Smart Materials Market

Smart Materials Market Overview

The global Smart Materials Market size was valued at USD 63.51 billion in 2023 and is predicted to reach USD 159.34 billion by 2030 with a CAGR of 14.0% from 2024-2030.

Smart material also known as advanced materials are defined as materials that respond to external stimuli in a controllable and reversible manner, altering their properties based on factors such as temperature, pressure, or mechanical stress. These smart materials are being increasingly utilized across various sectors due to their innovative applications, which include sportswear that adjusts ventilation based on humidity and temperature, buildings that adapt to environmental conditions, and advanced drug delivery systems that release medication upon detecting infections.

Examples of smart materials include shape memory alloys, piezoelectric materials, thermochromic materials, and self-healing polymers. As industries continue to seek materials that offer greater functionality and adaptability, the smart materials industry is expected to experience significant expansion.

Market Dynamics and Trends

Rising adoption of smart materials in the aerospace and automotive sectors is driven by the need for lightweight, durable, and adaptive materials, which in turn enhances vehicle performance, improves fuel efficiency, and leads to better safety innovations.

As manufacturers aim to meet stricter environmental regulations and consumer demand for high-performance vehicles, the integration of smart materials becomes increasingly essential. For instance, in February 2024, the German Aerospace Center (DLR) launched the "Quantum Materials Simulation" project to develop algorithms and software tools for simulating complex materials at the quantum level, with applications in aerospace engineering and energy storage. This initiative aims to enhance material design through quantum computing and collaborating with industry partners such as Airbus and Siemens.

Moreover, increasing demand of smart materials in medical devices and implants is driven by their ability to interact with biological systems, leading to enhanced biocompatibility and targeted drug delivery that in turn improves patient care and treatment outcomes. As a result, healthcare providers are increasingly incorporating these materials into advanced therapies to achieve more effective and personalized medical solutions.

For example, in July 2024, Samsung launched the Galaxy Ring, its first smart ring, designed for health and fitness tracking, featuring AI-powered insights and crafted from durable titanium. This innovative wearable exemplifies the use of smart materials, integrating advanced sensors for continuous health monitoring while maintaining a lightweight and elegant design suitable for all-day wear. However, high production cost for research and development is hindering the smart materials market growth.

On the other hand, the rapid adoption of nanoparticles into smart materials due to their small size and high efficiency creates ample opportunity growth for the market. This improves drug delivery systems, energy storage, and materials that respond quickly to environmental changes that opens new possibilities in healthcare and technology.

For instance, in April 2024, SiAT partnered with Zeon to introduce a single-walled carbon nanotube (SWCNT) conductive paste that enhances lithium-ion battery performance by improving conductivity and energy density.

This development exemplifies the potential of smart materials, as SWCNTs provide unique electrical properties that leads to advanced applications in energy storage and flexible electronics.

Market Segmentation and Scope of Study

The smart materials market report is segmented on the basis of product type, application, end-user, and region. Based on product type, the market is classified into piezoelectric materials, electro-rheostatic, and magneto-rheostatic. Based on the application, the market is segmented into transducers, actuators and motors, and sensors. On the basis of end user, the market is categorized into residential, commercial and industrial. Regional breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the smart materials market share during the forecast period. This is attributed to the increasing healthcare expenditure that supports the adoption and development of nanotechnology within the healthcare industry. Consequently, healthcare providers are increasingly integrating these advanced materials into therapies, resulting in more effective and personalized medical solutions.

As per the report published by the World Bank, the total expenditure on healthcare from the U.S. is approximately 16.57 percent of the overall GDP in the year 2022. Moreover, Canada’s healthcare expenditure is recorded at 11.15 percent of the GDP for the year of 2022.

Also, the leading companies are adopting various business strategies including innovative launches which in turn is boosting the market growth. For instance, in June 2024, Metso launched the pCAM plant, an advanced solution for manufacturing precursor cathode active materials essential for lithium-ion batteries, emphasizing energy efficiency and sustainability through innovative technology integration.

This development is widely related to smart materials as it utilizes intelligent systems and process controls to enhance production efficiency and reduce environmental impact that aligns with the growing demand for high-performance battery components.

On the other hand, Asia-Pacific is emerging as the fastest-growing region in the smart materials industry due to the increasing adoption of electronic appliances aimed at enhancing lifestyle among its expanding population.

This growth is further fueled by major companies driving innovation in the market. According to World Bank data, population growth in Asian countries is accelerating, with India reaching 1.43 billion people and China at 1.41 billion in 2023. This substantial population increase highlights the expanding adoption of consumer goods and electronics in the region.

Additionally, the rising telecom industry is driving the adoption of smart materials due to the need for advanced, responsive components that can handle the increased demands of 5G networks and high data consumption. Smart materials offer enhanced performance and durability for telecom infrastructure, such as flexible and self-healing materials for improved network reliability and efficiency.

According to a report published by the Chinese government, China's telecommunications industry recorded a revenue of USD 140.51 billion in the first seven months of 2023, a 6.2% increase year-on-year, driven by strong growth in emerging businesses and 5G services. The robust performance of the sector highlights its importance in China's economic strategy, as the country continues to prioritize digital transformation and technological advancement.

Competitive Landscape 

The smart materials industry includes several key market players including TDK Corporation, CTS Corporation, Channel Technologies Group, Cerametrics Inc., CeramTech GmbH, APC International Ltd., Lord Corporation, Evonik, Advanced Cerametrics Inc., Smart Materials Corp. and others.

These market players are opting various strategies such as product launches to maintain their dominance in the global smart materials market. For instance, in May 2024, TDK Corporation launched the IS-BP series of radio wave absorbers, which incorporate over 25 wt% biomass material derived from sugarcane, achieving a 13% reduction in CO₂ emissions compared to traditional products. This development aligns with the smart materials industry by showcasing a shift towards sustainable materials that maintain performance standards while addressing environmental concerns.

Key Benefits

• The report provides quantitative analysis and estimations of the smart materials market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future smart materials market trends to depict prevalent investment pockets in the industry.

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

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on the study.

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

Smart Materials Market Key Segments

By Product Type 

• Piezoelectric Materials

• Electro-Rheostatic

• Magneto-Rheostatic

By Application 

• Transducers

• Actuators And Motors

• Sensors

By End User 

• Residential

• Commercial 

• Industrial

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World

  • Latin America

  • Middle East

  • Africa

Key Players

• TDK Corporation

• CTS Corporation

• Channel Technologies Group

• Cerametrics Inc.

• CeramTech GmbH

• APC International Ltd.

• Lord Corporation

• Evonik

• Advanced Cerametrics Inc.

• Smart Materials Corp.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 63.51 Billion
Revenue Forecast in 2030	USD 159.34 Billion
Growth Rate	CAGR of 14.0% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Rising adoption of smart materials in the aerospace and automotive sectors is driving the growth of market. Increasing demand of smart materials in medical devices and implants is boosting the market expansion.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.