Grand View Research predicts the global metamaterials market will be generating $1.35 Billion by 2025 at a CAGR of 17.8%, owing to increasing demand from various end-use industries, including consumer electronics and medical. In addition, growing application scope in the aerospace & defense industry is expected to further fuel the demand growth during the forecast period.
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.
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. If your curiosity is piqued, you can browse the full research report with TOC.