Cheaper materials in automotive and construction industries provide lucrative opportunities for players in the global metal replacement market
PORTLAND ,, OREGON, UNITED STATES, October 11, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research titled “Metal Replacement Market by Type and End User Industry – Global Opportunity Analysis and Industry Forecast, 2014-2022,” the Replacement Market of metals was valued at $ 91,066 million in 2015 and is expected to reach $ 166,762 million by 2022, growing at a CAGR of 9.0% from 2016 to 2022. The engineering plastics segment held nearly three quarters of the total market in 2015.
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Metal replacement refers to the replacement of heavy metals with their lighter counterparts, usually made of plastics or composites, in order to reduce overall weight, cost and production time. Components exposed to vibration, stress, aggressive fluids and heat can be manufactured using composites and engineering plastics instead of metals to reduce weight. Metals are being replaced in various major end-use industries, such as automotive, construction, healthcare, and packaging.
At present, the global metal replacement market is experiencing many opportunities due to the increasing demand for lightweight materials for use in automobiles and aircraft component manufacturing. Moreover, different metal replacement applications in the automotive, construction, aerospace and defense, healthcare and consumer goods industries is another factor that is expected to propel the market growth in the market. during the forecast period. In addition, the increasing need for cost-effective and efficient vehicles and the increase in the number of techniques for producing lightweight plastics are driving the growth of the market.
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Metal replacement is expected to experience the strongest growth in the automotive industry due to the increase in the use of plastics and composites. In addition, as a lightweight alternative, engineering plastics and composites have advantages such as higher operational reliability, longer equipment life cycle, energy savings, higher strength and durability. reduced maintenance costs. In addition, the increased use of ABS to reduce design complexity and overall weight, especially in the aerospace and defense industry, and the demand for higher quality products from packaging is expected to enable the growth of the metal replacement market.
The construction segment accounted for about a quarter, in volume terms, in 2015. In response to permanent changes in the construction industry, efficient and lightweight construction components are currently in high demand around the world. In addition, the increasing need for lightweight and cost-effective construction solutions and the increasing adoption of modern metal replacement techniques involving the use of composites are driving the global metal replacement market.
Key Findings of the Metal Replacement Market:
1 In terms of value, the automotive industry segment is expected to be the fastest growing segment during the analysis period.
2 Asia-Pacific is expected to maintain its leadership position throughout 2022 and grow at a CAGR of 6.0%, in terms of volume.
3 In terms of volume, the automotive segment occupied around a quarter of the total market in 2015.
4 China occupied about a third of the total metal replacement market in Asia-Pacific in 2015.
5 In terms of value, India is expected to grow at the fastest pace in the Asia-Pacific region and is expected to grow at a CAGR of 10.1% from 2016 to 2022
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In 2015, Asia-Pacific and LAMEA collectively accounted for around half of the total metal replacement market and are expected to continue this trend due to increased infrastructure development, particularly in China, India, Brazil and the rest of the world. other developing economies. In addition, increasing disposable income per capita and changing preferences of auto manufacturers for locating their manufacturing facilities in the aforementioned countries are driving the growth of the metal replacement market in the Asia-Pacific region.
The main companies described in the report are Solvay SA, SGL-Group, Owens Corning Corporation, Celanese Corporation, BASF SE, Toray Industries, Inc. and Jushi Group., Honeywell International Inc., Asahi Kasei Corporation and Formosa Plastics Corp.
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