Programmable Materials Market size is projected to witness lucrative growth rate during the forecast period i.e., between 2025-2037.
The rise in research and development activities in the field of 4D printing and recent advancement in nanotechnology supports the growth of the programmable market. Also, these materials can reduce the manufacturing and processing costs of products across numerous industries. Growing demand for sustainable merchandises due to environmental issues, combined with marginal maintenance required in the handling of programmable materials, is estimated to boost the growth of the programmable materials market. According to the U.S. Census Bureau the total spending on the construction industry in the year 2020 accounted for USD 1,432,341 million. These costs could be reduced to some extent with the usage of programmable materials.
Growth Drivers
Challenges
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On the basis of product type, the programmable carbon fiber material segment is expected to capture the major programmable materials market shares in the forecast period owing to its advantageous characteristics, including high tensile strength, high stiffness, and low weight. Moreover, rise in the defense and aerospace industry is also anticipated to boost the programmable material segment.
The market is segmented by end-users into construction, healthcare, military & defense, automotive, textiles, others out of which, the military & defense industry segment is anticipated to capture the major market share in the forecast period, owing to the increasing demand for programmable self-healing materials in the military and defense industry. The other uses include the production of self-destructive tools to ensure confidential data security and the utilization of programmable materials to manufacture a soldier’s gear.
Our in-depth analysis of the global market includes the following segments:
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Geographically, the programmable materials market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The North America industry is likely to dominate majority revenue share by 2037, due to initialization of 4D technology, and increasing focus on the developments in the technology. The continent is progressively investing in research & development, and scientists are concentrating on developing 4D material that has the capability to adapt to different environmental conditions. According to the Organization for Economic Co-operation and Development, the healthcare spending of the United States is higher than that of other countries, as a percentage of GDP. 4D scanners can be used in healthcare to develop 4-D models for human body parts, which can then be used for designing prosthetics. Moreover, in the upcoming years, Asia-Pacific and Europe are also expected to have a noteworthy contribution to the market.
Author Credits: Abhishek Verma
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