Rockville, May 08, 2023 (GLOBE NEWSWIRE) -- The worldwide market demand for metal matrix composites (MMC) is estimated to reach US$ 532.5 million in 2023 and grow at a CAGR of 5.0% from 2023 to 2033, according to Fact.MR analysis.
Metal matrix composites have wide applications in thermal management, aerospace, and ground transportation. Metal matrix composites are also used in settings where weight reduction is crucial because of their high strength and stiffness. However, opportunities in emerging fields like robots, rotating shafts, and others at high speeds are likely to drive market growth during the forecast period.
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The low coefficient of thermal expansion possessed by MMCs can be altered depending on the application, which enables the use of MMCs in lasers, fine equipment, and electronic packaging, among others. Due to recent developments in the MMC industry, MMCs have significant growth potential in the aforementioned applications.
In the metal matrix composite market creating a low-cost, highly reliable manufacturing process is a major challenge. MMCs manufacturing technologies still need to be developed for mass production uses.
Key Takeaways from Market Study
- The market has experienced a growth rate of 3.0% from 2018 to 2022
- Aluminium metal matrix composites category is expected to be the most utilized product expanding at a CAGR of 3.9%
- North America dominates the metal matrix composites market, holding a share of about 28.7 % in the global market
- Collective demand for electrical & electronics and thermal expansion application is expected to expand over 5.8% during the forecast period
- 3M, GKN Plc, Materion Corporation, and ADAMA Product, Inc. are prominent metal matrix composites manufacturers
“A Skyrocketing Demand for Metal Matrix Composites in Automotive and Transportation Equipment Production is a Promising Growth Indicator” says a Fact.MR analyst
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Leading Player’s Blueprint for Metal Matrix Composites Production
Prominent metal matrix composites manufacturers Materion Corporation, GKN Plc, 3M, ADMA Products, Inc., TISICS Ltd., Thermal Transfer Composites LLC, Sandvik AB, Mi-Tech Tungsten Metals, LLC, AMETEK Specialty Metal Products, Santier, Inc., and Ceram Tec.
Process adoption is likely to be adopted by manufacturers in order to cut operational costs and provide long-term growth. Also, one of the leading manufacturers is adopting ground-breaking strategies such as Plansee Group acquired Mi-Tech Tungsten metals in January 2022. This acquisition helps Plansee Group in expanding its market position across North America.
Segmentation of Metal matrix composites Industry Research Report
- By Product :
- Aluminium
- Copper
- Magnesium
- Super Alloys
- Refractory
- By Production Technology :
- Liquid Metal Infiltration
- Powder Metallurgy
- Casting
- Deposition Techniques
- By Application :
- Automotive & Transportation
- Aerospace & Defence
- Electrical & Electronics
- Thermal Management
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global metal matrix composites market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product (aluminum, copper, magnesium, super alloys, refractory), production technology (liquid metal infiltration, powder metallurgy, casting, deposition techniques), and application (automotive & transportation, aerospace & defense, electrical & electronics, thermal management), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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