Metal Matrix Composites Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Metal Type (Aluminum, Magnesium, Titanium, Others), By Application (Automotive Components, Engine Parts & Accessories, Electronic Substrate, Sports Equipment, Others), By Industry Vertical (Aerospace, Automotive, Electrical & Electronic, Sports & Leisure, Others), And By Geography - Forecasts From 2023 To 2028

Metal matrix composites are materials made by fusing metal with other substances. Such materials have high strength, temperature, and wear & tear resistance owing to which they are used in automotive components such as connecting rods, and aircraft engine parts. Also, due to their strength-to-weight ratio factor, the materials are suitable for sports equipment such as tennis rackets and bicycle frames. Major countries are experiencing an increase in sports participation in major sports such as tennis. For instance, according to the Physical Activity Council’s report, in 2021, tennis participation in the US witnessed an increase of 4.5% in comparison to 2020, with 22.6 million players taking to the court. Also, as per the Tennis Industry Association, 3.4 million tennis rackets were sold in the US which represented an increase of 22% in comparison to the 2020s. Such growing tennis participation is also acting as a driving factor for the metal matrix composites market.

Based on industry vertical, the metal matrix composites market is segmented into aerospace, automotive, electrical & electronics, sports & leisure, and others. The aerospace sector is projected to hold a decent market share during the forecast period of the metal matrix composites market. Metal Matrix Composites such as aluminum provides improved mechanical strength, and stiffness-to-density ratio owing to which such composites are used as a high-performance material for commercial and military aircraft’s engine parts, transmission, and brake systems. The demand for commercial and military aircraft has resulted in agreements established among nations and major organizations. For instance, in November 2022, China Aerospace Science and Technology Corporation signed an agreement with Airbus for buying 140 aircraft including eight A350 wide-body aircraft and 132 A320 family jets. Furthermore, in July 2022, the U.S. Department of Defense entered into an agreement with Lockheed Martin Corp for building 375 F-35 fighter jets. Such agreement establishment will boost the production output of the aerospace sector, thereby propelling the market demand for high-performance metal matrix composites for engine parts, accessories, brakes, and transmission systems, which will improve their market growth over the coming years.

The rapidly growing automotive sector will boost the demand for metal matrix composites for automotive components. Metal matrix composites being lightly weighted, anti-corrosive, and having higher strength makes them an effective raw material to be used in automotive pistons, brakes, valves, and connecting rods. Also, their usage in automotive parts provides additional benefits of improved fuel efficiency and less emission. Favorable investment inflows, and government schemes, coupled with rapid urbanization and an increase in consumer purchasing power have resulted in a significant progression in the automotive demand thereby increasing overall production. For instance, as per the International Organization of Motor Vehicle Manufacturers' annual data, in 2021, global automotive production reached 80.1 million units representing a 3% increase over the previous year’s 77.7 million units. Furthermore, as per the same source, global sales also experienced a significant increase of 5% reaching 82.6 million units in 2021. Such bolstering growth in automotive production is projected to boost the metal matrix composite’s demand for automotive components, thereby stimulating the overall market growth during the forecast period.

The availability of substitutes such as ceramic and polymer matrix composites which are much cheaper than metal matrix composites and offer the same mechanical strength is anticipated to pose a challenge to the market growth of metal matrix composites.

Recent developments

• In March 2021, Alvant formed a strategic partnership with 3M for developing lightweight aluminum matrix composite material and components by using 3M’s Advanced material products and Alvant’s patented Advanced Liquid Pressure Forming (ALPF) technology. The partnership will enable Alvant to advance its metal matrix composites technology.
• TISCIS, in January 2021, signed two projects under the Space Research and Innovation Network Programme which will enable the leading supplier of metal matric composites supplier to test its MMC material for satellite lightweight tanks and pressure vessels.

Covid-19 Impact on the Metal Matrix Composites Market

The metal matrix composites market witnessed a decline in its market growth during the COVID-pandemic as the lockdown implementation and restrictions on the movement led to the closure of plants, and lack of availability of human force and raw materials which decreased the activities of major end users of MMCs such as aerospace and automotive. For instance, according to the General Aviation Manufacturers Association, in 2020, worldwide aircraft shipment witnessed a 9.7% decline in comparison to the 2,658 aircraft shipped in 2019 globally. Furthermore, according to the International Organization of Motor Vehicle Manufacturers data, in 2020, global automotive production experienced a 13% decline in production at 77.7 million units in comparison to the 92.2 million units produced in 2019. However, with the government showing ease in restrictions, the productivity of such major end users is showing a steady increase which will further enhance in the future, thereby providing a positive outlook to the performance additives market.

Metal Matrix Composites Market Scope:

Segmentation

• By Metal Type
  • Aluminum
  • Magnesium
  • Titanium
  • Others
• By Application
  • Automotive Components
  • Engine Parts & Accessories
  • Electronic Substrate
  • Sports Equipment
  • Others
• By Industry Vertical
  • Aerospace
  • Automotive
  • Electrical & Electronic
  • Sports & Leisure
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others