Global Smart Materials Market
Global Smart Materials Market was valued at USD 46.18 Bn IN 2019 and is expected to reach at USD 121.90 Bn by 2027 at a CAGR of 12.9% over forecast period 2020-2027.
Global Smart Materials Market Segmentation by Region
Global Smart Materials Market Drivers and Restrains:
Smart materials are designed materials that have one or more properties that can be significantly changed in a controlled fashion by external stimuli, such as stress, moisture, electric or magnetic fields, light, temperature, pH, or chemical compounds. An increase in demand for sensors and actuators in consumer goods and electronics and aerospace & defence is mainly driving the market. Moreover, an automotive industry is shifting towards smart vehicles to replace conventional materials in automobiles. Smart materials have increase in gaining traction in older population-centric products.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
In addition, these products help reduce daily routine complexities and make life easier for old people. Continuous development in manufacturing processes and adoption of enhanced materials has increased the applications of smart materials across various end-user industries.Rising technological advancements and an increasing adoption of developed materials such as polymers, metal, and glass
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Last Update : 29 September 2020
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