Metal Replacement Market to Rise from USD 175.7 Billion in 2023 to USD 363.2 Billion by 2032, Exhibiting Growth at a Rate of 9.50% from 2023 to 2030 – Report by Market Research Future (MRFR)
Market Research Future
Updated 7 min read
Market Research Future
Metal Replacement Market Research Report Information By End Use (Automotive, Aerospace & Defense, Construction, Healthcare, and Others), By Type (Engineering Plastics and Composites), and By Region (North America, Europe, Asia-Pacific, and Rest of The World) – Market Forecast Till 2032
New York (US), June 09, 2023 (GLOBE NEWSWIRE) -- Metal Replacement Market Overview
The MRFR analysis reports predict that the “Metal Replacement MarketResearch Report Information By End Use, Type and Region – Forecast Till 2032” the metal replacement market is expected to increase at a compound annual growth rate (CAGR) of 9.50% between 2023 and 2032, from USD 175.7 billion in 2023 to USD 363.2 billion by 2032. The extensive usage of technical polymers, as well as the use of metal alternatives in the aerospace and automotive industries, are important industry drivers that are boosting market growth.
The growing use of engineering plastics in a range of industries is one of the primary reasons driving market growth. Furthermore, the growing use of metal replacement in the aerospace and automotive industries is driving market expansion.
Metal-replacing materials are often used in the manufacture of connectors, engine parts, reflectors, and lighting sockets due to their superior mechanical strength and heat resistance. They're also used to make compact, lightweight aerospace components with increased durability and structural strength. As a result of the increasing usage of polyphenylsulfone in high-temperature and medical applications, the market is expanding. Another aspect driving growth is the increased usage of metal replacement in both residential and commercial construction projects. These materials are employed in the construction of efficient sewage systems as well as the replacement of steel rods and concrete reinforcements. Additional factors, such as increased demand for lightweight components across industries and extensive research and development (R&D) initiatives, are likely to drive market growth.
Given the current market conditions, the construction industry is primarily responsible for the growth of the global market for metal replacement. Furthermore, recent years have witnessed significant investments in infrastructure construction, particularly in emerging economies. This is meant to kickstart a number of lucrative home development projects. Furthermore, there is an increase in demand for metal-replacing materials in the construction industry to manufacture sewage systems and replace steel rods for concrete reinforcement. Furthermore, the growing use of engineering plastics as a replacement for traditional materials in a range of end-use industries is expected to drive market growth throughout the research period.
Metal-replacing materials are generally used in the healthcare business to make lightweight medical equipment. Scientists have currently developed a composite material that can replace the screws and plates used in orthopaedic surgery to connect bones. These materials are utilised in the same way as traditional screws and containers. The key advantage of these materials is that they gradually disappear inside the body following treatment. The market for metal-replacing materials in the healthcare sector is expected to grow as a result of these new discoveries and the resulting increase in demand for their use in medical equipment. As a result, the Metal Replacement market revenue is increasing.
Key Companies in the Metal Replacement market include
Industries Inc.
Asahi Kasei Corporation
Aztec Plastic Company
BASF SE
Celanese Corporation
China Jushi Co.Ltd.
DOMO Chemicals GmbH
DuPont de Nemours Inc.
SGL Carbon SE
Solvay S.A.
Toray Industries Inc.
Victrex plc.
Among others.
Report Scope:
Report Attribute
Details
Market Size
USD 363.2 Billion
CAGR
9.50%
Base Year
2021
Forecast Period
2023 to 2032
Historical Data
2019 & 2020
Forecast Units
Value (USD billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
End Use, Type, and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
The increasing adoption of engineering plastics across industries and adoption of metal replacement in the aerospace and automotive industries
Browse In-depth Market Research Report (128 Pages) on Metal replacement:
Metal Replacement market is segmented on the basis of End Use, type, and region.
The Metal Replacement Market is divided into end-use segments such as automotive, aerospace & defence, construction, healthcare, and others. The automobile segment had the most market share in 2022. Metal replacement materials are often used in the automotive industry to produce connectors, under-the-hood parts, body pieces, reflectors, and lighting sockets, among other things. These materials are used in both large vehicles and little autos. Because engineering plastics are lightweight and high-performance materials, they are increasingly being used in the car sector.
Engineering plastics and composites are two types of metal replacement market segmentation. The engineering plastics category held the biggest market share in 2022.
This is due to the availability of autolyzed metal substitutes in a variety of chemical and metal end-use sectors, including those for acrylonitrile butadiene styrene (ABS), polyamides, thermoplastic polyesters, polyacetals, and fluoropolymers, among others. Composites, on the other hand, are further subdivided into CFRP (carbon fibre reinforced plastics).
The study divides the market into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, the Asia Pacific Metal Replacement market dominated (45.80%). This is due to the presence of top manufacturing enterprises and the easy availability of high quality metal replacement ingredients based on metal-based products. As a result of the recent significant infrastructure development, a number of house construction projects have begun in this area.
The building sector in the area is expected to grow significantly throughout the forecast period. Furthermore, China's Metal Replacement market had the highest market share, while India's Metal Replacement market was the fastest expanding in the Asia-Pacific region.
From 2023 to 2032, the North American Metal Replacement Market is predicted to develop the quickest. This is due to the presence of top manufacturing enterprises and the easy availability of high quality metal replacement ingredients based on metal-based products. As a result of the recent significant infrastructure development, a number of house construction projects have begun in this area. The building sector in the area is expected to grow significantly throughout the forecast period.
Furthermore, the Metal Replacement market in the United States had the biggest market share, while the Metal Replacement market in Canada was the fastest expanding in the North America area.
The European Metal Replacement market accounts for a sizable market share. This can be attributed to the abundance of metal replacement enterprises. These companies want to provide innovative solutions that meet the needs of their customers. Increased production of glass fiber-reinforced plastics in the United Kingdom and Ireland will drive market growth. Furthermore, the German Metal Replacement market had the biggest market share, while the Metal Replacement market in the United Kingdom was the fastest expanding in the European region.
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