Smart materials are already transforming industries and saving money, often without people realizing it. These materials have special characteristics, such as extreme heat and corrosion resistance, and can be coatings, gels, or nanomaterials. They are contributing to sustainability efforts and making innovative products. The market for smart materials is valued at $79.95 billion and projected to reach $212.8 billion by 2031. Major companies are investing in smart materials projects and R&D, expanding production facilities, and acquiring other companies to boost innovation. Examples include Evonik, Solvay, and Kyocera AVX, which are building new facilities to produce materials for electric vehicles, solar panels, and aerospace applications. Chemical companies like Dow and 3M are also expanding their smart materials portfolios. Mergers and acquisitions can also accelerate innovation, as seen with DuPont’s acquisition of Laird Performance Materials. While the impact of smart materials may not always be immediately apparent, they can have a significant impact on the environment and consumers.
Industry giants are driving innovation in smart materials, blazing a trail for the future.
