Metal Matrix Composites Market Growth 2022-2030
The Global Metal Matrix Composites (MMCs) Market was valued at USD 467.54 million in 2018 and is estimated to register a CAGR of around 7% during the forecast period, 2022–2030. The growth of the global metal matrix composites (MMCs) market is due to the demand for lightweight and durable parts in the automotive industry. The high-temperature resistance and high modulus of MMCs over other metals give it an upper hand in the aerospace & defense industry. Additionally, the superior properties such as high electrical conductivity and wear resistance are increasing the demand for MMCs in the electronics and construction industries.
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The key players operating in the global metal matrix composites (MMCs) market include 3M (US), Ferrotec (USA) Corporation (US), Sumitomo Electrical Industry(Japan), Melrose Industries PLC (UK), Thermal Transfer composites LLC (US), Sandvik AB (Sweden), CPS Technologies Corporation (US), Schmolz + Bickenbach Group (Germany), Tisics Ltd (UK), Plansee SE (Austria), Ametek Inc. (US), Ceramtec (Germany), Materion Corporation (US), Alvant Ltd (UK), and Hitachi metal Ltd (Japan).
The global metal matrix composites (MMCs) market has been segmented based on product type, end-use industry, and region.
By product type, the global market has been classified into aluminum, nickel, refractory, copper, and others. Among these, the aluminum MMCs due to the high tensile strength, low density, and high wear resistance are high in demand in the aerospace and automotive industries. It is the largest segment in terms of demand. The refractory MMCs is projected to be the fastest-growing segment during the forecast period due to the increasing application in the construction and thermal industries.
Based on end-use industry, the global market has been segregated into aerospace & defense, automotive, building & construction, marine, electronics, healthcare, and others. The global MMCs market is dominated by the aerospace & defense segment, accounting for 33% of the global market share. Moreover, due to high investments in the aerospace sector and high demand for superior composite materials are factors projected to boost the growth of the segment during the forecast period. It is further followed by the automotive sector due to the increasing demand for automobiles across the globe.
Asia-Pacific, Latin America, North America, Europe, and the Middle East & Africa are the regions analyzed under the scope of the market.
North America was the leading market in 2021 and is expected to register the highest CAGR during the forecast period. Asia-Pacific held the second-largest market share in 2021, which is followed by Europe. The Latin American and the Middle East & African markets are expected to witness slow growth during the forecast period.
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