Smart Materials: A Technical and Market Assessment
The worldwide smart materials market is estimated at $8.1 billion in 2005 and is expected to rise at an average annual growth rate (AAGR) of 8.6% to $12.3 billion in 2010.
Piezo-smart materials account for practically 50% (or simply 50%) of the total smart material market. In 2010, they will keep its leading position. However, growth, at an AAGR of 5.5%, will lag that of the overall market.
The magnetostrictive, biomimetics, chemoresponsive and fiber optics have all average annual growth rates in the double digit range while thermoresponsive materials and fluids are in the high single digit range.
Currently, the total amount of the biomimetic and thermoresponsive categories account for nearly 30% and 15% of the total smart material market respectively.
The term smart materials refers to a class of materials that are able to respond dynamically to external stimulus like heat, humidity, ultraviolet light or pressure among others. Smart materials systems have sensing and actuating functions that can be used for a wide range of engineering and commercial applications.
Piezoelectric materials including categories such as crystals, ceramics, polymers and composites are one of the main categories. Their smart properties were initially found more than 125 years ago, but their first main applications did not arrive until the second half of last century. In quantitative terms, thermoresponsive materials including SMA and polymers next to biomimetics are a second important category.
This BCC market research report evaluates to what extent the smart materials have found their way into the commercial market. The study shows the size of the smart materials market in Asia/Pacific, Europe, U.S. and the Rest of the World areas. Most of the production of piezoelectric materials is done in the Asia/Pacific region, although the U.S. has the leadership in those product categories that are still in an earlier phase of development.
SCOPE OF STUDY
The report contains:
- Examination and definition of the major types of smart materials
- Analysis of each industry segment and market worldwide with current and projected values through 2010
- Market analysis for all material categories: piezoelectric, electrostrictive, magnetostrictive, thermoresponsive and rheological fluids
- Analysis of applications for all sectors: commercial, industrial, medical, research and military
- Industry structure and profiles of major producers.
METHODOLOGY AND INFORMATION SOURCES
This report is a comprehensive inspection of the technology and application of an exhaustive list of smart material categories. In order to obtain the most accurate information, BCC has reviewed trade literature, patent information, research centers and has consulted relevant individuals with recognized expertise in the sector