Newly released data from Fact.MR’s market analysis shows that the global market for metal matrix composites reached around US$ 460 Mn in 2020, and is slated to accelerate at a CAGR of 5% to top US$ 630 Mn by 2031. Demand for powder metallurgy technology is set to increase at a CAGR of 4% across the assessment period of 2021 to 2031.
Key Points Covered in Metal Matrix Composites Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Copper MMC Market
- Brand Share and Market Share Analysis
- Magnesium MMC Market
- Key Product Innovations and Regulatory Climate
- Aluminum MMC Market
- COVID-19 Impact on the Metal Matrix Composite Sales and How to Navigate
- Super Alloys MMC Market
- Recommendation on Key Winning Strategies
Consumption Analysis of Metal Matrix Composites from 2016-2020 Vs Future Market Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, the global market for metal matrix composites thrived at a CAGR of over 3% from 2016 to 2020 to reach US$ 460 Mn.
Rising concerns regarding environmental degradation and increasing levels of carbon emissions and pollution have created the need for the replacement of conventional dense materials with high-performance and lightweight materials in automotive, aerospace, and other applications.
Thus, growing focus on performance enhancement, in terms of fuel efficiency and safety, is expected to be a major factor augmenting product demand over the forecast period. These composites offer excellent strength and stiffness, higher operating temperatures, and enhanced wear resistance, owing to which, they are widely used across various end-use industries.
In addition, increased spending on R&D and extensive support offered by various governments, in terms of monitory funds and joint ventures, are anticipated to assist the manufacturers of metal matrix composite in developing newer technology and superior products. This is estimated to have a positive impact on market growth.
Considering these factors, the global metal matrix composites market is projected to witness growth over the coming years, registering a CAGR of 5% to top US$ 630 Mn by 2031.
How is Rising Industrialization & Urbanization Stimulating Market Growth?
Use of metal matrix composites in automotive industry, aerospace & defense industry, other industrial use of metal matrix composite, and application of metal matrix composites in electrical & electronics have been primarily responsible for driving the market.
This is mainly due to metal matrix composites being highly preferred by workers in these fields owing to their advantageous properties such as high strength, durability & resistance to corrosion, lightweight character, and many others.
From all the fields mentioned here, various advantages of metal matrix composites in fast-evolving automotive and electronics/thermal management industries are anticipated to make the market grow at a rapid pace in the near future.
This is projected to happen especially in Asia Pacific, thus driving demand for metal matrix composite materials. As urbanization increases, more and more people come to live in cities, which further propels need for using metal matrix composites to develop infrastructure.
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What are the Restraints being Encountered by Metal Matrix Composite Providers?
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.
Variability of properties of Al MMCs is a challenge for designers to develop composite components with high precision. Currently, there are very few design aids available, such as property databases, performance standards, and standard test methods, which reduce the adoption rate of metal matrix composites in emerging applications.
There are metal matrix composite production techniques that are used on a large scale for producing liquid metal infiltration metal matrix composites and casting metal matrix composites, but this process requires high technical expertise to get the products with the required specifications.
Many regions might depict a lack of trained professionals and a shortage of equipment required to manage metal matrix composite manufacturing technology activities. These are significant factors restraining growth of the global metal matrix composites market.
Which Region is Projected to Offer Lucrative Opportunity for Metal Matrix Composite Suppliers?
North America held more than 50% share of the metal matrix composite market and the trend is expected to remain the same during the forecast period. This growth is due to the presence of established manufacturers, demand for powdered MMC products, and increased consumption of metal matrix composites in the aerospace and transportation industries in the North American region.
North America may experience significant growth owing to the expansion in the automobile and telecommunication industry. Various companies are investing in these sectors to expand their business, and this is anticipated to drive industry growth.
Some more regional markets that are likely to perform well over the coming years are the Mexico magnesium MMC market, Germany aluminum metal matrix composites market, and the United Kingdom super alloys metal matrix composites market.
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What is the Metal Matrix Composites Demand Outlook for the U.S.?
The United States metal matrix composites market was valued at over US$ 125 Mn in 2020. The U.S. is the growth engine of the market owing to it having the world’s largest defense spending, significant investments towards research & development, and presence of a large number of metal matrix composite suppliers.
As per the International Trade Administration (ITA), U.S. Department of Commerce, The U.S. is the world’s largest market for General Aviation aircraft and a global leader in Large Civil Aircraft production. The presence of major automobile and aircraft manufacturers in the U.S. are responsible for the high consumption of metal matrix composites in the country.
What are the Growth Opportunities for Metal Matrix Composite Providers across China?
By 2031, China is expected to have a market of roughly US$ 135 Mn. China is expected to be the world’s largest single country market for civil aircraft sales, over the next 20 years. Under the plan ‘Made in China 2025’, it is expected that China is likely to supply over 10% of homemade commercial aircraft to the domestic market by 2025.
