The global metal matrix composite market is expected to reach USD 433.3 million by 2022, according to a new report by Grand View Research, Inc. Increasing need for high-performance composite metals from automotive, aerospace, and marine industries is expected to fuel the product demand over the forecast period. High malleability, ductility, and tensile strength offered by metal composites make them popular in various application segments including automotive, electronics, and aerospace industries.
Increasing need for automotive curb weight reduction to increase fuel-efficiency and reduce pollution is expected to augment composite metal usage in automotive production. Increasing disposable income is expected to fuel high-performance automobile demand over next seven years. High manufacturing costs for metal composites along with limited technological expertise are expected to pose a challenge for market growth over the forecast period.
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North America dominated the overall MMC market and accounted for 34.8% of the total market volume in 2013. Rising demand for high-performance materials from automotive and aerospace industries is expected to remain a key driving factor affecting the MMC market over the forecast period. Asia Pacific is expected to be the fastest growing market on account of rapidly growing automotive and electronics industries. Europe is expected to witness slow growth on account of lower growth rates of end-use industries.
Further key findings from the study suggest:
Global metal matrix composites market was 6,174.0 kilo tons in 2014 and is expected to grow at a CAGR of 6.3% from 2015 to 2022
Aluminum accounted for 36.4% of the total MMC demand in 2014 and was followed by refractory metals
Refractory matrix metals are expected to be the fastest growing product segment over the forecast period
Ground transport was the leading application segment in 2014 and is expected to grow at an estimated CAGR of 6.1% from 2015 to 2022
Electronics/thermal management is expected to be the fastest growing application segment for MMC.
North America dominated the overall MMC market and accounted for 34.8% of total market volume in 2013. Asia Pacific is expected to be the fastest growing market growing at an estimated CAGR of 7.0% from 2015 to 2022.
MMC market is moderately concentrated with few multinational players with top five companies accounting for over 65% of the total market share
Major players operating in the global MMC market include Materion Corporation, Plansee SE, 3M, Sumitomo Electric Industries, Ltd., Sandvik AB, CPS Technologies Corporation, Deutsche Edelstahlwerke GmbH, 3A Composites International AG, GKN PLC, and Hitachi Metals, Ltd.
Grand View Research has segmented the metal matrix composite market on the basis of product, end-use and region:
Global Metal Matrix Composite Market Product Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)
Global Metal Matrix Composite Market End-Use Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)
Metal Matrix Composite Market Regional Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)
Central & South America
Middle East & Africa
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