Metamaterials are type of composite material structures, which contain exceptional material properties such as acoustic, electrical, magnetic, and optical properties.  They comprise arrays of resonators that manipulate electromagnetic waves or sound in ways not normally found in nature. The physical properties metamaterials exhibit are exceptional such as negative permittivity and permeability. The metamaterials permit engineers to control the wave propagation by arranging the unit cells in various ways. In other words, metamaterials are artificial or manmade composite materials, which derive their properties through their internal microstructure rather than chemical composition found in natural chemicals.

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The global metamaterials market is expected to witness significant growth during the forecast period (2019–2027). The market growth is attributed to increasing adoption of metamaterials in the aerospace, defense, and military high-end applications is also expected to boost the market growth. Furthermore, increasing demand for metamaterials for different information & communication technology applications such as communication antennas and small radars is another factor driving the growth for metamaterials market during the forecast period.

Furthermore, increasing investment by public and private sources is expected to drive the market growth. For instance, in June 2018, Metaboards Limited (a metamaterials start-up based in U.K.) raised US$ 5 million in funding for development of metamaterials. Metamaterials are in high demand in the medical and telecommunication sector. They are widely used in the development of metamaterial lenses, antennas, and sensors, owing to their rare properties. Metamaterial lenses, antennas, and sensors are more efficient than the conventional systems. Increasing demand for grapheme-based metamaterials in the medical field is fueling growth of the metamaterials market. Sensors and the microwave antennas are the prime components of the telemetry system, owing to their electromagnetic properties. Metamaterials also find application in solar cells and optical sensors, owing to the ability of metamaterials to absorb a wide range of light and that too with high efficiency.

However, lack of awareness about the benefits of metamaterials and technical complications associated in terms of suitability for different applications with them is expected to hamper the market growth.
Increasing aircraft production is expected to aid in growth of the metamaterials market
Increasing adoption of metamaterials in the aerospace & defense industry for different applications such as in the manufacturing of lightweight components for radar and military communication applications is one of the major factor driving growth of the market. Metamaterials are also used in the manufacturing of drones. Therefore, increasing production of drones for military applications is another factor driving growth of the market. Moreover, increasing aircraft production and upgrading activities is also contributing to growth of the metamaterials market. For instance, according to Coherent Market Insights’, the global aircraft deliveries reached to 1,618 units in 2018, from an estimated 1,498 units in 2017.
Increasing deployment & usage of antennas for communication applications is expected to aid in growth of the market

The use of metamaterial antennas has increased in the recent past. For instance, Kymeta Corporation witnessed continuous growth in the sales of its Ku-band metamaterial antenna in 2018 compared to the previous years. The demand for such antennas is due to their use in vessels, radar, and smart phones. Using metamaterials in antennas enables an individual to focus six times beyond diffraction limit at 0.38 μm. Metamaterials are used in cell phones to provide antennas, which are five times smaller and have a bandwidth range of 700 MHz - 2.7 GHz.
Moreover, scientists are focused on the research of wide angle impedance matching (WAIM) technology. It has been proven that metamaterials can be used to achieve superior wide angle impedance for phased array antennas.

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Some of the key 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.