Aerospace Metal Matrix Composites (MMCs) Market: Highlights
The aerospace MMCs market is projected to grow at a healthy rate over the next five years to reach US$ 176.1 million in 2024. Increasing production of composites-rich aircraft coupled with a rising demand for lightweight yet durable parts and increasing space exploration activities are the prime drivers for the sustainable demand for MMCs in the aerospace industry. MMCs have an excellent track record in the automotive industry as the material offers numerous advantages, such as high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, lightweight, and excellent durability, over its rivals including cast iron. The material is a suitable claimant addressing many challenges of the industry including lightweight products, thus, attracting the stakeholders of the aerospace industry to invest in this unique material. MMCs are increasingly witnessing a greater penetration in not only airframe parts of the next-generation aircraft, but also in other critical applications, such as landing gears and fan exit guide vanes.
Aerospace MMCs Market – Insights by Platform Type:
The market is segmented based on the platform type as space, civil, and military aviation. Civil aircraft is likely to remain the growth engine of the market during the forecast period. Increasing production rate of the best-selling aircraft program: B787, wherein landing gears are manufactured using MMCs is likely to drive the market for the civil aviation segment during the forecast period. Increasing penetration of MMCs in avionics and recent advancements including the development of robotic arms by TISICS Ltd. are likely to drive the spacecraft segment during the forecast period.
Aerospace MMCs Market – Insights by Application Type:
Airframe is likely to remain the most dominant segment during the forecast period, whereas avionics is likely to remain the fastest-growing segment during the same period. Increasing collaboration among market stakeholders, such as Boeing and TISICS Inc. with the help of AMRC to produce titanium composite actuator rods for applications including landing gears, wings, and engines for commercial aircraft assemblies, is likely to increase the penetration of MMCs in the aerospace industry in years to come.
Aerospace MMCs Market – Insights by Matrix Type:
Aluminum is projected to remain the most dominant matrix type in the market in the coming five years, whereas titanium is expected to remain the fastest-growing matrix for the same period. Titanium MMCs offer numerous advantages, such as high strength-to-weight ratio, lightweight, high tensile and compressive strength, low coefficient of thermal expansion, and high fatigue resistance. Aluminum is the most widely used MMCs in the aerospace industry, owing to its exceptional properties, which led to its applications in fabricating airframe and interior components.
Aerospace MMCs Market – Insights by Region:
North America is projected to remain the largest as well as the fastest-growing market worldwide during the forecast period. The USA is likely to remain the growth engine of the region’s market as it is manufacturing hub of the aerospace industry with the presence of major raw material suppliers, metal matrix composite suppliers, tier players, OEMs, airlines, space agencies, private space companies, aircraft leasing companies, and MRO players. Europe is projected to remain the second-largest market for aerospace MMCs during the forecast period. The UK and Russia are the two major contributors to the European market, owing to significant investment in the R&D activities, especially for the aerospace industry.
The supply chain of this market comprises raw material suppliers, composite manufacturers, component manufacturers/ tier players, space companies, aircraft, and spacecraft OEMs, aircraft leasing companies, and MRO companies. The key players in the aerospace MMCs market are Materion Corporation, AMETEK Inc. , Powdermet Inc. , Alvant Ltd. , Triton Systems Inc. , DWA Aluminium Composites USA, Inc. , Gamma Alloys, The 3M Company, and CPS Technologies Corp.