Metal Matrix Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Metal Matrix Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The metal matrix composites market is estimated to be USD 396.66 million in 2022 and is expected to register a CAGR of more than 6% during the forecast period (2022-2027). North America accounts for the highest market share in 2021. However, Asia-pacific is projected to dominate the market during the forecast period.

Key Highlights

• Increasing demand for lightweight materials in the aerospace & defense industry and superior properties of metal matrix composites over metals are the major driving factors of the market.
• However, the slowdown in automotive production​ was a major setback for the market.
• Among the end-user industries, automotive and locomotive industries accounted for the highest market share, and the electrical and electronics industry is expected to dominate the market during the forecast period.
• Growing use in the locomotive industry and increasing adoption of electric vehicles are expected to provide new opportunities for the market.

Key Market TrendsElectrical and Electronics Segment to Register Fastest Growth

• Metal matrix composites are used in various electrical and electronic components and devices. For instance, aluminum-graphite composites are employed in power electronic modules due to their excellent thermal conductivity, tunable coefficient of thermal expansion, and low density.
• Al and Cu reinforced by SiC are used in various industries due to their excellent thermo-physical properties, such as low coefficient of thermal expansion (CTE), high thermal conductivity, and improved mechanical properties, such as higher specific strength, better wear resistance, and specific modulus.
• Because of its high heat conductivity, dymalloy, a copper-silver alloy matrix containing 55% by volume diamond particles, is utilized as a substrate for high-power, high-density multi-chip modules in electronics.
• In addition, PRMMCs (particulate reinforced metal matrix composites), with a high-volume fraction, have a wide range of applications in the electronics industry, including radiator panels, power semiconductor packages, microwave modules, battery sleeves, black box enclosures, printed circuit board heat sinks, and others.
• The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for electronic components, which is expected to boost the demand for metal matrix composites. ​

Asia-Pacific Region to Dominate the Market

• Asia-Pacific accounts for more than 70% of the global electronics production, with counties like South Korea, Japan, and China involved in manufacturing various electrical components and supplies to various industries globally. The Asia-Pacific region recorded 32.67 million of total automotive production in the nine months of 2021, an increase of 11% from the same period in 2020.
• Factors such as large market size, increasing government support, and the ability to book electric vehicles online are likely to fuel the demand for electric vehicles in the country. The surging demand for electric vehicles across the country is anticipated to fuel the demand for metal matrix composites.​
• Industrial production in China increased by 4.3% year-on-year in December 2021. ​Thus, the expansion of the industrial sector in the country is anticipated to benefit the growth of the metal matrix composites market during the forecast period.​
• The government launched PLI scheme, is likely to offer incentives as manufacturers increase production in India with USD 5.5 billion available over five years. This is likely to boost the production of electronics in the country, thus benefiting the demand for metal matrix composites.​
• Overall, with the consistent growth in demand in countries like China, India, Japan, and South Korea are likely to boost the metal matrix composites market in the region.

Competitive Landscape

The global metal matrix composites market is partially fragmented in nature with the presence of a large number of global and local players in the industry. The major players in the market include (not in any particular order) GKN Sinter Metals Engineering GmbH, Materion Corporation, 3M, Sumitomo Electric Industries, Ltd., and CPS Technologies Corporation, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

3A Composites
3M​ (Ceradyne, Inc.)
ADMA Products, Inc.
CPS Technologies Corp.
DAT Alloytech
Denka Company Limited
GKN Sinter Metals Engineering GmbH
Hitachi Metals Ltd
Materion Corporation
MTC Powder Solutions AB
Plansee Group
Sumitomo Electric Industries Ltd.
Thermal Transfer Composites LLC
TISICS Ltd.