Metal Matrix Composite Global Market Report 2024

The metal matrix composite market size has grown strongly in recent years. It will grow from $0.56 billion in 2023 to $0.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, rapid growth in the automotive industry, increasing demand for lightweight materials in the aerospace and defense industry, and an increase in government support.

The metal matrix composite market size is expected to see strong growth in the next few years. It will grow to $0.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to increased demand across various applications, a rising need for powder metallurgy, and growing demand for aluminum components. Key trends expected in the forecast period involve investments in technological advancements to meet customer demand and gain a competitive advantage over other players in the industry. Manufacturers are encouraged to invest in aircraft manufacturing due to the low costs and versatility of metal matrix composites (MMCs). Additionally, targeting applications in the automobile industry is recommended, given the lightweight and corrosion-resistant properties of MMCs. Manufacturers should also consider developing MMCs with self-healing capabilities and targeting the electrical devices industry due to the demand for high heat resistance.

The metal matrix composite market is poised for growth, driven by the expanding automotive industry. Comprising diverse entities involved in the design, development, production, marketing, and sale of automobiles, the automotive sector employs metal matrix composites to reduce vehicle weight and enhance efficiency. A report from the European Automobile Manufacturers' Association (ACEA) in May 2023 revealed a global production increase of 5.7%, with 85.4 million motor vehicles manufactured in 2022 compared to the previous year. The International Organization of Motor Vehicle Manufacturers reported a rise from 80,145,988 in 2021 to 85,016,728 in 2022. This surge in automotive industry output is a key driver for the metal matrix composite market.

Anticipated growth in the manufacturing sector is expected to further propel the metal matrix composite market. As a pivotal part of the economy involved in transforming raw materials into finished goods, the manufacturing sector significantly contributes to the development, production, and application of Metal Matrix Composites (MMCs). A December 2022 report by the U.S. Census Bureau highlighted a 16.8% increase in the value of shipments in the manufacturing sector from 2020 to 2021, reaching $6.1 trillion. The rising demand from the manufacturing sector plays a crucial role in driving the metal matrix composite market.

The evolution of technology is a driving force in shaping the metal matrix composite market, with major institutions and companies directing their attention towards projects involving advanced composite materials, particularly for the automotive and aerospace industries. A 2021 study highlights the extensive applications of Aluminum-based Metal Matrix Composites (AMMCs) in aerospace, automobiles, and various structural applications. Notably, AMMCs processed through additive manufacturing exhibit significant differences in microstructure and properties compared to traditional methods such as casting and powder metallurgy.

In March 2021, Alvant, a UK-based manufacturer specializing in aluminum matrix composites (AMC), announced a strategic partnership with 3M to expedite the development of its capabilities. Leveraging Alvant's expertise in AMC material and component development, the collaboration aims to create efficient and cost-saving composites tailored for automotive and industrial applications. 3M, an American multinational company headquartered in Minnesota, is actively involved in the development of metal matrix composites.

In January 2022, Plansee SE, an Austria-based manufacturer of refractory metal-based products, made a significant move by acquiring Mi-Tech Tungsten Metals. This strategic acquisition is expected to fortify Plansee's position in the North American tungsten product market. Customers are anticipated to benefit from an expanded range of products and services, as Mi-Tech Tungsten Metals, a US-based supplier of tungsten-based products, integrates with Plansee.

Major companies operating in the metal matrix composite market report are Materion Corporation, CPS Technologies Corporation, CeramTec, Ferrotec Holdings Corporation, DWA Aluminum Composites USA, GKN Sinter Metals, 3M, Plansee SE, Sandvik, Thermal Transfer Composites LLC, Sumitomo Electric Industries, Ametek, Denka China Baowu Group, NANJING YUNHAI SPECIAL METALS Co. Ltd., QingHai Salt Lake Industry Co. Ltd., Uyemura & Co. Ltd., Kennametal Inc., Apex Tools Group, Akar Tools Ltd., Channellock Inc., DAT Alloytech Company Limited, China Baowu Group, Deutsche Edelstahlwerke GmbH, 3A Composites, TISIC Metal Composites, Tenmat, Flowserve, Timken, Amteke Finland Oy, Schaeffler, Mueller Industries, Ball Corporation, Snap-on, ArcelorMittal, ThyssenKrupp, Tata Steel, Gibraltar Industries, Mi-Tech Tungsten Metals LLC, Metal Matrix Cast Composites LLC, Santier Inc., Adma Products Inc., MMC Group, Emirates Global Aluminum, Alba, Aboura Metals, Qatalum, Sohar Aluminum Emirates Metallic Company Industries (EMIC), Qatar Steel Ltd ., Arabian Metal Industries, Saudi Arabian Mining Company, Al Shahin Metal Industries, Pan gulf Industrial Investment, National Iranian Copper Industries, Egyptian Steel Ltd., Glencore, BFG Africa, AAT Composites, Hexcel Andrew Mentis Ltd., Argent Industrial Ltd., Afmetco Ltd., CIS Engineering Ltd., GRI Wind Steel South Africa Ltd., Fenster Aluminum Ltd., Consolidated Steel Industries Ltd., Hulamin Ltd., Leita Steel Ltd., Kwikspace Modular Buildings Ltd.,


North America was the largest region in the metal matrix composite market in 2023. Asia-Pacific was expected to be the fastest region in the forecast period. The regions covered in the metal matrix composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal matrix composite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of metal matrix composites include aluminum MMC, magnesium MMC, copper MMC, superalloys MMC, and others. Aluminum, a light and silver-colored metal, finds extensive use in the manufacture of cooking equipment and aircraft components. Aluminum metal matrix composites (AlMMCs) have demonstrated the ability to meet stringent requirements in applications requiring lightweight properties, high stiffness, and moderate strength. Magnesium-matrix composites have been developed for the space industry, leveraging the low density of magnesium and its alloys. Copper-matrix composites exhibit superior properties compared to other MMCs and are used in specialized equipment such as Radio Frequency Quadrupoles (RFQs) or electron targets in particle accelerators. Superalloys, known for their resistance to high temperatures and speeds, are commonly employed in manufacturing gas turbine blades. Various production technologies, including liquid metal infiltration, powder metallurgy, casting, and deposition techniques, contribute to the fabrication of metal matrix composites. These composites find applications across diverse sectors, including automotive and transportation, aerospace and defense, electrical and electronics, and industrial applications.

The metal matrix composite market research report is one of a series of new reports that provides metal matrix composite market statistics, including metal matrix composite industry global market size, regional shares, competitors with a metal matrix composite market share, detailed metal matrix composite market segments, market trends and opportunities, and any further data you may need to thrive in the metal matrix composite industry. This metal matrix composite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The metal matrix composite market consists of sales of titanium MMC and cobalt MMC. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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