Global Smart Materials Industry Market Intelligence Databook Subscription - Q1 2024

According to the publisher, the Global smart materials is expected to grow by 8.6% on an annual basis to reach US$50.8 billion in 2023.

Smart materials adoption is expected to grow steadily over the forecast period, recording a CAGR of 9.1% during 2023-2027. The global smart materials will increase from US$46.8 billion in 2022 to reach US$72.0 billion by 2027.

The need for sustainable construction, coupled with the rising demand for energy-efficient buildings, will lead to the growth of the global smart materials market over the next five years. The innovation, led by the growing startup ecosystem in the global construction market, is also expected to aid industry growth. Globally, many research institutes and scientists are exploring new materials that reduce carbon emissions.

With the potential of these materials to revolutionize the construction sector, the industry is poised to record robust growth over the next five years. From Asia Pacific to North America, the advancement in technology and the development of new construction materials are projected to grow and evolve significantly. Consequently, the publisher maintains a strong growth outlook for the global smart materials industry from the medium to long-term perspective.

The Israel-based startup is seeking to transform the construction industry by integrating smart sensors with building materials

A number of startups have emerged in the global construction smart materials space over the last three to four years. These startups are focusing on developing innovative solutions that aid decision-making as well as reduce the carbon emissions associated with the global construction industry. GreenVibe, an innovative tech startup in Israel, is aiming to solve the concrete challenge.

• The Tel Aviv-based firm is seeking to transform the global construction market by integrating smart sensors with building materials, such as concrete. This integration is aimed at optimizing the quality of the construction and speeding up the building process.
• Through smart sensors, GreenVibe is aiming to collect data about concrete composition. This data, according to the firm, will enable construction engineers and developers to make better decisions. While GreenVibe is not the only player in the segment, the solution offered by the firm is gaining rapid ground among construction firms due to the simplified nature of its offerings.

As of November 2022, the firm had raised only a few million dollars as part of its seed round. Going forward, the firm is expected to raise significant capital from the short to medium-term perspective to bring its innovation to the global market, especially in the United States where there is a major movement to renew the aging infrastructure.

Innovation will aid the growth of the smart material segment in the United States market

For addressing the challenge of saving energy amid increasingly changing weather conditions, researchers have developed an innovative Chameleon-like building material that absorbs or emits heat based on the outside temperature.

• In January 2023, researchers at the Pritzker School of Molecular Engineering (PME), announced that they had developed an innovative smart material to regulate the building temperatures. Notably, the chameleon-like building material has the ability to change its infrared colors. Furthermore, the material also has the ability to change the amount of heat it absorbs and emits depending on the outside temperature.
• According to the researchers, the innovative solution can emit up to 92% of the infrared heat it contains. This allows the material to cool the inside of the building, resulting in saved energy. On cold days, the material emits only 7% of its infrared heat, which means that it can also keep the building warm. It is worth noting that the smart material comprises a layer that can incorporate solid copper, which retains a significant amount of infrared heat. Alternatively, the layer can contain a watery solution that emits infrared.

At present, the group of researchers has developed small pieces of the smart material, which are six centimeters in size. However, they have announced that multiple patches of the material could be coupled, just like shingles, to create bigger and larger sheets. Furthermore, the innovative solution can also be customized with various colors while retaining its ability to absorb infrared. Such innovative solutions are expected to aid the growth of the smart material industry in the United States over the next five years.

This market intelligence report provides a detailed view of market opportunities in the smart materials industry. With over 170+ KPIs, covering market size by end-use, application areas, and smart materials types, this Databook offering primarily provides data-centric analysis with charts and tables.

• End-Use Market Dynamics: Provides a comprehensive data-centric view of size and structure, industry dynamics, and smart materials opportunities in various end-use sectors.
• Application Areas: Provides an in-depth analysis of smart material application areas across various end-use sector.
• Smart Materials Types: Provides demand analysis of market by 9 key smart materials types. Shape Memory Alloy, Piezoelectric Materials, Thermo-Responsive Materials, Magnetostrictive Materials, Chromic Materials, pH Sensitive Materials, Magnetorheological Materials, Phase Change Material, and Self-Healing Material. This segment provides in-depth analysis of use of smart materials in end-use sectors.It also provides cross segmentation analysis of each material type into end-use and application.

The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Scope

Country reports in this bundled offering provide in-depth analysis of Smart Materials. Below is a summary of key market segments offered at country level:

Smart Materials Market Size by Type, 2018-2027

• Shape Memory Alloy
• Piezoelectric Materials
• Thermo-Responsive Materials
• Magnetostrictive Materials
• Chromic Materials
• pH Sensitive Materials
• Magnetorheological Materials
• Phase Change Material
• Self-Healing Material

Smart Materials Market Size by End-Use, 2018-2027

• Aerospace & Defence Industry
• Biomedical & Pharmaceutical Industry
• Industrial Manufacturing Industry
• Technology Industry
• Construction Industry
• Food & Beverages Industry
• Automotive and Transportation Industry
• Energy & Utility Industry
• Other Industry

Smart Materials Market Size by Application Areas, 2018-2027

• Food Packaging
• Food Processing
• Food Safety
• Materials & Manufacturing
• Mechanical & Functional Response
• Process Management
• Drug Delivery Systems
• Tissue Engineering
• Diagnostics
• Antibacterial Materials
• Devices
• Building Materials
• Coatings
• Energy Storage
• Energy Harvesting
• Robotics
• Other

Reasons to buy

• In-depth Understanding of Smart Materials Market: Market opportunity and key data trends across 170+ market segments.
• Deeper Segmentation of Smart Materials: Market size and forecast by types, end-use, and application areas.
• Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market-specific key trends, drivers, and risks in the smart materials industry.
• Comparable Data: Get detailed and comparable data for the smart materials market across 50 countries.