The Metal Matrix Composites Market is estimated to be worth USD 396.66 million in 2022 and is expected to register a CAGR of over 6% during the forecast period (2022-2027). North America accounts for the highest market share in 2021.
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However, Asia-Pacific is expected to dominate the market over the forecast period.
The growing demand for lightweight materials in the aerospace and defense industry and the superior properties of metal matrix composites over metals are the major driving factors for the market.
However, the slowdown in car production? was a major setback for the market.
Among end-user industries, automobile and locomotive industries accounted for the highest market share, and electrical and electronics industry is expected to dominate the market during the forecast period.
The increasing use in the industry of locomotives and the increasing adoption of electric vehicles are expected to provide new opportunities for the market.
Main market trends
The electrical and electronics segment will register the fastest growth
Metal matrix composites are used in various electrical and electronic components and devices. For example, aluminum-graphite composites are used in power electronics modules due to their excellent thermal conductivity, tunable coefficient of thermal expansion, and low density.
SiC-reinforced Al and Cu 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 specific strength higher, better wear resistance, and specific modulus.
Due to its high thermal conductivity, dymalloy, a copper-silver alloy matrix containing 55% by volume of diamond particles, is used as a substrate for high-power, high-density multi-chip modules in electronics.
Additionally, PRMMCs (particle reinforced metal matrix composites), with a high volume fraction, have a wide range of applications in the electronics industry, including heatsink panels, power semiconductor packages, microwave modules, battery sleeves, black box enclosures, circuit board heat sinks, and others.
The production of cell phones, portable computing devices, gaming systems and other personal electronic devices will continue to drive the demand for electronic components, which is expected to boost the demand for metal matrix composites. ?
The Asia-Pacific region will dominate the market
Asia-Pacific accounts for over 70% of global electronics production, with countries like South Korea, Japan, and China involved in the manufacture of various electrical components and supplies to various industries around the world. The Asia-Pacific region recorded 32.67 million total automobile production in the nine months of 2021, an increase of 11% compared to the same period in 2020.
Factors such as large market size, increasing government support, and the ability to reserve electric vehicles online are likely to fuel the demand for electric vehicles in the country. Growing demand for electric vehicles across the country is expected 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 expected to benefit the growth of the metal matrix composites market during the forecast period. .
The government has launched the PLI scheme, is likely to offer incentives as manufacturers ramp up production in India with US$5.5 billion available over five years. This is expected to boost electronics production in the country, thereby benefiting the demand for metal matrix composites.
Overall, steady demand growth in countries like China, India, Japan, and South Korea is expected to drive the metal matrix composites market in the region.
The global metal matrix composites market is partially fragmented with the presence of a large number of global and local players in the industry. Major market players include (in no particular order) GKN Sinter Metals Engineering GmbH, Materion Corporation, 3M, Sumitomo Electric Industries, Ltd. and CPS Technologies Corporation, among others.
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