Not directly no.
Purchases can be shared over family sharing.
Items obtained from other sources have no direct way of being shared with anyone from an iPhone.
You can upload tracks to a could service, like Dropbox, One Drive and even iCloud Drive and share a link to them or Airdrop them to another device, but there is no way to share non purchased items from within the Music app directly.
click here ➜ Share files and folders in iCloud Drive on iCloud.com - Apple Support
Alternatively if in the same household and using the same Wi-Fi network, you can use Home Sharing to share an iTunes or Music app library from a computer (Mac or PC) to other devices on the same Wi-Fi network.
click here ➜ Use Home Sharing to share media from a computer to other devices - Apple Support