Global Metamaterials Market to Reach US$ 2,876.2 Million by 2028, Propelled by Significant Growth in the Aerospace Industry

According to the latest report by IMARC Group, titled “Metamaterials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global metamaterials market size reached US$ 632.9 Million in 2022. Metamaterials refer to artificially engineered products that possess novel properties and functionalities that are not found in naturally occurring substances. It includes electromagnetic, acoustic, tunable, thermal, quantum, seismic, and photonic metamaterials. They are commercially produced by advanced manufacturing techniques, such as nanofabrication, self-assembly, direct laser writing, and chemical vapor deposition (CVD). Metamaterials are widely used in optics, telecommunication and antennas, cloaking devices, solar cells, architectural acoustics, high-resolution imaging systems, and electronics cooling. They exhibit unprecedented properties, such as negative refractive index, superlensing, and perfect absorption, which aid in controlling and manipulating energy waves. Metamaterials also enable miniaturization of devices and components while maintaining optimum efficiency.

Global Metamaterials Market Trends:

The significant growth in the aerospace industry across the globe is one of the key factors creating a positive outlook for the market. Metamaterials are widely used in aircraft stealth technology, thermal management systems, acoustic insulation, electromagnetic shielding, and manufacturing of lightweight components, such as aircraft wings, fuselages, and other structures. Along with this, the widespread product utilization in the defense industry to produce armor and protection systems, communication systems, infrared (IR) imaging devices, sonar systems, and sensors is acting as another growth-inducing factor. Furthermore, the increasing product application in the telecommunication industry to miniaturize antennas, improve signal transmission and reception, and enable advanced beam steering capabilities is contributing to the market growth. Additionally, the utilization of three-dimensional (3D) printing in product manufacturing to enable the creation of intricate geometries and complex metamaterial structures with high precision and efficiency is strengthening the market growth. Besides this, the recent development of programmable metamaterials that offers adaptive functionalities, such as dynamic focusing, frequency tuning, and beam steering, is favoring the market growth. Apart from this, the rising product utilization in medical imaging applications, such as terahertz imaging and magnetic resonance imaging (MRI), is providing a thrust to the market growth. Other factors, including increasing product utilization in consumer electronics, extensive research and development (R&D) activities, and growing product applications in renewable energy generation, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 2876.2 Million by 2028, exhibiting a CAGR of 26.7% during 2023-2028.

Market Summary:

• On the basis of the type, the market has been classified into electromagnetic, terahertz, photonic, tunable, frequency selective surface, and others.
• Based on the application, the market has been divided into absorber, antenna and radar, cloaking devices, super lens, and others.
• On the basis of the end user, the market has been classified into aerospace and defense, medical, automotive, consumer electronics, energy and power, and others.
• On a regional basis, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
• The competitive landscape of the industry has also been examined, with some of the key players being Acoustic Metamaterials Group Ltd, Echodyne Corp, Fractal Antenna Systems Inc., JEM Engineering LLC, Kymeta Corporation, Metamagnetics Inc, Metamaterial Technologies Inc., MetaShield LLC, Nanoscribe GmbH & Co. KG (Cellink AB), Plasmonics Inc. and TeraView Limited.

Report Scope:

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