Metal Replacement Market Are Expected To Show the Highest Growth in the Automotive Industry Due To Increased Use of Plastics and Composites
The Metal Replacement Market is expected to reach $ 166,762 million by 2022 with a CAGR of 9.0% from 2016 to 2022. The engineering plastics segment accounted for almost three-quarters of the overall market in 2015.
The world metal replacement market is now seeing many opportunities as the demand for lightweight materials used in automotive and aircraft manufacturing parts increases. The diverse application of metal replacement in the automotive, construction, aerospace and defense, medical and consumer goods industries is another factor expected to drive market growth during the forecast period. In addition, market growth is accelerating with the need for more cost-effective and efficient vehicles and the increased production technology of lightweight plastics.
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The major companies profiled in the report include
• Solvay SA
• Owens Corning Corporation
• Celanese Corporation
• BASF SE
• Toray Industries Inc.
• Jushi Group.
• Honeywell International Inc.
• Asahi Kasei Corporation
• Formosa Plastics Corp.
Metal substitutes are expected to show the highest growth in the automotive industry due to increased use of plastics and composites. In addition, as a lightweight alternative, engineering plastics and composites have the advantages of high operational reliability, long machine life, high energy savings, high strength and reduced maintenance costs. It is expected that the increase in the use of ABS to reduce the design complexity and overall weight of the aerospace and defense industry and the demand for the improvement of the quality of the packaging products will promote the growth of the metal replacement market.
The construction sector accounted for about a quarter of the volume in 2015. With years of change in the construction industry, efficient and lightweight construction components are now in high demand worldwide. In addition, the need for lightweight, cost-effective structural solutions is increasing, and the adoption of the latest metal substitution technologies related to composite use is leading the global metal replacement market.
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Key Findings of the Metal Replacement Market:
• In terms of value, the automotive industry segment is projected to be the fastest growing segment during the analysis period.
• Asia-Pacific is projected to maintain its lead position throughout 2022 and grow at a CAGR of 6.0%, in terms of volume.
• In terms of volume, the automotive segment occupied for approximately one-fourths of the total market in 2015.
• China occupied around one-third of the total Asia-Pacific metal replacement market in 2015.
• In terms of value, India is expected to grow at the fastest rate in the Asia-Pacific region and is expected to grow at a CAGR of 10.1% from 2016 to 2022
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 increase in infrastructural development, specifically in China, India, Brazil, and other developing economies. Moreover, rise in per capita disposable incomes and changes in preference of automotive manufacturers to set up their manufacturing facilities in the aforementioned countries boost the growth of the metal replacement market in the Asia-Pacific region.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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