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Smart Materials Market Growth Factors, Consumption, Market Current Scenario by 2024

Smart Materials
Smart Materials
Press Release

The smart materials market is growing with a considerable rate due to the high convenience offering property of the smart materials technology to the increasing aging population in the world. Smart packaging in consumer goods is one of the major trends that can be seen in the smart materials market. The main focus of the manufacturers is expected to be on better design and optimal use of materials for producing packages that could easily be opened.

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The reaction of different smart materials varies with the chemical structure of the materials. The materials sense the change in the environment and reacts to it by varying their properties for adopting the surroundings. Suitably designed structures are made from smart materials that can expand, bend or contract when a voltage or electricity is applied to them. There is a need for smart materials due to its certain properties such as lightweight, functionality, performance optimization and facility of preventive maintenance.

Rising piezoelectric devices usage and burgeoning artificial organ and bionics industry are some of the factors driving the growth of the smart materials market. Increasing number of end user applications for the smart materials is an opportunity for the smart materials market to grow at a considerable rate in the coming years. A challenge in transforming research and development of smart materials to end user applications is a factor that is restraining the growth of the smart materials market to some extent.

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On the basis of type of products, the smart materials market can be categorized as Piezo-electric materials, biomimetic materials, magnetostrictive materials, halochromic materials, shape memory materials, smart fluids, thermally responsive materials and smart hydrogels. If mechanical stress is applied to piezo electric materials, then they produce electricity, whereas shape memory restore to its original shape if there is any change in temperature. Magnetostrictive materials change its shape under the power of magnetic field and under the influence of mechanical stress; it shows change in their magnetization.

Some of the competitors in the smart materials market are Advanced Cerametrics, Inc.Channel Technologies Group, LLC, Wright Medical Group, Inc., CeramTec GmbH, APC International, Ltd., Kyocera Corporation, TDK Corporation, LORD Corporation, CTS Corporation and NOLIAC A/S.

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