Metal Matrix Composites Market
Metal Matrix Composites Market Analysis By Product (Aluminum, Copper, Magnesium, Super Alloys & Refractory Metal Matrix Composites), By Production Technology (Liquid Metal Infiltration, Powder Metallurgy, Casting), By Application, By Region - Global Insights 2023 to 2033
Analysis of Metal Matrix Composites Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Metal Matrix Composites Market Growth Outlook (2023 to 2033)
During the forecast period of 2023-2033, the metal matrix composites (MMCs) market is projected to expand at a CAGR of 5.0%, reaching over US$ 532.5 million in 2023. The market is projected to hold a valuation of US$ 867.4 million in 2033.
Metal matrix composites are an ideal choice of replacement for conventional metals in automobile and aerospace industries. Owing to the properties such as higher ductility, higher strength, and lightweight makes MMCs the most promising choice for application in the aerospace industry. These are often termed as advanced engineered materials capable of displaying improved strength, excellent damping, and reduced thermal expansion.
Metal matrix composites Market Size (2022A)
US$ 507.2 Million
Estimated Market Value (2023E)
US$ 532.5 Million
Forecasted Market Value (2033F)
US$ 867.4 Million
Global Market Growth Rate (2023–2033)
North America Market Share (2022)
Key Companies Profiled
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Market Dynamics Analysis in Projected Timeframe
Rising interest in the development of materials to replace conventional materials has created market demand for metal matrix composites. Metal matrix composites MMCs have emerged as one of the key classes of engineering materials in the contemporary period.
In order to manufacture MMCs, a metal or alloy matrix must be reinforced with ceramic or metal particles, fibers, whiskers, or even sheet metal. The capacity of MMCs to be manufactured into structures and components is the key to their success in the industry. Metal matrix composites are replacing conventional alloys in commercial industries due to their simplicity of production at controlled costs.
- Growth Factors for Short Term (2023–2026): Metal matrix composites are anticipated to see an increase in demand as a result of the continued manufacture of mobile phones, portable computers, gaming systems, and other personal electronic devices.
- Factors for Medium-Term Growth (2026–2029): The aerospace and defense industries' growing need for lightweight materials creates an opportunity for the metal matrix composites market as they possess better characteristics than metals are the main market-driving factors for medium-term growth.
- Long-Term Growth Opportunities (2029–2033): Growing emphasis on performance improvement in terms of safety and fuel efficiency is anticipated to play a significant role in boosting product demand throughout the forecast period. Due to the superior strength and stiffness, greater operating temperatures, and improved wear resistance that MM composites provide, the demand for the MMCs is likely to increase during the projection period.
According to Fact.MR, the market for metal matrix composites has grown at a CAGR of 3.0% from 2018 to 2022 and is expected to grow at a CAGR of 5.0% from 2023 to 2033.
Factor’s contributing to the expansion of the metal matrix composites market
“Increasing the Production of Structural Aerospace Composite parts using MMCs”
The aerospace industry is using MMCs exhaustively to make structural parts because of their high fuel efficiency and lightweight. In comparison to conventional aerospace materials, these composites also feature a great balance of specific strength and stiffness. Aero-structural components and parts in the aero-propulsion system are the main applications of MMCs, and as new designs, production systems, and certification of MMCs are developed, so are its applications in aeronautical sub-systems.
Each space shuttle's orbital mid-fuselage, mid-frame, frame stabilizing struts, and nose landing gear are built with the use of systems like aluminum MMCs tubes because they need to be dimensionally stable and operate effectively.
Future growth in the MMCs market for aerospace applications is anticipated to be driven by both the rising demand for airplanes on a global scale and the rising number of space missions from different space organizations. The market is expanding as a result of increased R&D costs and significant financial support from different governments.
“What Limitations Face Manufacturers of Metal Matrix Composites?”
A reinforcement and a matrix material are combined to create MMCs. This creates numerous difficulties for MMCs manufacturing. To improve the characteristics and component service life of the final MMC product, the reinforcing phase should be distributed uniformly throughout the material.
However, it is anticipated that during the forecast period, rising manufacturing costs and limited technological proficiency for handling metal matrix composites will present a hurdle to the market's expansion.
Metal matrix composites are used less frequently as there aren't many standard design aids like property databases, performance standards, and common test procedures.
It is possible to produce metal matrix composites on a large scale by casting metal matrix composites and using liquid metal infiltration composites, but this method necessitates a high level of technical skill in order to produce the desired products.
