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Metal Matrix Composite Market Growth Analysis | 2023-2028
Metal Matrix Composite Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
“The metal matrix composite market is likely to grow at a promising CAGR of 6% during 2023-2028 to reach USD 472 million in 2028.”
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Metal matrix composite (MMC) is a type of advanced material that consists of a metal matrix (such as aluminum or titanium) reinforced with particles, fibers, or whiskers to create a composite material with enhanced properties. It combines metals' strength and flexibility with reinforcing materials' stiffness and wear resistance, resulting in composites with improved mechanical, thermal, and electrical properties.
Due to these properties, MMC has various applications in different industries, including aerospace and defense, transportation (automotive and rail), energy, oil and gas, and electronics.
COVID-19 Impact
The COVID-19 pandemic had a pervasive impact on various industries, including aerospace & defense, automotive, energy, and electronics. The aerospace & defense industry felt the most substantial influence as the pandemic led to a sharp decline in air travel, reducing demand for new aircraft, and high-performance structural materials like MMCs. Hence, the metal matrix composites market experienced a substantial downturn (15%+) in 2020.
The increase in the adoption of MMCs in various applications across different industries, the increasing production of composite-rich aircraft, the growing utilization of metal matrix composites in the space industry, and numerous advantages of MMCs, such as a high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, lightweight, and excellent durability, are key factors collectively driving market growth.
Moreover, MMC's substantial usage in electronic packaging, primarily for effective heat management in electronic devices, is complemented by its increasing adoption in semiconductor applications. This expansion is a significant catalyst for the market's growth in the coming years.
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The market is moderately populated, with the presence of some regional and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc.
The following are the key players in the metal matrix composite market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Application Type |
Aerospace & Defense and Others |
Aerospace and defense are the biggest markets for MMCs and will maintain their position in the coming years too. |
|
Matrix Type |
Aluminum, Titanium, and Others |
Aluminum holds a predominant position as the primary matrix in the market. |
|
Reinforcement Type |
Silicon Carbide, Aluminum Oxide, and Others |
Silicon Carbide maintains a leading role as the primary reinforcement in the market. |
|
Reinforcement Form Type |
Continuous, Discontinuous, and Particulate |
Continuous stands out as the prevailing reinforcement form in the market. |
|
Process Type |
Solid State Processing, Liquid State Processing, and Others |
Solid-state processing is expected to remain the most preferred process in the market. |
|
Regional Analysis |
North America, Europe, Asia Pacific, and The Rest of the World |
North America is expected to remain the dominant market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate. |
“Aerospace & Defense dominates the market during the forecast period.”
The metal matrix composites market is segmented into aerospace & defense and others. Aerospace & Defense is projected to maintain its dominant position in the market during the forecast period. An increase in the production rate of composite-rich aircraft programs, growing demand for lightweight yet durable parts, the advantages of MMC (Metal Matrix Composites), such as their high strength-to-weight ratio, durability, and corrosion resistance, making them ideal for lightweight structural components in aircraft and spacecraft, and the expanding utilization of MMCs in defense applications, including armor, are expected to be significant growth drivers of the market.
Other key applications of MMCs include electronic devices, semiconductors, engine components, brake systems, and suspension parts (in automotive).
“Aluminum dominates the market during the forecast period.”
The market is segmented into aluminum, titanium, and others. Aluminum is expected to persist as the foremost matrix type in the market during the forecast period due to its low weight and cost-effectiveness properties.
Titanium is expected to remain the fastest-growing matrix type in the market during the forecast period owing to its numerous advantages, such as a high-strength-to-weight ratio, high tensile and compressive strength, a low coefficient of thermal expansion, and high fatigue resistance.
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“Silicon carbide dominates the market during the forecast period.”
The market is segmented into silicon carbide, aluminum oxide, and others. Silicon carbide is poised to uphold its prominent status as the dominant reinforcement type in the market during the forecast period owing to its lightweight, high strength and stiffness, high-temperature resistance, abrasion, fatigue, and corrosion resistance properties.
“Continuous reinforcement dominates the market during the forecast period.”
The market is segmented into continuous, discontinuous, and particulate. Continuous reinforcement is projected to remain dominant in the market during the forecast period, as it provides a high level of strength and stiffness to the composite material, which is crucial for structural components in aircraft and other applications that need to withstand high loads and stresses.
“North America is expected to remain the dominant market for metal matrix composites during the forecast period.”
The USA is likely to remain the growth engine of the region’s market as it is the manufacturing hub of the aerospace industry, along with the presence of key MMC manufacturers, tier players, OEMs, and other industry players.
Asia-Pacific is estimated to remain the fastest-growing market for metal matrix composites in the foreseeable future. Increasing investment in various industries, including aerospace, automotive, electronics, and energy, and the growing adoption of advanced technologies are key factors driving the region’s market.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s metal matrix composite market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The metal matrix composite market is segmented into the following categories:
By Application Type
By Matrix Type
By Reinforcement Type
By Reinforcement Form Type
By Process Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]
In March 2021, Alvant, a prominent expert in the production of metal matrix composite (MMC) materials, entered into a Memorandum of Understanding (MoU) aimed at advancing a strategic partnership with the advanced materials technology firm 3M. This collaboration is intended to expedite the enhancement of Alvant's capabilities and the discovery of practical applications in real-world scenarios.
Metal matrix composite (MMC) is a type of advanced material that consists of a metal matrix (such as aluminum or titanium) reinforced with particles, fibers, or whiskers to create a composite material with enhanced properties. It combines metals' strength and flexibility with reinforcing materials' stiffness and wear resistance, resulting in composites with improved mechanical, thermal, and electrical properties. Due to these properties, MMC has various applications in different industries, including aerospace and defense, transportation (automotive and rail), energy, oil and gas, and electronics.
The metal matrix composite market is likely to grow at a promising CAGR of 6% during 2023-2028.
The metal matrix composite market is likely to reach USD 472 million in 2028.
Materion Corporation, Plansee SE, AMETEK, Inc., CPS Technologies Corporation, Denka Company Limited, Deutsche Edelstahlwerke (part of Swiss Steel Group), and Ferrotec are the leading players in the market.
North America is estimated to remain dominant in the market in the foreseeable future. The USA remains the growth engine of the region’s market, securing a mammoth position.
Key factors driving the growth of the market are the growing utilization of metal matrix composites (MMCs) in the aerospace & defense, automotive, energy, electronics, and medical industries and numerous advantages of MMC, such as a high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, lightweight, and excellent durability.
Asia-Pacific is estimated to remain the fastest-growing market for metal matrix composites in the foreseeable future. Emerging economies, such as China and India, are investing heavily in various industries, including aerospace, automotive, electronics, and energy, along with rising disposable income and the growing adoption of advanced technologies are key factors driving the region’s market.
Silicon carbide is expected to remain the largest reinforcement type in the market during the forecast period owing to its lightweight, high strength and stiffness, high-temperature resistance, abrasion, fatigue, and corrosion resistance properties.
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