Metal Matrix Composites Market
Albany, NY -- (SBWIRE) -- 01/16/2020 -- The global metal matrix composites (MMC) market mainly depicts the presence of a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a newly published report. This is majorly due to innumerable players operating in this sector, who are fiercely competing with each other to gain maximum revenue. With new companies entering this sector on a regular basis, the competition is expected to increase dramatically during the upcoming years. Most companies are focused on increasing product manufacturing capacities and improving product quality.
Notable focus is imparted by players on bringing about extensive innovations in production techniques used to manufacture metal matrix composite materials. Participating in mergers & acquisitions, expansion of product portfolios, and achieving product differentiation also are key schemes implemented by many businesses present in the global metal matrix composites (MMC) market. Sumitomo Electric Industries, 3A Composites, Materion Corporation, CPS Technologies Corporation, Plansee SE, GKN PLC, Ltd., Hitachi Metals, Ltd., Sandvik AB, Deutsche Edelstahlwerke GmbH, and 3M, are key companies operating in this field.
According to expert analysts, this market had gained revenue worth US$228.7 mn in 2012, and is further expected to grow up to US$357.3 mn by 2019. This growth is projected to occur at an impressive CAGR of 6.6% noted during the forecast period from 2013 to 2019.
Increasing Industrialization and Urbanization Stokes Expansion
The use of metal matrix composites in a plethora of sectors such as aerospace, ground transportation, defense, electronics/thermal management, nuclear, marine, and other industries has been primarily responsible for driving the associated market. This is mainly due to MMC materials being highly preferred by workers in these fields owing to their advantageous properties such as high strength, durability & resistance to corrosion, lightweight character, and many others. From all fields mentioned here, fast evolving automotive and electronics/thermal management industries are anticipated to make the market grow at a rapid pace in the near future. This is projected to happen especially in Asia Pacific, thus driving demands for MMC materials. As urbanization increases, more and more people come to live in cities, which further propels need for using MMC to develop infrastructure.
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Costly MMC Production Problems Stagnate Progress
However, in spite of these positive scenarios, the global metal matrix composites (MMC) market is substantially being hindered by a few factors. High costs required to set up systems needed for MMC production might discourage small-scale businesses having less capital from venturing into this field, furthermore posing as a key growth obstacle.
Many regions might depict a lack of trained professionals and a shortage of equipment required to manage MMC manufacturing activities. These too are significant factors restraining the global metal matrix composites (MMC) market. Nevertheless, the picture is soon expected to change as numerous companies are gradually introducing cost-effective MMC manufacturing methodologies and processes, which could offset most of the restraints affecting this market.