Global metal matrix composites market is expected to reach USD 433.3 million by 2022, according to a new study by Grand View Research, Inc. Burgeoning demand for high performance metal components with enhanced durability, shear strength and light weight for manufacturing automobile parts is expected to drive the global MMC market. Favorable regulations to reduce overall vehicle weight in order to improve fuel efficiency particularly in the U.S. and Europe is also expected to have a positive influence on the market growth. Low product yield coupled with complex manufacturing process is expected to remain a key challenge for market participants.
Ground transportation emerged as the largest end-use segment and accounted for 50.1% of total market volume in 2014. Growing light weight metal components demand in automotive and other modes of transportation may be attributed for high level of market penetration in this segment. Electronics/thermal management is expected to witness the fastest growth of 6.9% from 2015 to 2022. Surging demand for high tensile strength composite metals with enhanced thermal conductivity in electronic industry particularly for manufacturing multi-chip modules is expected to fuel MMC market growth over the next seven years.
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Further key findings from the study suggest:
- Global metal matrix composites market demand was 6,174.0 tons in 2014 and is expected to 10,065.3 kilo tons by 2020, growing at a CAGR of over 6.3% from 2015 to 2022.
- Aluminum based MMC was the leading product segment and accounted for 36.4% of total consumption in 2014. The product segment is expected to gain share over the next seven years on account of increasing demand from aircraft manufacturing industry.
- Refractory MMC are anticipated to be the fastest growing product segment owing to high conductivity and multi-utility in various applications including spacecraft and solar panels. The segment is expected to grow at a CAGR of 6.6% from 2015 to 2022.
- North America was the largest regional market and accounted for 34.8% of global consumption in 2014. Growing aerospace and automotive industries coupled with favorable regulatory scenario in the region may be attributed for market dominance. Asia Pacific is anticipated to witness the highest growth of 7.0% over the forecast period, owing to surging metal matrix composites demand in electronics and automotive industries.
- Key participants have been investing heavily on R&D for commercializing application specific metal matrix composites. Companies have been collaborating with key end-use majors in order to ensure sustainable product supplies in near future. Major companies operating in global metal matrix composites market include Materion Corporation, Sandvik AB, 3M, Hitachi Metals Ltd., Sumitomo Electric Industries Ltd., CPS Technologies Corporation, ADMA Products, and TISICS Ltd.
For the purpose of this study, Grand View Research has segmented the metal matrix composites market on the basis of product, end-use and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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