Market Demand & Value

The support of Government with its initiatives, the initiative R&D investment in the industries and institutions and the adoption of smart material products among various end-user industries like Defense & AerospaceAutomotive, and Consumer electronics has driven the market of smart materials. There is a high demand for smart materials on account of potential growth in emerging economies as well as evolution in Internet of Things (IoTs).It is expected that the smart material market will attain up to billion dollars by 2022. The trend in the market and the factors impacting the market are studied. Global Market Demand and Value of Materials in 

Aerospace and naval applications - Nitonol fluid fittings or coupling have are being used in military aircraft and naval craft.

Medical Applications - Tweezers for removing foreign objects via small incisions, anchors for tendon fixation and stents for cardiovascular applications

Dentistry - Orthodontic wires, which no not need to be retightened and adjusted

Safety devices - Safety valves/actuators to control water temperature and fire sprinklers

Other uses include:

   • Spectacle frames

   • Household appliances and deep fryers

   • Clothing including underwire brassieres

   • Vibration control in the form of engine mounts and actuators for


  • Fasteners, seals, connectors and clamps

  • Mobile telephone antennaes