Metal Matrix Composite Market worth $467 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 2, 2020 /PRNewswire/ -- According to the new market research report "Metal Matrix Composite Market by Matrix Type (Aluminum MMC, Magnesium MMC, Copper MMC, Super Alloys MMC), Reinforcement Type, Production Technology, Reinforcement Material, End-Use Industry, and Region – Global Forecast to 2025", published by MarketsandMarkets™, the global Metal Matrix Composite Market size is expected to grow from USD 467 million in 2020 to USD 787 million by 2025, at a CAGR of 11.0% during the forecast period.
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The metal matrix composite market is growing due to the increasing usage of MMC in the automotive & transportation and aerospace sector.
Aluminum MMC led the Metal Matrix Composite Market in the matrix type segment.
Aluminum MMC is the most widely used matrix type of metal matrix composite due to its superior properties such as lightweight, environmental resistance, and superior mechanical properties. Additionally, various reinforcements such as boron continuous fibers, Aluminum MMC is comparatively cheaper than other types of MMC products. It finds applications in various end-use industries, such as automotive & transportation, aerospace, and electrical & electronics. Some of the applications of aluminum MMCs include automotive engine moving parts such as piston pins and connecting rods.
Powder metallurgy dominated the Metal Matrix Composite Market in the production technology segment.
Powder metallurgy is the most widely used technology to manufacture metal matrix composite. This high demand is attributed to the increased adoption of hot pressing, ball mill mixing, extrusion, and vacuum pressing technology to manufacture metal matrix composite. Additionally, its compatibility with various materials and the increasing demand for powder metallurgically produced MMC products from industries such as aerospace and ground transportations are expected to drive the MMC market in powder metallurgy production technology.
Alumina is one of the fastest-growing reinforcement materials in the Metal Matrix Composite.
Alumina (Al2O3) reinforcement has good compressive strength and wear resistance. The properties such as hardness, compressive strength, and wear resistance increases as the percentage of alumina in MMC is increased. Alumina attracts atmospheric oxygen from the air and forms thin layer of aluminum oxide (Al2O3), which acts as a wear resistant for MMC surface. Alumina reinforcements give more stability and exhibit better corrosion and high temperature resistance and can be used in particle form, short fiber, and nanoparticle form.
Discontinuous reinforcement type dominated the Metal Matrix Composite Market.
The discontinuous reinforcement holds the largest market share in the reinforcement type segment. Discontinuous MMCs are widely used in various automotive components such as piston rods, piston pins, valve spring caps, brake disks, brake pads, shafts, and others. The growing demand for automotive vehicles from emerging countries, such as China, India, and Brazil, is the major growth driver for the discontinuously reinforced MMC market.
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Automotive & transportation accounted for the largest market share in the global Metal Matrix Composite Market in terms of value.
Automotive & transportation is the dominating end-use industry in the carbon capture, utilization, and sequestration market. This is due to the growing penetration of MMCs in applications, such as automotive brake pads, brake drums, rail brake discs, and others, as they offer superior properties. The increased demand for automotive and passenger vehicles across the globe is expected to drive the demand for high-performance MMCs in the transportation sector. Similarly, increased applications of MMCs in railway coaches and locomotives help to reduce maintenance costs and power consumption. This is expected to boost the MMC market in this segment.
COVID-19 outbreak has imposed a very disastrous effect on the automotive industry. Automobile manufacturers and suppliers across the world are struggling to continue production after the shutdown of manufacturing plants in most of the countries. With the production crisis, automakers also have to deal with decreased consumer demand in markets, such as the US, China, and Japan, in 2020.
North America is expected to account for the largest market share in the Metal Matrix Composite Market during the forecast period.
North America held the largest share of the metal matrix composite market, and the trend is expected to remain the same during the forecast period. This high market share is attributed to the presence of well-established automotive & transportation and aerospace & defense industries. COVID-19 has adversely affected the entire globe that has led to reduced demand for composites from various end-use industries. The European automotive and North American aerospace industry is severely affected by the pandemic situation. Over USD 200 billion of market value has already been lost in the US aerospace industry. As per ACEA (European Automotive Manufacturers Association), due to factory shutdown
The key players in the global carbon capture, utilization, and sequestration market a Materion Corpoation (US), CPS Technologies Corporation (US), GKN Sinter Metals (US), 3M (US), Destsce Edelstaslwerke GmbH (Germany), Metal Matrix Cast Composites, LLC (US), Plansee SE (Austria), CeramTec (Germany), Sandvik AB (Sweden), Ferrotec Corporation (US), and Schlumberger Limited (US).
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