Metal Matrix Composites Market Growth & Trends
The global metal matrix composite market size is expected to reach USD 558.5 million by 2027 registering a CAGR of 6.4%, according to a new report by Grand View Research, Inc. Rising concerns regarding environmental degradation and increasing levels of carbon emissions and pollution have created the need for the replacement of conventional dense materials with high-performance and lightweight materials in the automotive, aerospace, and other applications.
Thus, growing focus on performance enhancement, in terms of fuel efficiency and safety, is expected to be the major factor augmenting the product demand over the forecast period. These composites offer excellent strength and stiffness, higher operating temperatures, and enhanced wear resistance, owing to which, they are widely used across various end-use industries.
In addition, increased spending on R&D and extensive support offered by various governments, in terms of monitory funds and joint ventures (public-private partnerships), are anticipated to assist the manufacturers in developing newer technology and superior products. This is estimated to have a positive impact on the metal matrix composite (MMC) market growth. However, the high manufacturing costs, low yield, and complex fabrication methods are expected to pose a challenge for market growth over the coming years.
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Metal Matrix Composites Market Report Highlights
The aluminum product segment, in terms of volume, is anticipated to witness significant growth at a CAGR of 6.3% owing to the growing demand for lightweight materials with enhanced mechanical strength in the automotive and construction industries
The aerospace segment, in terms of revenue, is expected to register a healthy CAGR of 6.7% owing to increasing use of MMCs in applications including interior, avionics ducting, and seat components
The electronics/thermal management end-user segment is anticipated to register the fastest CAGR from 20020 to 2027 on account of increasing demand for accurate and efficient components in various electronic products
Asia Pacific will be the fastest-growing regional market over the forecast period on account of growing transportation, aerospace, construction, and electronics industries in countries, such as China, India, and Japan
In July 2019, GKN Powder Metallurgy, a division of GKN plc, opened a new customer center in Bonn, Germany, which has enabled the company to cater to its customers and partners more efficiently
