DUBLIN--(BUSINESS WIRE)--The "Smart Materials Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
Smart materials market is projected to witness a compound annual growth rate of 9.94% during the forecast period to reach a total market size of US$97.794 billion by 2023, increasing from US$38.401 billion in 2017.
Smart materials are advanced materials that change properties according to the external stimuli such as temperature, magnetic fields, pH change, and mechanical stress.
Growing adoption of piezoelectric devices across various end-use industries such as consumer electronics and automotive is one of the major drivers of smart materials market. Rising investment in R&D for developing artificial organs will significantly bolster the demand for smart materials in the coming years. Geographically, North America accounted for the major market share in 2017 due to early adoption of the technology in developed countries such as U.S. and Canada coupled with the high investment in R&D to develop smart materials for various industries.
Segments covered under the Smart Materials market report are as below:
Actuators & motors
By End-user industry:
Aerospace and Defense
Electrical and Electronics
- KYOCERA Corporation
- CTS Corporation
- Channel Technologies Group, LLC
- APC International, Ltd.
- LORD Corporation
- TDK Corporation
- CeramTech GmbH
For more information about this report visit https://www.researchandmarkets.com/research/ldwwm9/97_bn_smart?w=4