Smart Materials Market To Report Impressive Growth, Revenue To Surge To US$ 70.85 Billion by 2022 – ZMR Blog
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Smart Materials Market To Report Impressive Growth, Revenue To Surge To US$ 70.85 Billion by 2022

With the presence of a large pool of participants, the global smart materials market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). APC International, Advanced Cerametrics, TDK Corporation, and Kyocera Corporation are some of the key vendors of smart materials across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.

As estimated in this report, the global smart materials market stood at US$ 37.8 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this smart materials market is expected to reach US$ 70.85 billion by the end of the forecast period. The main products available in this smart materials market are biomimetic materials, thermally responsive materials, and piezoelectric materials. Among the three, the demand for piezoelectric materials is relatively higher and the trend is anticipated to remain so over the next few years, notes the smart materials market research report.

Enlarged Product Scope Across Spectrum Of Industries To Drive Market Growth

“Lucrative product demand across myriad end-user industries such as automotive, military, aerospace, construction and manufacturing are anticipated to boost the smart materials market over the span of next few years,” says the author of this smart materials market study. Apart from this, escalating application of these products in medical devices, robotics, information technology, and telecommunication will further impel the smart materials market size.

Citing an instance, in August 2018, University of Virginia collaborated with University of Maryland & National Institute of Standards and Technology to devise a switching effect for heat conductivity as well as mechanical properties that can be inculcated & induced into the smart material fabrics across the textiles sector.

Today small & medium sized firms are not using smart materials owing to their high costs and this may hamper the smart materials growth. Furthermore, low level of product awareness & big challenges faced by the organizations during R& D activities for product innovation is likely to obstruct the smart materials market development over the years to come. Nonetheless, the plethora of product applications and introduction of several schemes by the government for promoting & highlighting   the product significance as well as its benefits for myriad industries will help in normalizing the impact of hindrances on the smart materials market, reports the study.

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High Popularity Of Smart Materials In The Region to Support Dominance

Regionally, North America has been leading the worldwide smart materials market and is anticipated to continue on the dominant position in the years to come, states the smart materials market study. High demand for smart materials in various industries such as electrical & electronics, information technology, construction, and healthcare is the main factor behind the dominance of the North America smart materials market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional smart materials market.

About Us: Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

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