Braze Alloys Market Share, Size, Demand Insights
The global "braze alloys market" size is estimated to reach at a Significant CAGR during the forecast period 2024-2031.
Braze Alloys Market Scope and Summary
Metrics | Details |
Market CAGR | High |
Segments Covered | By Base Metal, By End-User, and By Region |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region | Asia Pacific |
Largest Market Share | North America |
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Braze alloys are metal alloys composed of three or more metals to achieve certain desired properties. The respective products find applications in brazing, a metal joining process where a material, such as an alloy, is heated above its melting point and applied between two metals that need to be combined into a single close-fitted part.
An ideal braze alloy should offer three properties, they are:
- The ability to introduce wetting to the base metal.
- The melting point of the brazen alloy should be less than that of the base metal.
- Finally, the braze alloys should have the ability to withstand the conditions used in the brazing process.
The braze alloys are generally found in cast strips, powder, or paste and find applications in industries such as automotive, aerospace, and construction, among others, where aluminum or similar metals are utilized.
Dynamics and Trends
Global braze alloys are driven by the rising demand for sustainable braze alloy requirements in end-user industries such as automotive, aerospace, defense, and construction. Further, the ability of brazen alloys to offer cleaner and stronger joints compared to other materials and joining technology act as a major driver for the global braze alloy market. Nevertheless, the inability of brazen alloys to ensure the structural strength of joints at high temperatures and fluctuating raw material prices act as a major market restraint that constricts the respective market's growth.
Growth in automobile industries
The automotive market is one of the fastest-growing markets globally and is expected to become a trillion-dollar market during the forecast period. The demand for the automotive industry is growing exponentially daily and is expected to grow even further due to the population explosion and increasing dependability of people. For instance, as per The Global Organization of Motor Vehicle Manufacturers, the total automobile production went from 3,12,23,533 during the Q1-Q2 period in 2019 to 4,03,38,546 during the same time in 2020. Further, in developed countries, the same went from 1,46,65,377 to 1,82,61,634 during the same time frame. A similar growth from 1,65,58,156 to 2,20,76,912 is exhibited by emerging economies.
The data depicts the growth in the automotive industry and since braze, alloys find extensive applications in the construction as well as joining of various automotive parts, the respective growth in the automotive industry could boost the demand for brazen alloys and could act as a major driver for the global braze alloys market.
Fluctuating raw material price
Since braze alloys are composed of three or more base metals, the price of all these raw materials and their availability affect the brazen alloys' final price. Since every metal price includes is a culmination of its excavation, purification, and transportation charges. The effect of these charges would also indirectly affect the brazen alloys' price.
For instance, copper and aluminum-based braze alloys, which are the most common braze alloys used, are widely affected by the raw material price of the respective base metals. As per Global Trade Centre, the value of copper alloys increased by 7% between 2019 and 2020. Further, The value of copper alloys increased from US$ 8,582 in 2018 to US$ 9,294 in 2019.
Since the raw material prices are extremely volatile, the final price of brazen alloys is also expected to fluctuate extensively. Like any other market, fluctuating price damages the global braze alloys market in terms of sales and demand. Since the fluctuating raw material price is the main culprit behind this experienced damage, the reactive factor is considered a major market restraint capable of constricting the market prospects such as sales and revenue generation of the global braze alloys market.
COVID-19 Impact on Braze Alloys Market Growth
The influence of COVID-19 on the global braze alloy market is disastrous for a variety of reasons:
- The first and foremost among these are the disturbances in the manufacture and supply chain of braze alloy. Braze alloy, like any other chemical, requires precise chemical conditions and technology to be manufactured. The COVID-19 pandemic-related shutdown shut down factories and industries that made braze alloys, disrupted the supply chains of raw materials needed to make braze alloys, and the logistics of final products.
