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The Global Smart Materials Market size is expected to reach $73.9 billion by 2023, rising at a market growth of 13% CAGR during the forecast period. 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 new generation smart materials, with inherent intelligence, exhibit adaptive capabilities to specific stimulus input from the external sources. Physical properties such as shape, stiffness, and viscosity are modified in line with the external stimulus. Multiple functionalities such as self-adaptability, self-sensing, self-healing, and memory drive the adoption of the technology in various applications.
Based on Application, the market report segments the market into Actuators & Motors, Transducers, Sensors, Structural Materials, and Others. Based on Products, the Global 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 Regions, the Global Smart Materials Market segments the market into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The market research report covers the analysis of key stake holders of the Global 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.