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Global Metal Replacement Market Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research
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. These can be used permanently at temperatures ranging from 100-150◦C.
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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. Increasing automobile production coupled with the growing repair and maintenance activities is propelled to further spur the growth of metal replacement market during the forecast period.
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. This is expected to contribute to the growth of metal replacement in the Asia-Pacific region. China and India is forecasted to contribute significantly to the Asia-Pacific region during the forecast period due to the increasing consumption in the construction and automotive industries.
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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.
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.
About P&S Market Research
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As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
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