biomimetic materials market size is projected to reach $65.9 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030
OREGON, PORTLAND, UNITED STATES, November 14, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, Biomimetic Materials Market by Material (Biomimetic Polymers, Biomimetic Ceramics & Glass, Biomimetic Metals & Alloys, and Others) and Application (Medical, Automotive, Defense, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. The global biomimetic materials market generated $37.9 billion in 2020, and is projected to reach $65.9 billion by 2030, witnessing a CAGR of 5.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Expansion of technologies in the healthcare sector, growth of artificial intelligence and automation, and rise in application of biomimetic material in construction, automotive, aeronautical, semiconductors and telecommunications drive the growth of the global biomimetic materials market. However, high per-unit cost of production restrains the market to some extent. On the other hand, technological advancements and R&D toward highly efficient biomimetic materials present new opportunities in the upcoming years.
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Leading players of the global biomimetic materials market analyzed in the research include APC International, CeramTec, CTS Corporation, Kyocera Corporation, Lord Corporation, Noliac AS, Piezo Kinetics, TDK Corporation, Wright Medical Group, and Applied Biomimetic. The Aviation Industry Corporation of China, Ltd.
The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of manufacturing facilities of biomimetic industries, thereby adversely affected the overall production system.
It further disrupted the whole supply chain, leading to difficulty in the supply of raw materials and finished goods. This, in turn, affected the market demand and reduced sales.
However, the market is expected to recover as soon as the production of biomimetic materials restarts and other industrial operations begin.
The report offers detailed segmentation of the global biomimetic materials market based on materials, applications, and region.
Based on material, the biomimetic polymers segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the biomimetic ceramics & glass segment is estimated to register the highest CAGR of 6.4% from 2021 to 2030.
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Based on application, the medical segment held the largest market share in 2020, holding more than half of the total Biomimetic Materials industry share, and is expected to continue its leadership status during the forecast period. However, the defense segment is projected to register the highest CAGR of 7.0% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.6% during the forecast period.
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