China has the world’s largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems and other personal electronic devices recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
In China, with increase in disposable income of the middle-class population and rising demand for electronic products in countries importing electronic products from China, production of electronics is projected to grow. With a growing electronics and construction industry, demand for metal matrix composites is expected to increase.
Why is Powder Metallurgy Technology Gaining Immense Popularity?
Powder metallurgy is the most widely used technology to manufacture metal matrix composites. This high demand is attributed to increased adoption of hot pressing, ball mill mixing, extrusion, and vacuum pressing technology to manufacture metal matrix composites.
The powder metallurgy technology is widely used for metal matrix composite production as it gives products superior properties and a modest cost, and the process is commercially available.
Additionally, its compatibility with various materials, rising sales of magnesium metal matrix composites, and increasing demand for powder metallurgy produced MMCs from industries such as aerospace and ground transportations are expected to drive market progress.
Why Does the Automotive & Transportation Sector Hold the Largest Market Share for Metal Matrix Composites?
Metal matrix composites for automotive applications are based on aluminum and its alloys. Generally, metal matrix composites are used in the production of automotive engines is to lower the mass of reciprocating parts and hence generate less noise and vibration.
Compared to other light metals, such as titanium and magnesium, lightweight and low cost are the main reasons for the large use of aluminum and its alloys in the automotive industry. The piston crown, where the increased hot strength of the metal matrix composite enables a lighter element to be used, is the most widely attacked feature of the engine.
Automotive & transportation is the dominating industry, this is due to the growing penetration of MMCs in automotive brake pads applications, brake drums, rail brake discs, and others, as they offer superior properties. The increased demand for automotive and passenger vehicles across the globe is expected to drive the demand for high-performance metal matrix composites in the transportation sector.
Similarly, increased applications in railway coaches and locomotives help to reduce maintenance costs and power consumption. This is expected to boost the global MMC market in this segment.
How Has COVID-19 Impacted Demand for Metal Matrix Composites?
COVID -19 has disastrously affected the aerospace & automotive sectors across the globe. The global aerospace industry has witnessed the most adverse and immediate consequences of the pandemic. The airline sector has faced the worst consequences due to lockdown across international and domestic borders. This has resulted in reduced passenger traffic and delayed the demand for new aircraft drastically.
The novel coronavirus pandemic has created ripples across the global aerospace industry, affecting the global supply chains. This has resulted in delays or non-arrival of raw materials, disrupted financial flows, and absenteeism among production line workers.
These factors have affected the world’s biggest commercial aircraft providers, Boeing and Airbus, and their constellation of suppliers. However, as respective governing authorities begin to lift these enforced lockdowns, the global market is expected to recover accordingly.
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Foremost strategies for expanding the metal matrix composites industry are product launches, mergers & acquisitions, and contracts & collaborations. These strategies would deliver effective goods and high-performance goods, supporting market laws, and lastly, better client satisfaction.
- In 2019, GKN Powder Metallurgy, a division of GKN plc, opened a new customer center in Bonn, Germany, which has enabled the company to cater to its customers and partners more efficiently.
Metal Matrix Composites Market Report Scope
Market size value in 2020
USD 460 Million
Market forecast value in 2031
USD 630 Million
CAGR of 5% from 2021 to 2031
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments in Metal Matrix Composites Industry Research
- Aluminum Metal Matrix Composites
- Copper Metal Matrix Composites
- Magnesium Metal Matrix Composites
- Super Alloys Metal Matrix Composites
- Refractory Metal Matrix Composites
- Liquid Metal Infiltration
- Powder Metallurgy
- Deposition techniques
- Metal Matrix Composites for Automotive & Transportation
- Metal Matrix Composites for Aerospace & Defense
- Metal Matrix Composites for Electrical & Electronics
- Metal Matrix Composites for Thermal Management
- FAQs -
The global metal matrix composites market is currently worth more than US$ 460 Mn.
From 2016-2020, sales of metal matrix composites registered a CAGR of 3%.
Increasing demand for lightweight, comfortable, and high-strength materials around the world is largely expected to shape market expansion.
North America, with a 50% global market share, will largely contribute to the growth of metal matrix composites revenue.
The U.S., China, U.K., Germany, and France are expected to drive most of the demand for metal matrix composites.
Demand for metal matrix composites is anticipated to rise at around 3% CAGR in Europe across 2021-2031.
Powder metallurgy technology continues to be the highest revenue-generating segment of metal matrix composites, accounting for 40% of global revenue.
Copper metal matrix composite sales in Canada are forecasted to reach over US$ 130 Mn by 2031.
Key players operating in this market are Materion Corporation, GKN plc, 3M, ADMA Products, Inc., and TISICS Ltd.
The global market is expected to reach a value of above US$ 630 Mn by the end of 2031, with sales revenue expected to register a CAGR of around 5%.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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