December 03, 2020
According to the report titled ‘Global Metal Matrix Composite Market Size study, by Product Type ( Aluminum MMC, Magnesium MMC, Refractory MMC, Others), by End-Use Industry ( Ground transportation, Aerospace, Thermal management, Industrial, Others), by Production Technology (Powder metallurgy, Liquid infiltration, Casting, Deposition techniques), by Reinforcement Type ( Continuous, Discontinuous, Particle) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global metal matrix composite market was worth USD 549.4 billion in 2019 and is anticipated to record a 6.1% CAGR during 2020-2027.
Surging demand for lightweight & strong MMC from end-use industry is primarily driving the growth of global metal matrix composite market. In addition, increasing prices of fuel have prompted the demand for amplifying fuel efficacy, which is likely to contribute to the overall market outlook in the coming time.
For those uninitiated, metal matrix composites (MMCs) are a set of materials including intermetallic compounds, alloys, or metals, coupled with several reinforcement phases like continuous fibers, particulates, or whiskers. These composites have found applications in various end-use sectors such as semiconductor, aerospace, automotive, and others due to their features like excellent strength and rigidity, low operating temperatures, and increased wear resistance.
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Moreover, MMCs possess low coefficient of thermal expansion and high thermal conductivity as compared to aluminum and copper, thus promoting their usage in semiconductor manufacturing, stimulating global metal matrix composite industry expansion. MMC shields the device from thermal stress as well as radio noise and is widely used in electronic packaging systems, which further facilitates the business scenario.
However, complexities associated with the manufacturing process is likely to hamper sales over the study period.
Based on geographical spectrum, worldwide metal matrix composite industry is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America currently holds considerable market share and is slated to grow substantially over the estimated timeframe, on account of expansion in telecommunication and automobile sector.
Meanwhile, Asia Pacific metal matrix composite industry is reckoned to accrue notable gains by the year 2027, owing to strong presence of electronics manufacturers in the region, along with growth in automotive production and expansion of manufacturing sector.
Major players influencing global metal matrix composite market dynamics are Plansee Group, Deutsche Edelstahlwerke GmbH, CPS Technologies Corporation, DWA Aluminum Composites USA, Inc., Thermal Transfer Composites LLC, TISICS Ltd., ADMA Products, Inc., 3M Company, GKN plc, and Materion Corporation.