Published on : Mar 22, 2016
Metal matrix composites are composite materials made by mixing a metal substrate with other metallic, ceramic, or organic substance. The addition of such substances is intended to boost various physical properties of the metal substrate, and is done by dispersing the additive substance through a metal matrix entirely free from impurities. The enhanced physical properties of metal matrix composites make them useful in several applications, including aerospace and automotive design, marine, nuclear energy, etc.
The global market for metal matrix composites is expected to exhibit a promising CAGR of 6.6% between 2013 and 2019. The market registered a revenue figure of US$228.7 mn in 2012. This is expected to rise to US$357.3 mn by 2019.
Strong Presence of Automotive, Aerospace Industries in North America Helps Regional Market
Regionally, North America emerged as the largest consumer of metal matrix composites in 2012, emerging with a 35% share. The demand from the automotive and aerospace industries in North America, particularly the U.S., is partially responsible for the high share of this regional market. The sustained demand from these industries for advanced metal matrix composites and the resource-rich R&D avenues in these industries are expected to keep the share of the North America metal matrix composites market high in the coming years.
Innovation in building materials has always been a prime concern for these two industries, and the strong presence of giants such as Ford, GM, and Boeing has helped boost the regional metal matrix composites market.
Asia Pacific is expected to be the second largest market for metal matrix composites. The regional market accounted for 29% of the global consumption of metal matrix composites. The rising automotive industry in developing economies such as China, India, and South Korea is responsible for the promising prospects of the Asia Pacific metal matrix composites market.