LONDON, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the metal matrix composite market, metal matrix composites possess high strength and stiffness and can be used in applications where weight saving is an important factor. These potential applications of MMCs include high-speed machinery, robots, and high-speed rotating shafts for automobiles and ships. MMC possesses a low coefficient of thermal expansion, which can be altered as per the requirements; this property has helped MMCs to penetrate into lasers, precision machinery, and electronic packaging applications. There is a huge growth potential for MMCs in the aforementioned applications due to new developments taking place in the MMC market.
The global metal matrix composites market size is expected to grow from $329.11 million in 2020 to $352.76 million in 2021 at a compound annual growth rate (CAGR) of 7.2%. Metal matrix composites market growth is mainly due to the increasing usage of MMC in the automotive & transportation and aerospace sector, growing focus on performance enhancement, rising concerns regarding environmental degradation and increasing levels of carbon emissions. The market is expected to reach $539.66 million in 2025 at a CAGR of 11.2%.
The Business Research Company’s report titled Metal Matrix Composite Global Market Report 2021 - By Matrix Type (Aluminum MMC, Magnesium MMC, Copper MMC, Super Alloys MMC), By Production Technology (Liquid Metal Infiltration, Powder Metallurgy, Casting, Deposition Techniques), By End-Use Industry (Automotive And Transportation, Aerospace And Defense, Electrical And Electronics, Industrial), COVID-19 Growth And Change covers major metal matrix composite companies, metal matrix composite market share by company, metal matrix composite manufacturers, metal matrix composite market size, and metal matrix composite market forecasts. The report also covers the global metal matrix composite market and its segments.
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The metal matrix composite market is segmented by matrix type into aluminum MMC, magnesium MMC, copper MMC, super alloys MMC, and others. The aluminum MMC market was the largest segment of the metal matrix composite market, accounting for 44.3% of the total in 2020. Going forward, the aluminum MMC market segment is expected to be the fastest growing segment in the metal matrix composite market at a CAGR of 7.3% during 2020-2025.
Composite materials have been the dominant emerging materials in many industries such as aerospace, automotive, and renewable energy. Aluminum metal matrix is widely used in industries due to its lightweight nature, hardness, and high resistance to corrosion. Aluminum metal matrix composites (AMMC's) are the type of MMC that are used since high specific stiffness and high strength could be used in long-term applications in which saving weight is an important feature, such applications include robots, high-speed machinery, high-speed rotating shafts, and automotive engine and brake parts. According to the US ratings agency, aluminum consumption in 2020 was 60.51 million tons (mt) against a production of 65.13 mt. In 2021, demand is projected to increase to 62.36 mt and production to 67.60 mt. Thus, rising demand for aluminum components will drive the market during the forecast period.
North America was the largest region in the metal matrix composite market, accounting for 36.5% of the total in 2020. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing region in the metal matrix composite market will be Asia-Pacific, where growth will be at a CAGR of 8.5% during 2020-2025. This will be followed by South America and Western Europe, where the markets are expected to register CAGRs of 7.9% and 7.8% respectively during 2020-2025.
Metal Matrix Composite Global Market Report 2021 - COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide metal matrix composite market overviews, metal matrix composite market analyze and forecast market size and growth for the whole market, metal matrix composite market segments and geographies, metal matrix composite market trends, metal matrix composite market drivers, metal matrix composite market restraints, metal matrix composite market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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