Smart Materials Market Trends

Introduction

As we approach 2024, the smart materials market is on the verge of a major change, driven by a confluence of macro-factors, including technological innovation, increased regulatory scrutiny, and changing consumer behavior. In the field of material science, the development of smarter and more dynamic materials that respond to the environment in a more dynamic way will boost product performance in various applications. Regulations, on the other hand, are increasingly demanding in terms of safety and health, thereby compelling manufacturers to adopt smarter materials that comply with stricter standards. And then, changing consumer preferences for more efficient and sustainable products are pushing companies to include smarter materials in their offerings. These trends are strategically important for the industry, as they not only shape the development and positioning of products, but also define the competition in this rapidly evolving industry.

Top Trends

1. Increased Adoption of Piezoelectric Materials
   The demand for piezoelectric materials is growing at an ever-increasing rate. The demand for sensors and actuators is growing in particular. The company TDK is active in this field and has developed energy harvesting. There are indications that energy efficiency in certain applications can be improved by up to 30 percent by using piezoelectric materials. This development is expected to lead to an increased use of these materials in consumer electronics and in the automobile industry, thus increasing product performance.
2. Advancements in Shape Memory Alloys
   Shape memory alloys (SMAs) are gaining ground in the medical and aeronautical industries, due to their special property of reverting to a predetermined shape. The medical company Wright Medical Group is now using SMAs in orthopedic devices, to improve patient outcomes. SMAs can reduce surgical complications by up to 20 percent. And their use may well extend to robots and smart structures, thus revolutionizing the way we design.
3. Growth of Self-Healing Materials
   Self-healing materials are now emerging as a solution for enhancing the life of construction and vehicle applications. These materials can repair themselves when damaged. Companies like Lord Corp. are leading the way. According to their research, self-healing materials can increase product life by up to 50%. This trend will lead to innovation in sustainable materials and reduce waste and maintenance costs across many industries.
4. Integration of Smart Textiles in Wearable Technology
   In the field of wearable technology, smart textiles are increasingly being used to increase functionality and comfort. Among other things, Noliac A/S is developing textiles that can monitor health data in real time. The market studies show that smart textiles can increase the acceptance of products by 40 percent. This trend is expected to spread to the sports and health industry, where more individual and responsive products will result.
5. Emergence of Thermoelectric Materials
   The thermo-electrical materials are in great demand, especially for their ability to convert waste heat into electricity. It is this material which the Harris corporation is investing in, as it promises a twenty-five per cent increase in energy efficiency. It is likely that the growing interest in the environment will lead to a further increase in the development of these materials, which will become the mainstay of energy management.
6. Development of Bio-based Smart Materials
   The trend towards a sustainable economy has stimulated the development of smart materials based on biodegradable materials derived from renewable resources. Bioceramics for medical applications, which can reduce the environmental impact, are being developed at CeramTec. According to a study, the carbon footprint of bioceramics can be reduced by up to 30 per cent. The trend towards a sustainable economy will have an influence on both regulatory frameworks and consumers’ preferences, and greener alternatives will become more commonplace.
7. Advancements in Conductive Polymers
   Conductive polymers are becoming more and more widely used in electronics because of their lightness and flexibility. It is in this field that Kyocera is a pioneer. Conductive polymers can slash the cost of manufacturing by as much as 15 percent, according to research. And future developments may lead to their use in next-generation devices, which would open up new possibilities.
8. Rise of Magnetorheological Fluids
   Among the new materials, which are being used for automobile and aeronautical applications, magnetorheological fluids are the most interesting, because they change viscosity in a magnetic field. Channel Technologies is developing this technology in order to improve the suspension systems of automobiles. These fluids are supposed to improve the comfort of cars by twenty-five per cent. This trend will probably lead to a greater number of vehicles with adaptive systems, which will increase their safety and performance.
9. Expansion of Energy Harvesting Technologies
   The development of IoT devices is now becoming a necessity. Energy harvesting and smart materials play a crucial role. Energy harvesting materials, such as those from APC International, can be used to capture ambient energy. According to reports, energy harvesting can reduce the use of batteries by as much as 40 percent. This trend is expected to drive innovation in smart cities and connected devices, enhancing the efficiency of operations.
10. Focus on Multi-Functional Smart Materials
    Multi-functional smart materials are becoming more and more popular, and industries are looking to combine properties for better performance. TDK is exploring materials that combine both the structural and the sensory functions. Multi-functional materials are expected to reduce the number of components by 30%. This trend will make products more compact and efficient in a wide variety of industries, including the aircraft and the consumer goods industries.

Conclusion: Navigating the Smart Materials Landscape

The Smart Materials Market is characterized by a high degree of competition and fragmentation as we approach 2024, with the competition between the established and the newcomers being very intense. The regional trends are characterized by a growing emphasis on innovation and sustainability, especially in North America and Europe, where the regulatory framework is increasingly favoring the use of eco-friendly solutions. Strategically, vendors must be able to position themselves to meet the changing needs of consumers, relying on advanced capabilities such as artificial intelligence, automation and flexibility. The established players are mainly focusing on the enhancement of their existing product lines with sustainable practices, while the newcomers are mainly disrupting the market with their agile and innovative solutions. The integration of these capabilities is a decisive factor for the leadership in this rapidly changing market. The frontrunners are likely to be those who focus on both innovation and sustainability.