The programmable materials market is estimated to grow with a significant CAGR during the forecast period, i.e., 2021-2029. 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.
On the basis of product type, the programmable carbon fiber material segment is expected to capture the major 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 on end-users into construction, healthcare, military & defense, automotive, textiles, others out of which, the military and defense industry 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. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The North America market is predicted to grow at the highest CAGR over the forecast period due to the initialization of 4D technology, mainly in the United States, and the 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 Organisation 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 programmable material market.
The global Programmable Materials market is further classified on the basis of region as follows:
Our in-depth analysis of the global Programmable Materials market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rise in research and development activities in the field of 4D printing and nanotechnology are driving the market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High initial cost of 4D printers is the major challenge affecting the market growth.
The market in North America region will provide ample growth opportunities owing to the increasing investments, and pioneering in the 3D technology.
The major players dominating the Programmable Materials market are Autodesk Inc., Hewlett-Packard Inc., Stratasys Ltd., CT Core Technologie Group, EnvisionTec Inc., among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end-user and region.
With respect to application, the military and defence segment is anticipated to hold the largest market share owing to increasing demand of programmable self-healing materials.
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