The equipment and personnel needed to manage metal matrix composite manufacturing technology operations are both in short supply. These are major factors that are limiting the market for metal matrix composites growth.
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Country-wise Insights for Metal matrix composites Market
How Exciting Are the Growth Opportunities for Metal Matrix Composites Manufacturers in the U.S.?
In 2022, the market for metal matrix composites in the US was worth more than US$ 130 million. Due to its large defense budget, substantial investments in research and development, and abundance of metal matrix composite suppliers, the United States is the market's main driver of growth.
According to the U.S. Department of Commerce's International Trade Administration (ITA), the United States is the largest market for general aviation aircraft and a producer of large civil aircraft on a global scale. The United States consumes a lot of metal matrix composites due to the presence of big automotive and aircraft manufacturers.
Why is it estimated that China will emerge as a Prominent Market for Metal Matrix Composites?
China's industry is anticipated to reach US$ 140 million by 2033. Over the next 20 years, China is anticipated to be the world's biggest single market for the sale of civil aircraft. By 2025, it is anticipated that China will likely deliver more than 10% of domestically made commercial aircraft to the domestic market under the "Made in China 2025" plan.
The biggest base for electronic manufacturing is located in China. The electronics sector saw the greatest growth in goods like smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices. In addition to meeting local demand, the country also exports electronic products to other countries.
The manufacturing of electronics is anticipated to increase due to rising middle-class disposable income and increased demand in countries that import electronics from China. Metal matrix composites are anticipated to have an increase in demand due to expanding electronics and construction sectors.
Why is Powder Metal Technology Gaining Traction?
The most popular technique for producing metal matrix composites is powder metallurgy. The increased use of hot pressing, ball mill mixing, extrusion, and vacuum pressing techniques to create metal matrix composites is responsible for the high demand.
For the production of metal matrix composites, powder metallurgy technology has been proven to be the most cost-efficient technology for wider-scale production and to meet the increasing demand.
Additionally, it is anticipated that the market is likely to advance due to its compatibility with a variety of materials, expanding sales of magnesium metal matrix composites, and rising demand for MMCs made using powder metallurgy from sectors including aerospace and ground transportation.
Why Do Metal Matrix Composites Have a Significant Market Share in the Automotive & Transportation Sectors?
Aluminum and its alloys serve as the foundation for metal matrix composites used in automotive applications. Metal matrix composites are typically utilized to reduce the bulk of reciprocating parts in automotive engines, which reduces noise and vibration.
The automotive industry uses a lot of aluminum and its alloys since they are lightweight and inexpensive when compared to other light metals like titanium and magnesium. The piston crown is part of the engine that is most frequently attacked since it can use a lighter element due to the metal matrix composite's higher hot strength.
The need for the high-performance metal matrix is anticipated to rise due to the rising demand for cars and other passenger vehicles around the world. This is anticipated to increase demand for MMCs globally.
Consumption of MMCs in automotive & transportation services holds approx. 38.9% across all industries.
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Key Strategies Followed by Key Manufacturers
Prominent metal matrix composites manufacturers Materion Corporation, GKN Plc, 3M, TISICS Ltd., Thermal Transfer Composites LLC, DWA Aluminum Composites USA, Inc., CPS Technologies Corporation, Plansee Group, Sandvik AB, Mi-Tech Tungsten Metals, LLC, and AMETEK Specialty Metal Products.
Manufacturers are trying to overcome the production process challenges by investing in research & development. Also, the current production process is a highly expensive process, and considering the surging requirement, cost optimization is one of the important strategies to be considered for future market growth. Numerous MMC manufacturers are spending time and resources to create highly dependable and affordable manufacturing methods.
Fact.MR has provided detailed information about the price points of key manufacturers of metal matrix composites positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Metal matrix composites Industry Research
By Product :
- Super Alloys
By Production Technology :
- Liquid Metal Infiltration
- Powder Metallurgy
- Deposition Techniques
By Application :
- Automotive & Transportation
- Aerospace & Defence
- Electrical & Electronics
- Thermal Management
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
In 2022, the global market for Metal matrix composites was worth US$ 507.2 million.
In terms of global consumption of metal matrix composites, automotive & transportation holds around 38.9% of the total consumption.
East Asia holds a share of 18.3% in the global Metal matrix composites market.
The market is projected to expand at a CAGR of 5.0% during the forecast period.
Powder metallurgy is expected to account for the maximum production of MMCs, expanding at nearly 6.2% CAGR during the forecast period.