The Metal Matrix Composite by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Matrix Composite, The metal matrix composite market size has grown strongly in recent years. It will grow from $0.56 billion in 2023 to $0.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid growth in the automotive industry, increasing demand for lightweight materials in the aerospace and defense industry, and increase in government support.
The metal matrix composite market size is expected to see strong growth in the next few years. It will grow to $0.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increased demand across various applications, increased demand for powder metallurgy, and rising demand for aluminum components. Major trends in the forecast period include invest in technological advancements to meet the demand from customers and gain a competitive advantage over other players operating in the industry, should consider investing in aircraft manufacturing due to mmc’s low costs and versatility, manufacturers should consider targeting applications in the automobile industry because of mmc’s properties of being lightweight and resistant to corrosion, consider developing mmc’s with self-healing capabilities, and targeting the electrical devices industry owing to its demand for high heat resistance.
The growth of the automotive industry is expected to fuel the growth of the metal matrix composite market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Metal matrix composites are used to lower vehicle weight and enhance the efficiency of automobiles. For instance, in May 2023, according to a report published by the European Automobile Manufacturers’ Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36-national trade association, the total production of cars and commercial vehicles in 2021 was 80,145,988, which increased to 85,016,728 in 2022. Therefore, the expansion of the automotive industry propels the growth of the metal matrix composite market.
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The metal matrix composite market covered in this report is segmented –
1) By Matrix Type: Aluminum MMC, Magnesium MMC, Copper MMC, Super Alloys MMC, Other Matrix Types
2) By Production Technology: Liquid Metal Infiltration, Powder Metallurgy, Casting, Deposition Techniques
3) By End-Use Industry: Automotive And Transportation, Aerospace And Defense, Electrical And Electronics, Industrial, Other End-User Industries
The growth in technological advancements is shaping the metal matrix composite market. Major institutes and companies are focusing on projects involving advanced composite materials for the automotive and aerospace industries. According to a study published in 2021, Al-based metal matrix composites (AMMCs) have enormous applications in aerospace, automobiles, and other structural applications. Compared with conventional processes such as casting and powder metallurgy, AMMCs processed by additive manufacturing show a significant difference in microstructure and properties.
The metal matrix composite market report table of contents includes:
1. Executive Summary
2. Metal Matrix Composite Market Characteristics
3. Metal Matrix Composite Market Trends And Strategies
4. Metal Matrix Composite Market – Macro Economic Scenario
5. Global Metal Matrix Composite Market Size and Growth
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26. South America Metal Matrix Composite Market
27. Brazil Metal Matrix Composite Market
28. Middle East Metal Matrix Composite Market
29. Africa Metal Matrix Composite Market
30. Metal Matrix Composite Market Competitive Landscape And Company Profiles
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