Biomimetic materials market Expected to Reach $65.9 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research titled, “Biomimetic Materials Market by Material and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global biomimetic materials market size was valued at $37.9 billion in 2020, and is projected to reach $65.9 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Biomimetic materials are not produced using a living organism but have the same composition and properties as the material produced by a living organism. These materials are also called as biocompatible materials. Biomimetic materials are used not only for medical purposes, but also as structural, intelligent and functional materials.

Growing demand for products in the medical, robotics, telecommunications, information technology, and automotive industries are key factors in the growth of the global biomimetic materials market. The increasing use of these materials in bioelectronics and organ industries is expected to drive the market during the forecast period. Biomimetic materials are more efficient than conventional products, including plastics, polymers, and ceramics. In addition, the product is able to perform basic functions under different pressure and temperature conditions. These factors are contributing to the global biomimetic materials market growth.

Depending on the material, biomimetic polymers segment held the highest market share of about 32.4% in 2020, and is expected to maintain its dominance during the global biomimetic materials market forecast period. This is owing to increase in demand for biomimetic polymers from applications such as pharmaceutical, biomedical, electronics and others. In addition, biomimetic polymers offer advantages such as enhance underwater adhesion, bio-compatibility, tunable modulus, antibacterial and antifouling characteristics increases the demand for biomimetic polymers during the analyzed time frame.

On the basis of application, medical segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for biomimetic materials from medical application including sensors in tissue responses, as bone cement in bone-bonding systems, in joint replacements, in skin repair devices, in systems facilitating localized drug delivery, in dental implants for tooth fixation, and in contact lenses.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America garnered the dominant share in 2020, and is anticipated to maintain this dominance in biomimetic materials market trend during the forecast period. This is attributed to presence of key players and huge consumer base in the region. In addition, rise in use of biomimetic materials in medical, construction, electrical, electronics and information technology are expected to augment the growth of the biomimetic materials market during the forecast period in the North America region.

The global biomimetic materials market analysis covers in-depth information of the major biomimetic materials industry participants. The key players operating and profiled in the report include APC International, CeramTec, CTS Corporation, Kyocera Corporation, Lord Corporation, Noliac AS, Piezo Kinetics, TDK Corporation, Wright Medical Group, and Applied Biomimetic.

Other players operating in the value chain of the global biomimetic materials market are Avinent, Biokon International. BioTomo Pty Ltd., 3B’s Research Group, and others.

COVID-19 impact on the market

The biomimetic materials market is anticipated to witness steady and sluggish growth for 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as transportation, electrical & electronics, automotive, and energy sectors. This has further declined the need for biomimetic materials, which, in turn, is anticipated to hamper the growth of the biomimetic materials market in the next one or two years. In Europe, economies such as Germany, France, Spain, and Italy, are following stringent measures such as maintaining social distance and limiting movements to prevent the spread of coronavirus, which has further impacted the growth of the biomimetic materials market.

Key Findings Of The Study

• In 2020, the biomimetic polymers segment accounted for about 32.4% of the share in the global biomimetic materials market, and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the biomimetic ceramics & glass segment accounted for 22.45% of global biomimetic materials market share in the year 2020, and is anticipated to grow at a rate of 6.4% in terms of revenue, increasing its share in the global biomimetic materials market.
• Defense is the fastest-growing end-use segment in the global biomimetic materials market, expected to grow at a CAGR of 7.0% during 2021–2030.
• Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 6.6%, throughout the forecast period.
• In 2020, North America dominated the global biomimetic materials market with more than 43.42% of the share, in terms of revenue.