ID: MRFR/CnM/6659-HCR | February 2021 | Region: Global | 140 pages
Metal Matrix Composites (MMCs) Market is expected to surpass the market value of over USD 787 million by the year 2025 while registering a CAGR of 11% during the forecast period.
Metal Matrix composites come under the composite materials category and possess metals and other ingredients which are manufactured according to the requirement of the application. The potential characteristics such as enhanced performance, tensile strength, lightweight, durability, and other prototypes propel the manufacturers to utilize them in the place of conventional composite materials. The availability of recycling facilities and the funding support from the government are expected to propel the overall growth of the metal matrix composites industry during the forecast period.
Similarly, the growth across the aerospace, automotive, electrical, and electronics industries and the adoption of advanced technologies across these industries are expected to propel the metal matrix composites market growth during the forecast period. However the requirement of higher manufacturing costs is restricting the new players in the industry, lack of specific standards and expertise in the technology is also making it difficult for the metal matrix composites industry to progress.
COVID 19 Analysis:
Like any other industry, the metal matrix composites were also affected by COVID 19. This is because of the decline of the potential end-user industries like the automotive and electronics industry. Especially, the airline sector has faced serious adverse effects at the international and domestic borders. This has reduced the production of aircraft and related business operations. In North America, over 80% of automotive production was reduced and it is continued in several other countries as well. Leading market players like Tesla, Ford, General motors have completely stopped their production.
However soon after the relaxation in regulations and norms, the manufacturers have increased their production rates and have adopted varied strategies and business continuity plans and thereby presenting lucrative opportunities for the overall growth of the metal matrix composites industry.
The increasing demand across the manufacturing industry and the growing trends towards handheld devices, smart devices, electronic gadgets, and electrical appliances are propelling manufacturers to adopt highly efficient materials for efficiency. Compared to other aerospace materials, the metal matrix composites possess stiffness and specific strength and the balance between the two is at the right proportion as well. Such favorable characteristics are promoting the metal matrix composites' market value.
After COVID recovery, several industries have adopted advanced technologies and have been improving in the production rates as well. For instance, the Asia-pacific region had improved with an 11% growth in automotive production in one year. Such vast improvement at the manufacturing and production facility is considered as the major driver of metal matrix composites market growth.
The increasing growth in civil aircraft sales and the favorable government plans such as “Made in China 2025” which is expected to present favorable conditions for China to supply over 10% of home-made aircraft. The electronic production rate which includes TV, wires, cables, gaming systems, and personal electronic devices are presenting lucrative opportunities for the overall growth of the metal matrix composites industry.
The growing opportunities in the developed countries under varied applications from various sectors such as aerospace, ground transportation, high-speed machinery, high-speed rotation shafts, crucial applications such as robots, and significant others are presenting lucrative opportunities for the overall growth of the metal matrix composites industry during the forecast period.
The varied applications from the end-user industries and the variability of the Metal matrix composites are considered as the major challenge for the designers to manufacture the composite components with desired precision.
The production technologies handled across the metal matrix composites industry including casting and powder metallurgy and liquid infiltration techniques are highly complex and demand technical experts to carry out them. The lacking of technical expertise in the industry across the developing countries is expected to hinder the metal matrix composites market growth.
The manufacturing processes are complex and carrying them out with lesser capital investment and applying them for mass production applications is considered as the major challenge for the overall growth of the metal matrix composites industry. Moreover, the industry lacks a standard database for the manufacturing processes and the perfect specification of the composites. This has imposed a significant challenge for the overall growth of the metal matrix composites industry.
The demand for precision and zero tolerance applications such as space where reliability and durability are highly expected are imposing significant challenges for the overall growth of the metal matrix composites industry.
The increasing concerns associated with carbon emissions and the stringent regulations imposed by the developed countries are propelling the manufacturers to replace them with conventional materials with high-performance. Such factors are also considered as the major challenges for the overall growth of the metal matrix composites industry.
