Europe to Witness Sluggish Growth in Metamaterials Market, Owing To Significant Decline in the Automotive Sector

 

A metamaterial, also known as a "composite material," is a material engineered to have an unusual property that is absent in natural occurring substances. These materials typically are formed from single components of various types of plastics and metals, molded into unique structures by means of composite materials, and then fabricated in a controlled manner using traditional fabrication methods. These composites have been tested to ensure they possess the extraordinary properties that characterize them. The development of metamaterials has given rise to new and innovative applications in technological advancements. One of these applications is in the field of nanotechnology. These metamaterials are made of a core layer of aluminum oxide coated with thin layers of boron or carbon. This process creates a layer of conductors that can be manipulated in order to produce a controlled output.
Market Dynamics    
Among end-use industries, the aerospace and defense is expected to witness significant growth in the metamaterials market, owing to increasing investment in the military and defense sector. For instance, in March 2019, China's Ministry of Finance announced a yearly budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018.

Among end-use industries, the aerospace and defense is expected to witness significant growth in the metamaterials market, owing to increasing investment in the military and defense sector. For instance, in March 2019, China's Ministry of Finance announced a yearly budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018.  Asia Pacific is expected to witness significant growth in the metamaterials market, owing to significant growth in the electronics sector. For instance, according to India Brand Equity Foundation, the electronics market in India is expected to witness a CAGR of 24.4% during 2012–20. Moreover, increasing car sales is also expected to aid in growth of the market in Asia Pacific. For instance, according to the China Passenger Car Association, China’s car sales grew at their fastest rate in more than two years in August 2020. Retail passenger-car sales in the country increased by 8.9% in August from a year earlier to 1.7 million vehicles.
Competitive Analysis 
Major players operating in the global metamaterials market include, Acoustic Metamaterials Group Ltd., Advanced Research Projects Agency, Echodyne, Inc., Fractal Antenna Systems Inc., JEM Engineering, Kymeta Corporation, Metaboards Limited Metamagnetics Inc., Metamaterial Technologies Inc., Nano-Meta Technologies, Inc., Palo Alto Research Center Incorporated, and TeraView.


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