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Metal Matrix Composites Market size was over USD 225.18 billion in 2023 and is anticipated to cross USD 462.92 billion by 2036, witnessing more than 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of metal matrix composites is assessed at USD 235.45 billion.
Growth Drivers
Large scale use of metal matrix composites in the production of vehicle components.
These composites are substantially being used for manufacturing automobile parts such as disc brakes and turbines. They help in order to decrease the weight of commercial vehicles, passenger cars, and enhance fuel efficiency.
Beneficial properties
High malleability, ductility, and tensile strength provided by metal composites make them desirable in diverse application segments including automotive, electronics, defense, and aerospace industries.
High-performance composites material are preferred for mounting of exterior chassis or framework in the aerospace and marine industry.
Properties such as stiffness in nature, low thermal expansion coefficient, lightweight, and dimensional stability led to the rising demand for metal matrix composites in communication satellites.
For shipbuilding, metal matrix composites of high buoyancy and light in weight are preferred.
Challenges
Soaring manufacturing costs along with narrow technological competency for metal matrix composites handling are however anticipated to pose a challenge for the growth of the market during the forecast period.
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.7% |
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Base Year Market Size (2023) |
USD 225.18 billion |
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Forecast Year Market Size (2036) |
USD 462.92 billion |
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Regional Scope |
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The metal matrix composites market is segmented by product type, end-use industry, and region. Among product segmentation, the aluminum metal matrix composites segment is anticipated to hold the largest market share in revenue terms during the forecast period as they are the most potential material for structural and functional applications with a reduced price, thereby utilized in aerospace, defense, automotive & aviation, and thermal management fields.
Our in-depth analysis of the global market includes the following segments:
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Product |
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By End-User |
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Geographically, the metal matrix composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is expected to account for largest revenue share by 2036, as a result of augmentation in the telecommunication and automobile industry. The International Trade Administration (ITA), U.S. Department of Commerce: The United States is the world’s largest market for General Aviation aircraft and a global leader in Large Civil Aircraft production.
The metal matrix composites market in Europe is led by the UK, Germany, and France which is predicted to observe stable growth. Growing household expenditure on the automobile sector and rising medical expenses may propel the regional growth.
The Asia Pacific region driven by Japan, India, and China is projected to play a pivotal role in metal matrix composites market growth. India has a high success rate of launching space satellites & crafts with low budget technology that has grabbed world attention. Further, the rising aging population, growing health care expenditure, and surging economic standards in developing economies of China, Japan, and India may drive the regional growth during the forecast period.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
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