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Global Metal Replacement Market Overview with Detailed Analysis, Competitive Landscape and Forecast by 2023
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The global market for metal replacement is segmented into type, application and geography. On the basis of type, the metal replacement market can be categorized as engineering plastics and composites. Engineering plastics, also known as technical thermoplastics, possess good mechanical characteristics, high dimensional stability, and chemical resistance.
The composite segment can be further categorized as Carbon Fiber Reinforced Plastics (CFRP) and Glass Fiber Reinforced Plastics (GFRP). The composite segment is estimated to grow during the forecast period due to the growth in the carbon fiber reinforced plastics (CFRP) market.
On the basis of end-use industry, the metal replacement market has been segmented into automotive, aerospace and defense, construction, and healthcare. The automotive industry exhibits the maximum demand in the global metal replacement market, in value terms, on account of increasing application of metal replacing materials in the manufacture of vehicle body parts.
There has been a significant rise in the demand of metal replacing materials in the construction industry to replace steel bars for concrete reinforcements and to manufacture sewage systems on account of increasing projects in the housing construction market.
The slow economic growth in North America and Europe due to economic crisis in 2008 posing an obstruction to the growth of metal replacement market. Therefore, demand projections for metal replacement materials has become a major challenge in these regions.
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Major players operating in the global metal replacement market include BASF SE, Celanese Corporation, Covestro AG, E. I. Dupont De Nemours and Company, Jushi Group, LG Chem, Ltd., Owens Corning, SGL Group, Saint-Gobain SA, Solvay SA, and Toray Industries, Inc.
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