How much will the Metamaterial industry be worth in the Future????

Posted by Mrudula Anil Karmarkar on December 2nd, 2020

The global metamaterial market size is expected to reach USD 1.35 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 17.8% over the forecast period, owing to Increasing demand from various end-use industries, including consumer electronics and medical, is driving the growth of the market. In addition, growing application scope in the aerospace & defense industry is expected to further fuel the demand growth during the forecast period.

The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.

Metamaterials are composite materials specially engineered to have properties that are not found in nature and thus is used in formulation processes across various end-use industries. The key end-use industries, include aerospace & defense, medical, automotive, consumer electronics, and energy & power. In terms of revenue, the aerospace & defense accounted for the largest share of the industry revenues in 2016 and is anticipated to continue its dominance over the forecast period, projected to grow at a CAGR of 15.2%. The increasing need for advanced telecommunications and safety devices in the aerospace and automotive industries is expected to drive the industry growth.

Different types of metamaterials are used in the different application segments depending upon the requirement of the end use verticals. Metamaterials are also being used in the medical and energy & power industries, owing to its superior properties such as the ability to manipulate electromagnetic waves and provide better imaging in medical equipment.

Further key findings from the report suggest:

• The consumer electronics segment is expected to be the highest growing segment in terms of revenue, projected to grow at a CAGR of 21% from 2017 to 2025, mainly on account of the product’s widening application scope in electronics goods for performance enhancement, in place of semi-conductors.
• The aerospace & defense segment emerged as the largest end-use segment in terms of revenue in 2016, and is estimated to continue this dominance till 2025. This can be attributed to the rapid growth of this end-use vertical in key economies such as the U.S., Germany, the UK, China, India, and Russia.
• The antenna segment accounted for the largest market share of the overall industry in 2016 and is anticipated to experience steady growth over the forecast period, primarily owing to the increasing demand for advanced antennas in aerospace, defense, and telecommunications applications.
• The industry in Asia Pacific is projected to witness grow at a CAGR of 22% during the forecast period, mainly owing to robust growth of key end-use industries in the region, most notably the consumer electronics industry.
• Key players of the industry, including Metamaterial Technologies Inc., Echodyne, Kymeta Corporation, and Harris Corporation. Ltd., are mainly focused on mergers & acquisitions and new product developments for gaining access to higher market shares in the overall industry.

The demand for metamaterials is expected to be primarily driven by the growth of the end-use verticals in the Asia Pacific region. The growth of the consumer electronics and aerospace & defense industries in the region is likely to have positive impacts on the overall industry growth during the forecast period.

The global metamaterial market size was estimated at USD 316.0 million in 2016. Increasing need for advanced materials that can be used in place of conventional materials in key applications such as antenna, radomes, and absorbers is expected to be a key factor driving the global market growth over the forecast period.

Metamaterials refer to specially engineered composite materials with superior electromagnetic properties, in comparison with traditional composites found in nature. These products find significant application scope in major end-use verticals, such as medical, aerospace and defense, consumer electronics, and automotive. The industry is mainly driven by the demand from telecommunication applications, owing to the ability to be used in key products such as antennas and radars. 

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The key players in the global metamaterials industry include Metamaterial Technologies Inc., JEM Engineering, Kymeta Corporation, Echodyne, Applied EM, Harris Corporation, Phoebus Optoelectronics, and Newport Corporation. The companies are emphasizing on new product development, partnerships, and acquisitions with key players to increase the share and strengthen their competitive positions in the industry. 

Grand View Research has segmented the global metamaterial market on the basis of product, application, end use:

Metamaterial Product Outlook (Revenue, USD Million, 2014 - 2025)

• Electromagnetic
• Terahertz
• Photonic
• Tunable
• Frequency Selective Surface
• Non-linear

Metamaterial Application Outlook (Revenue, USD Million, 2014 - 2025)

• Antenna
• Absorber
• Superlens
• Cloaking devices
• Others

Metamaterial End-use Outlook (Revenue, USD Million, 2014 - 2025)

• Aerospace & defense
• Medical
• Automotive
• Consumer electronics
• Energy & power

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com