Thepresence of multitude of companies and global manufacturers of piezoelectricmaterials in the smart materials market is what contributes to the highintensity of competition prevailing in the market, finds Transparency MarketResearch (TMR). Relentless efforts of these players to develop technologicallyadvanced products and the rising investment on research and innovations arefurther expected to up the degree of competition in the coming years. Numerousplayers in the smart materials market are exploring new revenue streams byengaging in mergers and acquisitions.
Prominentplayers operating in the global smartmaterials market include LORD Corporation, Noliac A/S,Kyocera Corporation, CTS Corporation, Channel Technologies Group, APCInternational, and Noliac A/S.
The globalsmart materials market is projected to rise at an impressive CAGR of 12.50%during the assessment period of 2014–2020. By the end of this period, theglobal market stood at US$27.7 billion and is expected to touch a valuation ofUS$63.28 Bn.
Of thevarious product types, the piezoelectric materials segment is expected toaccount for the major share in the smart materials market throughout theforecast period. This is on account of the vast application of these materialsin smart materials technology used in the industries such as aerospace,automotive, information technology, and robotics, especially in recent decades.
Of thevarious regional markets for smart materials, North America held the sway as itaccounted for a major share in the global market in 2013. The regional marketis expected to retain its lead in the next few years as well. This is onaccount of substantial use of smart materials for actuator applications invarious end-use industries in the region.
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Copious Commercial Applications ofPiezoelectric Materials to fuel Market Growth
The drivefor smart materials stemmed from the need for stimuli-responsive, smartpolymers to be used in a wide variety of material science applications. Theinherent property of smart materials in responding to external, environmentalstimuli has been propelling its use in making a range of smart materials inend-use industries, such as smart hydrogels, biomimetic materials, andpiezoelectric materials.
Probably,the most promising application of smart material has been in makingpiezoelectric materials. Smart materials have gained considerable traction inthe aerospace industry as piezoelectric transducers. The global smart materialsmarket is increasingly fueled by the growing application of piezoelectricmaterials in industrial equipment, defense and security, automotive, commercialsonar, and power generation, among several others.
The growthof the smart materials market is bolstered by the rising promising use of thesematerials in biomedical and biotechnological applications. The rising use ofsmart materials in imparting properties to smart fabrics and the growingpopularity of these textile is catalyzing the rapid evolution of the globalmarket. The notably rising use of smart materials in the automotive androbotics industries for actuators, motors, and transducers, is expected toaccentuate the smart materials market in the coming years.
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Rapid Advances in Polymer Sciencehelp Leverage Potential of Smart Materials in Innovative Applications
However,the limited awareness of the product specialties made of smart materials amongend-use industries is crippling the steady growth of the market. Nevertheless,these concerns are likely to be address by technological advancement and thedevelopment of cost-effective smart materials. In this regard, rapid advancesin the smart materials market hinge on advancement in polymer sciences.
The risinguse of these in active coating in recent years has opened a lucrative avenue inthe smart materials market. Moreover, substantial research are being done toleverage the potential of smart materials in innovative biomedical applicationsall over the world. This is evident in the substantial prospect that thesematerials have in the making of advanced tissue engineering, drug-deliverysystems, and responsive injectable materials in the medical industry.
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