Metal Matrix Composite Market to experience an impressive growth of 8.2% during 2020-2025
January 27, 2020
Metal Matrix Composite Market is likely to witness an impressive CAGR of 8.2% during the forecast period. Owing to the excellent properties offered by MMCs such as, high yield strength and tensile strength, high thermal efficiency, better conductivity, and corrosion and chemical resistance, their use is increasing in various end-use industries such as, aerospace, ground transportation, thermal management, and industrial sector, which is a major factor driving the growth of the MMCs market. Further, the rising need for lightweight and strong alternative materials in aerospace and ground transportation industries is one of the other major drivers for the MMCs market during the forecast period.
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Metal Matrix Composite Market Segment Insights:
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as ground transportation, aerospace, thermal management, industrial, and others. The ground transportation end-use application segment accounted for the largest market share in 2018, in terms of value and volume, and is expected to maintain its dominance during the forecast period. This is growth is due to the proven and established applications of MMCs in brake discs and engine components. Further, the ground transportation market is estimated to register a higher growth rate driven by its demand for MMC-based materials in automotive and in rail applications.
By Product Type:
Based on the product type, the market is segmented as aluminum MMC, magnesium MMC, refractory MMC, and others. The aluminum MMC holds the largest market share in terms of both value and volume, by the virtue of its richer properties and comparatively low production cost. The segment is likely to continue its governance during the forecast period as well.
By Region:
In terms of regions, North America is estimated to be the largest and fastest growing region in the MMCs market during the forecast period. This growth is due to the presence of established MMC manufacturers and increased consumption of MMC in the aerospace and transportation industries in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period. China and India are the growth engines of the Asia-Pacific region.
Key Players:
Some of the major players in the metal matrix composite market are CPS Technologies Corporation, The 3M Company, Deutsche Edelstahlwerke GmbH, Ferrotec Corporation, Sandvik AB, GKN Sinter Metals, and Metal Matrix Cast Composites.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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