Cumulative growth analysis:
The market value of the metal matrix composites was at USD 467 million in the year 2020 and it is expected to surpass the market value of over USD 787 million by the year 2025 while registering a CAGR of 11% during the forecast period. The metal matrix composites market value is expected to grow with such a healthy CAGR due to the increasing utilization in crucial industries like automotive and transportation, aerospace, and significant others. Among other composites, Silicon carbide is currently holding the highest demand across electronics and electrical applications due to potential characteristics such as higher tensile strength, higher density, hardness, wear resistance. Since the manufacturing processes are complex, the manufacturers are facing a serious challenge in the metal matrix composites industry. However, they are carrying out the powder metallurgy technique to manufacture the metal matrix composites. This technique is found to be most compatible with various materials and efficient as well.
Value chain analysis:
Among other parts of the world, China is expected to grow with a healthy CAGR during the forecast period concerning the metal matrix composites. Due to the efficient plans across the region like “Made in China 2025” and the other investments from the government sector towards the manufacturing and automotive industries, China is expected to be a predominant market shareholder during the forecast period. Moreover, China is considered the leading manufacturer of electronics, and computer devices like Smartphones, TV, wires, cables, and portable devices. Owing to the increasing disposable income across the region and the changing trends towards electronics and electrical appliances are expected to boost the overall growth of the metal matrix composites industry during the forecast period.
The demand for power electronic modules is increasing and aluminum-graphite composites are utilized for the production of power electronic modules because of their thermal conductivity and thermal expansion. Similarly, the adaptation of SiC because of higher thermal conductivity is also increasing due to the higher specific strength and better wear resistance. Such favorable characteristics of the metal matrix composites are propelling the manufacturers to adopt them for essential applications. Therefore the electronics and electrical industry are expected to hold a higher market share in the metal matrix composites industry.
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Global Metal Matrix Composites (MMCs) Market Share, by End-Use Industry, 2018 (%)
Source: MRFR Analysis
The Asia-pacific region and Europe are expected to grow with a healthy CAGR during the forecast period owing to the increasing production in the automotive industry and the production-intensive manufacturing of varied electronic components. Manufacturing hubs across countries like Japan, China, and India due to the favorable conditions have made a record of 32.67 million automotive productions in the year 2021 despite the challenges due to COVID-19. The total automotive production has increased by 11% from the year 2020. Such vast improvement and the adoption of high-end technologies and cheap labor are expected to provide a favorable environment for the overall growth of the metal matrix composites industry.
On the other hand, North America possesses well-established automotive, transportation, and aerospace industries, and the increasing investments in these countries combined with the presence of established market players are expected to provide lucrative opportunities for the overall growth of the metal matrix composites industry.
In the year 2022, one of the leading market players, Plansee Group had acquired Mi-Tech Tungsten metals and had declared themselves as an established market player in the industry. The acquisition had also expanded their production quality and volume in recent years.
In the year 2021, one of the leading market players, TISTICS had joined hands with SPRINT to improve the testing and manufacturing of the metal composites that are specially for space crafts. The funds were provided by SPRINT.
This report has covered:
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Based on types of Fillers:
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|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||product type, end-use industry, and region|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.|
|Key Vendors||Materion Corporation (US), Melrose Industries PLC (UK), 3M (US), Plansee SE (Austria), Sandvik AB (Sweden), Hitachi metal Ltd (Japan), CPS Technologies Corporation (US), Tisics Ltd (UK), Ferrotec (USA) Corporation (US), Sumitomo Electrical Industry (Japan),Thermal Transfer composites LLC (US), Ametek Inc. (US) and Schmolz + Bickenbach Group (Germany), Ceramtec (Germany), and Alvant Ltd (UK)|
|Key Market Opportunities||The growing demand for lightweight materials in the automotive and aerospace industries is also projected to boost the growth|
|Key Market Drivers||The superior properties of MMCs is the major factor expected to drive the growth|
Frequently Asked Questions (FAQ) :
The market value of the metal matrix composites was at USD 467 million in the year 2020 and it is expected to surpass the market value of over USD 787 million by the year 2025 while registering a CAGR of 11% during the forecast period.
North America is expected to command the largest share in the metal matrix composites market.
Different end use industries for metal matrix composites include healthcare, marine, automotive, electronics, and others.
Growing demand for lightweight materials in the aerospace and automotive industry is boosting market growth.
Technological constraints and high assembly cost may limit market growth.
• Nickel • Aluminum • Refractory • Other Types