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The Asia Pacific Smart Materials Market would witness market growth of 15% CAGR during the forecast period (2017 - 2023). Smart materials exhibit responsiveness in a controlled manner in environments that change. With a unique molecular structure, smart materials respond to a wide array of external stimuli such as electric fields, magnetic fields, pressure, temperature, moisture, and chemicals.
The Asia Pacific is expected to witness significant growth during the forecast period. Growing demand from countries such as Japan and China contributed to the market growth in the region. The Chinese government has floated favorable incentive policies, which added to the number of research centers in the country. In 2015, China entered into a collaboration with the UK to persuade industrial production of smart materials, suitable for use in aerospace & defense, healthcare, automotive, and building & construction industries.
Based on Application, the market report segments the market into Actuators & Motors, Transducers, Sensors, Structural Materials, and Others. Based on Products, the Asia Pacific Smart Materials Market segments the market into Piezoelectric Materials, Shape Memory Materials, Phase Change Materials, Magnetostrictive Materials, Electrochromic Materials, Electrostrictive Materials, and Others. Based on Countries, the Asia Pacific Smart Materials Market segments the market into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stakeholders of the Asia Pacific Smart Materials Market. Key companies profiled in the report include CeramTec, Kyocera Corporation, LORD Corporation, Ametek Corporation (Fine Tubes Ltd.), TDK Corporation, Smart Material Corporation, CTS Corporation (Noliac AS), APC International, Ltd., Piezo Kinetics, Inc., and Harris Corporation.