Smart Materials and Their Applications: Technologies and Global Markets
The global market for smart materials totaled about $26.0 billion in 2014 and is expected to reach $42.2 billion in 2019, registering a compound annual growth rate (CAGR) of 10.2% for the period 2014-2019.
- An overview of the global markets for smart materials and their applications.
- Analyses of global market trends, with data from 2013 and 2014, and projections of compound annual growth rates (CAGRs) through 2019.
- Identification and descriptions of the principal types of smart materials.
- Pinpointing of new materials and applications that are likely to be introduced in the next 5 years and their expected market impacts.
- Profiles of major players in the smart materials field.
The scope of this includes all major categories of smart materials, i.e.:
- Piezoelectric materials.
- Electrostrictive materials.
- Magnetostrictive materials.
- Shape memory materials.
- Smart fluids.
- Smart hydrogels.
- Electrochromic materials.
- Phase change materials.
The report analyzes the principal end-user segment for each type of smart material (including commercial, industrial, medical, research and military) and estimates the current and projected worldwide market for each type of smart material and application through 2019.
The report format includes the following major elements:
- Executive summary.
- Milestones in the development of smart materials.
- Types of smart materials, their properties, technologies and markets.
- Smart material applications, end users and markets.
- Company profiles.
- Patent analysis.
Andrew McWilliams spent more than 25 years as a consultant with Ernst & Young, McKinsey & Company and A.T. Kearny focused on manufacturing before segueing into research analysis. He has been covering myriad technology categories for BCC Research for more than 15 years. McWilliams has a BA from Princeton University and an MA from Harvard University. He has worked in more than 40 countries and he resides in the greater Boston area.
BCC estimates the global market for smart materials at about $19.6 billion in 2010. BCC expects the market to approach $22 billion in 2011 and pass $40 billion by 2016, a compound annual growth rate (CAGR) of 12.8% between 2011 and 2016.
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.