A metal matrix composite (MMC) is a material made up of two or more composite parts, where one should be necessarily metal and the other material could be a different metal or non-metal such as an organic compound or ceramic. They are created by diffusing a strengthening material into a metal matrix. The application of metal matrix composites is increasing in diverse end-use industry domains such as aerospace, ground transportation, thermal management, and industrial sector.
The metal matrix composites market is anticipated to record a CAGR of around 8% over the forecast period, i.e., 2020-2028. The market is segmented by product type, end-use industry, and region. Among product segmentation, the aluminum metal matrix composites segment is anticipated to hold the largest market share in revenue terms during the forecast period as they are the most potential material for structural and functional applications with a reduced price, thereby utilized in aerospace, defense, automotive & aviation, and thermal management fields.
These composites are substantially being used for manufacturing automobile parts such as disc brakes and turbines. They help in order to decrease the weight of commercial vehicles, passenger cars, and enhance fuel efficiency.
High malleability, ductility, and tensile strength provided by metal composites make them desirable in diverse application segments including automotive, electronics, defense, and aerospace industries.
High-performance composites material are preferred for mounting of exterior chassis or framework in the aerospace and marine industry.CLICK TO DOWNLOAD SAMPLE REPORT
Properties such as stiffness in nature, low thermal expansion coefficient, lightweight, and dimensional stability led to the rising demand for metal matrix composites in communication satellites.
For shipbuilding, metal matrix composites of high buoyancy and light in weight are preferred.
Soaring manufacturing costs along with narrow technological competency for metal matrix composites handling are however anticipated to pose a challenge for the growth of the market during the forecast period.
Our in-depth analysis of the metal matrix composites market includes the following segments:
Geographically, the metal matrix composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America, driven by the U.S. and Canada metal matrix composites market is foreseen to hold the largest market share as a result of augmentation in the telecommunication and automobile industry.
The International Trade Administration (ITA), U.S. Department of Commerce: The United States is the world’s largest market for General Aviation aircraft and a global leader in Large Civil Aircraft production.
The metal matrix composites market in Europe is led by the UK, Germany, and France which is predicted to observe stable growth. Growing household expenditure on the automobile sector and rising medical expenses may propel the regional growth.
The Asia Pacific region driven by Japan, India, and China is projected to play a pivotal role in metal matrix composites market growth. India has a high success rate of launching space satellites & crafts with low budget technology that has grabbed world attention. Further, the rising aging population, growing health care expenditure, and surging economic standards in developing economies of China, Japan, and India may drive the regional growth during the forecast period.
According to an article by WHO published on Feb 4, 2019, demand for electric vehicles is witnessing an upsurge in China. In 2018, nearly 1.3 million electric vehicles and plug-in hybrids were sold, which is just 4% of all 28.1 million automobiles sold in China, 2018 at the time when the U.S. was under 2% and Europe was just over 3%.
The metal matrix composites market is further classified based on region as follows:
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