LONDON–(BUSINESS WIRE)–The global metal matrix composites (MMCs) market is set to grow at a CAGR of over 6%, according to Technavio’s latest report.

In this report Technavio covers the market outlook and growth prospects of the global metal matrix composites market for 2016-2020. Based on application platform, the market is categorized into the following segments: ground transportation, electronics and thermal management, aerospace, and others.

Technavio’s research study segments the global metal matrix composites market into the following regions:

• North America
• APAC
• ROW

North America: Largest market for metal matrix composites

As of 2015, North America was the largest market for the global metal matrix composites market, growing at a CAGR of more than 6%. In terms of volume, the MMC market in North America was close to 3 kilotons in 2015. The US is the global leader in the production of large civil aircraft (LCA). Technavio’s report has estimated that the number of large commercial airplanes will increase at the rate of 3.5% per year during the next 20 years. Since MMCs are mainly in aircraft manufacturing, this will boost the growth of the market during the forecast period.

Technavio’s lead metals and minerals analyst Chandrakumar B J says, “Metal matrix composites are also used in transmission lines and more than half of the transformers and transmission lines in North America will exceed their useful lives by 2016. The US is planning to invest approximately USD 50 billion by 2016 for upgrading, replacing, and expanding of these transmission lines.”

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Some of the top vendors in the global metal matrix composites market highlighted in the report are:

• 3M
• CPS Technologies
• GKN Sinter Metals
• Materion
• Santier
• Sumitomo Electric USA

3M, CPS Technologies, GKN Sinter Metals, Materion, and Sumitomo Electric USA are headquartered in the US, whereas Santier is headquartered in Austria.

MMC market in APAC set to grow at a CAGR of over 6% by 2020

The report highlights APAC as the second largest market for MMC and is expected to grow at a fast pace over the next five years due to the growing demand from the automotive and electronics industries. There is a rise in the production of vehicles and automotive components made from MMCs in countries such as China and India due to the availability of low-cost labor.

“The rapidly expanding industrial sector in APAC and a subsequent rise in the demand for industrial equipment will lead to the growth of the market during the forecast period. Increasing manufacturing activities coupled with steady economic growth will also contribute to market growth,” says Chandrakumar.

Initiatives taken by the Indian government such as Make in India, a plan to encourage companies to manufacture products in India, will result in more industrialization in India. This, in turn, will generate a demand for electricity, thus leading to increased demand for composite transmission lines made of MMCs.

ROW

The MMC market in ROW, which include the markets in Latin America, Europe, Africa, and the Middle East, is expected to exceed 3 kilotons by 2020. The growing demand for MMCs from countries such as Germany, the UK, and France for use in industries such as automotive and electronics will drive the market growth. However, Technavio predicts that the demand for MMCs from countries in Central and Eastern Europe will gradually outpace demand from Western European countries in the near future.

The report also states that countries in Latin America, like Brazil and Paraguay, are shifting toward an industrialized economy and are thus investing heavily in transmission and distribution lines. These investments will lead to the demand for MMCs as they are used in manufacturing transmission and distribution cables.

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