Metal Replacement Market growing due to Importance of Asset Management in Industry
The rising demand for lightweight materials, to be utilized in automobiles and various manufacturing components of aircrafts, has been creating prominent growth opportunities for the global market for metal replacement. The increasing uptake of metal replacement processes in a number of industries, such as the automotive, defense and aerospace, healthcare, construction, and the consumer goods is also fueling the market’s growth significantly.
With metal replacing materials being widely utilized in the production of various body parts of automobiles and several under-the-hood constituents, the automotive industry has emerged as the leading consumer of these materials across the world. Over the coming years, the significant increase in the automobile production, together with the rise in the repair and maintenance activities, is likely to propel the demand for these materials in the automotive industry considerably, justifying its prominent position among end users.
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Engineering plastics and composites are the main types of metal replacement materials available, worldwide. Polycarbonates, polyamides, acrylonitrile butadiene styrene (ABS), thermoplastic polyesters, fluoropolymers, and polyacetals are the prime engineering plastics and carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are the main composites traded in this market. Acrylonitrile butadiene styrene has surfaced as the most valued engineering plastic across the world and is closely followed by polycarbonates and polyamides. Among composites, the demand for GFRP is higher than CFRP and the trend is anticipated to remain so over the next few years.
Global Metal Replacement Market: Overview
Development and manufacturing of new products require more resources and are more complex than ever. As a result, the limelight is slowly shifting towards metal replacement. It is being widely acknowledged for reducing weight, production, and cost times. Metal replacement materials are used across industries such as aerospace and defense, automotive, healthcare, and construction. The materials used are engineering plastics and composites such as carbon fiber reinforced plastics and glass fiber reinforced plastics. The global metal replacement market has witnessed a momentous rise of late and is expected to continue following a healthy growth track in the forthcoming years.
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This research report provides a comprehensive overview of the various important parameters of the global metal replacement market. It presents a comprehensive description of the factors the growth of the market. It offers essential insights into the statistics pertaining to the market at both regional and global levels. It extensively covers market attractiveness analysis and Porter’s five force analysis. The data derived from these tools is used for calculating the competitive landscape of the market. Competitive profiling of the prominent players in the market along with their market shares, business strategies, revenue generation, latest development, and contact information form a crucial part of the report.
Global Metal Replacement Market: Drivers and Restraints
The growth of the global metal replacement market is primarily fuelled by end-user sectors such as aerospace and defense and construction. In recent times, infrastructural development has gained significant traction, particularly in developing countries. This has led to the initiation of several residential and commercial construction projects. As a result, there is an upswing in the demand for metal replacing materials in the construction sector to replace steel rods for concrete reinforcement as well as to produce sewage systems. Moreover, the growing use of engineering plastics as an alternative to traditional materials in end-user industries is providing a fillip to the market.
On the flip side, the high cost of metal replacing materials is limiting their widespread adoption. Furthermore, the volatile prices of crude oil are negatively impacting the manufacturing of engineering plastics, as crude oil serves as a raw material. This, in turn, is hampering the growth of the material. However, emerging countries are likely to present immense growth opportunities for the market.
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Global Metal Replacement Market: Geographical Segmentation
On the basis of geography, the key segments studied in the report are North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific will account for a substantial share in the market throughout the forecast period, with China being a major contributor. The growing investments by automobile giants, increasing manufacturing capacities, and the flourishing growth of the construction industry are contributing to the growth of the region. The increasing focus towards the development of lightweight and fuel-efficient vehicles is also spurring the demand for metal replacement materials in the region.
Europe and North America are estimated to rise at a sluggish growth rate during the same period. These regions have not recovered entirely from the economic downturn, which in turn is adversely affecting the demand for metal replacing materials in key end-user industries.
Global Metal Replacement Market: Competitive Landscape
Some of the prominent players in the global metal replacement market are SGL Group, Solvay SA, Celanese Corporation, Owens Corning Corporation, and BASF SE. Enterprises are focusing on research and development activities to introduce new products and stay relevant in the market. The established distribution network and wide market reach are providing a competitive edge to the key players in the market. They also have large technical capabilities that facilitate existing product upgradation for new applications.
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