A recent report published by Infinium Global Research on the metamaterial market provides an in-depth analysis of segments and sub-segments in the global as well as regional metamaterial market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional metamaterial market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global metamaterial market. According to the report, the global metamaterial market is projected to grow at a CAGR of 19% over the forecast period of 2021-2027, growing from nearly USD 760 million in 2021 to about USD 3,000 million in 2027.
The specialty chemical and material industry has witnessed numerous innovations over the past few years. Researchers across several public and private organizations have developed innovative materials that have unique physical and chemical properties. Metamaterials are synthetically engineered macroscopic composite materials with periodic cellular 3D structures that exhibit unique electromagnetic properties. Metamaterials show exceptional physical properties such as negative refractive index, optical properties, and chiral properties. These materials are designed by arranging molecules in a unique 3D architecture. Moreover, the favorable physical properties of metamaterials make them suitable for a wide variety of applications. Products such as antennas, absorbers, sensors, superlens, and cloaking devices widely use metamaterials.
The COVID-19 pandemic had a fairly negative impact on the metamaterials market for a short period. The supply chain in the specialty chemical and materials industry was hampered during the pandemic. The supply chain is heavily dependent on countries such as China, Taiwan, and Japan. However, the government control measures compelled manufacturing units to shut down. Transportation in these countries was restricted, resulting in a serious impact on the entire specialty chemical and materials industry. Further, the lockdown orders imposed by the governments and lower consumer spending led to dropping sales among the end-use industries. The demand for end-use products such as electronic devices, aircraft, and automobiles declined over the period of pandemics. This, in turn, reduced the demand for components, and the metamaterials used for manufacturing these components.
The growing demand for high-performance materials from different end-use industries is majorly driving the metamaterials market. Several technologically advanced products require materials with superior electromagnetic, or optical properties, which cannot be obtained by using traditional materials. Metamaterials offer the enhanced physical properties required for advanced products, augmenting the demand among the end-users. Moreover, the rise in investments made by government organizations to develop metamaterials is further propelling the market growth. For instance, the US government agencies such as the Department of Defense (DOD) and the Defense Advanced Research Projects Agency (DARPA) have heavily invested in R&D for metamaterials. However, the higher cost of synthetization of metamaterials is the major restraining factor for the growth of the metamaterial market. Nevertheless, the advent of advanced technologies such as 5G is anticipated to offer growth opportunities to the metamaterial market over the forecast period.
The global metamaterial market is segmented into North America, Europe, Asia Pacific, and RoW, in terms of regions. Among these regions, North America held the largest share in the global metamaterial market. The domination of North America was mainly due to the presence of leading electronic manufacturers. Moreover, higher investments by the government agencies such as DOD, DARPA, and NASA support the domination of North America in the global market. Furthermore, Asia Pacific is estimated to grow at the fastest rate due to the growing end-use industries such as electronics, medical, and aerospace. Additionally, a large number of manufacturing facilities are built in the Asia Pacific due to the availability of cheap labor, and low manufacturing costs in countries such as India, China, and Taiwan. Other factors such as rapid economic expansion, adoption of advanced technologies, and growing urbanization in developing countries such as China, India, and Korea are further driving the market growth of Asia Pacific.
The report on the global metamaterial market covers segments such as type, application, and end-user. On the basis of type, the sub-markets include electromagnetic, terahertz, photonic, tunable, frequency selective surface, and others. On the basis of application, the sub-markets include antenna, absorbers, sensors, superlens, cloaking devices, and others. On the basis of end-user, the sub-markets include automotive, aerospace and defense, consumer electronics, healthcare, and others.
The report provides profiles of the companies in the market such as Metamaterial Technologies Inc., Kymeta Corporation, JEM Engineering, LLC, Echodyne Corp., Metamagnetics, Inc., Applied EM Inc., MetaShield LLC, Alps Electric Co., Ltd., TeraView Limited, and NKT Photonics A/S.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the metamaterial market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.