Smart Materials and Their Applications: Technologies and Global Markets
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 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 applications for each type of smart material (including commercial, industrial, medical, research and military applications) and estimates the current and projected worldwide market for each type of smart material and application through 2016.
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
The author of this report is Andrew McWilliams. Mr. McWilliams, a partner in the Boston-based international technology and marketing consulting firm of 43rd Parallel LLC, is the author of numerous other BCC studies related to the subject of this report, including the reports, AVM050B Smart and Interactive Textiles and AVM053A Materials and Devices for High-performance Sports Products, both of which contained detailed analyses of specific smart materials applications. Mr. McWilliams’ general fields of expertise include advanced materials, nanotechnology, medical device technology, and energy.
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.