Smart Materials Market-Piezo-electric Materials Lead Due to Rising Demand from IT, Robotics, By 2020
Smart materials can be included in the category of reactive materials that change their properties as a response to changes in external environment. Possessing multiple physico-chemical properties that enable these materials to change as per the external stimuli, smart materials have the capacity to adapt to the changed environment via alteration of their properties. Smart materials undergo changes when in contact with elements such as temperature, magnetic or electric field, pH, mechanical stress, and light. As the change occurring in the properties of these materials is reversible, smart materials can be reused over and over. Sensitivity to change, easy adaption, and quick response are some of the major advantages of smart materials. The global market for smart materials was pegged at US$27.7 bn in 2013 and is expected to keep expanding at a CAGR of 12.5% between 2014 and 2020. By the end of 2020, the market will have achieved a revenue worth US$63.28bn, predicts Transpare...