It stated that last year the Asia-Pacific region had the highest revenue, owing to high adoption of smart materials in automotive, manufacturing, construction, defence and construction. The region is predicted to continue its dominance due to increasing adoption of Internet of Things (IoT) applications.
Other major factors that boost the smart material's market in the Asia-Pacific region include declining prices and increasing demand for connected devices within consumer electronics. The transducer segment dominated the smart material market in 2015; however, the sensor segment is expected to overtake soon. Key application areas continue to be around developing transducers, actuators and motors, structural materials and coatings.
Smart materials are defined as having one or more property that can be significantly changed in a controlled fashion by external stimuli, such as stress, temperature, moisture, pH, electric or magnetic fields.
The report expects the market to be worth $73 billion globally by 2022.