The metal matrix composites market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the higher specific strength and modulus of metal matrix composites market. However, lack of experienced workforce for manufacturing metal matrix composites is likely to hinder the growth of the market studied.
- Increasing research on Copper, Magnesium, and Iron-based matrix composites expected to provide a major growth opportunity for the market studied.
- North America accounts for the highest market share and is expected to dominate the market studied during the forecast period.
- Among the end-user industries, ground transportation accounted for the highest market share and is expected to dominate the market studied during the forecast period.
Key Market Trends
Ground Transportation to Dominate the Market
- Application of Metal Matrix Composite (MMC)s is majorly in engine components, such as driveshafts and brake components due to the cost-sensitive nature of automotive industry.
- One of the advanced materials to replace conventional structural alloys is high-grade aluminum alloy reinforced with ultrafine particles of silicon carbide. These MMCs have high specific modulus, strength, and wear resistance which makes them more suitable for the automotive engine parts.
- These MMCs are majorly used in engine components, such as valve train, pistons, connecting rods or cylinder lines, etc.
- Hence, the increasing replacement by MMCs in transportation industry is expected to uphold ground transportation to be the major end-user industry.
North America to Dominate the Market
- The demand for metal matrix composites is high in the North American region due to the strong demand from industries like aerospace, defense, automobile, etc.
- The aerospace & defense industry of the United States is the largest in the world. The country is also the largest exporter of aircrafts in the world.
- The growing investments in the defense sector in the region is likely to boost the production of aircrafts which in turn will boost the demand for MMCs in the region.
- Hence, owing to the above-mentioned factors, North America is likely to dominate the market studied during the forecast period.
The global metal matrix composites market is moderately fragmented as the market share is divided between many players. Key players in the market include, Materion Corporation., GKN Sinter Metals Engineering GmbH. , 3M, Santier, and CPS Technologies Corporation, among others.
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