biodegradability. The increasing deployment of smart materials such as sensors and actuators to develop smart medical devices within the healthcare industry is boosting the smart materials market growth.

For instance, piezoelectric materials can be employed for monitoring various bodily signals as they convert mechanical energy into electrical signals. Many human vital signs consist of rhythmic activities like breathing or heartbeat, and these materials are especially applicable in monitoring dynamic pressure changes.

The limited availability of smart materials results in high purchasing costs as the suppliers of these materials charge high rates for the components. It results in high production costs for the end-use industries which are expected to restrain the growth of the smart materials market. On the other hand, the characteristics of smart materials are impacted if exposed to sun, fire, moisture, and water. The adoption of smart materials including thermal composite hydrogel and bi-layer SMP composites in applications such as 4D printing is further expected to create ample opportunities for the smart materials market in the near future.


Market Segmentation and Scope of Study

The global smart materials market is segmented on the basis of product type, application, end-user, and geography. Based on product type, the market is classified into piezoelectric materials, electrostrictive materials, electrostrictive materials, shape-memory alloy materials, electrochromic materials, phase change materials, and others. Based on the application, the market is segmented into transducers, actuators & motors, sensors, packaging, structural & building materials, and others. On the basis of end user, the market is categorized into industrial, healthcare, defense & aerospace, automotive, consumer electronics, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising North America, Europe, Asia-Pacific, and RoW.


Geographical Analysis

North America dominated the global smart materials market in 2021 and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the growing adoption of smart materials in the aerospace & defense industry due to an upsurge in the exports and consumer base in the region. The growing aerospace and defense manufacturing industry along with the increased investments by the regional government in aerospace and defense is accelerating the growth of the market in the region.

For instance, in December 2021, the president of the United States signed the National Defense Authorization Act (NDAA) approving an investment of USD 768.2 billion in military spending for 2022, including a 2.7% pay boost for service members. Also, the growing adoption of smart materials such as shape-memory alloys and piezoelectric materials in robotics is expected to support the growth of the smart materials market in this region.

For instance, in June 2022, mechanical engineers at Stanford University developed multifunctional wireless robots to improve health outcomes while minimizing procedure invasiveness. These new biomedical devices are developed by combining a range of cutting-edge smart materials into their designs.

Asia Pacific is projected to exhibit substantial growth in the global smart materials market owing to the rising development of electronics and automobile industries in several countries across the region, especially in China, Japan, and India. According to the China Academy of Information and Communications Technology (CAICT), the total consignment of 5G mobile phones in China was 266 million units in 2021, which is 75.9% of total mobile phone shipments and a year-on-year increase of 63.5%.

Also, the growing use of smart materials in consumer electronics coupled with the increasing electronic manufacturing industry in major economies such as India and China are further accelerating the growth of the smart materials market in the region. According to Semiconductor Industry Association as of July 2021, China is the world’s largest manufacturing hub, producing 36% of the world’s electronics including smartphones, computers, cloud servers, and telecom infrastructure cementing the country as the largest node in the global electronics supply chain.


Competitive Landscape

The smart materials market includes several market players such as TDK Corporation, CTS Corporation, Channel Technologies Group, Cerametrics Inc, CeramTech GmbH, APC International Ltd, Lord Corporation, Fort Wayne Metals, Advanced Cerametrics, Inc., and Wright Medical Group among others. These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global smart materials market.

For instance, in June 2022, Murata Manufacturing Co., Ltd. developed "Type ABR," a compact wireless module containing a built-in wireless microcontroller from NXP semiconductors. N.V. Murata developed ‘Type ABR’ as a solution to enable Wi-Fi functionality just by entering some simple commands. Also, in January 2020, Gentex Corporation developed an innovative lighting technology for medical applications that was co-developed with Mayo Clinic. This new smart lighting system combines ambient room lighting with camera-controlled, adaptive task lighting to optimize illumination for surgical and patient-care environments.


  • The smart materials market report provides a quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

  • The study comprises a deep dive analysis of the smart materials market trend including the current and future trends for depicting the prevalent investment pockets in the market.

  • The information related to key drivers, restraints, and opportunities and their impact on the smart materials market is provided in the report.

  • The competitive analysis of the market players along with their market share in the smart materials market.

  • The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.


By Product Type

  • Piezoelectric Materials

  • Electrostrictive Materials

  • Magnetostrictive Materials

  • Shape-memory Alloy Materials

  • Electrochromic Materials 

  • Phase Change Materials

  • Others

By Application

  • Transducers

  • Actuators & Motors

  • Sensors

  • Packaging

  • Structural & Building Materials

  • Others

By End User

  • Industrial

  • Defense & Aerospace

  • Healthcare

  • Automotive

  • Consumer Electronics

  • Others

By Geography

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Italy

    • Germany

    • Spain

    • Netherlands

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Taiwan

    • Vietnam

    • Rest of Asia Pacific

  • RoW

    • Latin America

    • Middle East 

    • Africa



  • TDK Corporation

  • CTS Corporation 

  • Channel Technologies Group

  • Cerametrics Inc

  • CeramTech GmbH

  • APC International Ltd

  • Lord Corporation 

  • Fort Wayne Metals 

  • Advanced Cerametrics Inc. 

  • Wright Medical Group