- Further, the impact of COVID-19 on the end-user segment of the global braze alloy market, such as automotive, construction, and aerospace, among others, was also disastrous as these industries went into a state of chaos due to losses experienced in sales along with several adversities in production. Since the overall production in these end-user segments was drastically affected, the demand for braze alloy in these industries drastically reduced, thereby reducing the overall demand of the global braze alloy market.
Nonetheless, braze alloys' post-second wave market scenario appears bright as the end-user segments are experiencing a major market boom. The upliftment of restrictions in manufacture and distribution and the restoration of demand-supply dynamics of the braze alloys market is also expected to offer endless prospects to the global braze alloys market.
Market Segment and Shares Analysis
The global Braze Alloys are segmented based on base metal, end-user, and region.
The automotive sector is dominating the end-user segment of braze alloy market due to the growing demand for cars in modernity.
The automotive sector is one of the fastest-growing economies in the world over and is expanding with enormous potential due to the transition towards a greener fuel economy. As per the data provided by the Global Organization of Motor Vehicle Manufacturers, the production of vehicles has grown from 31,223,533 to 40,338-546 between 2020 to 2021. The Asia-Pacific depicted the highest percentage of increase in car production in the period between 2020-2021, leaving all the regions behind.
Further, the global transition towards a sustainable future, particularly in the automotive market, also boosts the automotive market and its production, as many people are switching towards greener electric or hybrid cars. Due to the extensive growth in demand and production of vehicles, the demand for braze alloy utilized in this industry is skyrocketing, thereby helping the automotive sector dominate the end-user segment of the global braze alloy market.
Market Geographical Analysis
Asia-Pacific holds the largest market share global Braze Alloys Market
The Asia-Pacific is dominating the global braze alloys market during the forecast period due to toa the well-developed automotive business in the region. Further, the presence of several automotive manufacturing facilities and enhanced expenditure concerns regarding automotive construction in these plants enhance braze alloys' market prospects in Asia-Pacific. As per the Global Organization of Motor Vehicle Manufacturers, the production of vehicles in the Asia-Pacific increased from 1,78,18,598 in 2019 to 2,26,85,914 in 2020, registering an extensive growth of 27% during the period.
Due to the high population and high rate of vehicle adoption within the population, the automotive sector is rapidly growing in the Asia-Pacific, thereby supplementing the growth of the global brazen alloy market as braze alloys find applications in the manufacture as well as joining various parts used in automotive.
Similarly, North America follows the Asia-Pacificfaster due to developments in aerospace and defense technologies that are experiencing colossal growth in the region. Braze alloys find applications in aircraft to produce stronger bonds with a smoother finish.
Companies and Competitive Landscape
The braze alloys market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Belmont Metals, Aimtek Inc., Prince Izant Company, Cupro Alloys Corporation, IndianSolder and Brazing Alloys, Morgan Advanced Materials, OC Oerlikon Management AG, Saru Silver Alloy Private Limited, SaxoniaEdelmetalle GmbH, Sulzer Ltd, among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the braze alloys market. For instance, on December 4, 2017, SaxoniaEdelmetalle GmbH acquired the European technical materials business of Umicore. Following the agreement, Umicore’s business related to the manufacture of brazing alloys for technical applications and contact materials in Germany and Italy would be controlled by SaxoniaEdelmetalle GmbH in the future.
Morgan Advanced Materials:
Overview: Morgan Advanced Materials was founded in 1856 and is headquartered in Windsor, UK. The company focuses on manufacturing thermal ceramics, molten metal systems, electrical carbon, seals and bearings, and technical ceramics that find applications in transportation, energy, healthcare, security, and defense. The company generated around US$ 523.22 million in the 2021 interim.
Product Portfolio: The company’s product line portfolio of the braze alloys includes:
- Active Brazing Alloys: These product lines generally offer to wet on the ceramic surface, thereby eliminating the need for traditional ceramic metallization before brazing. Further, the product could be used with both non-oxide and oxide ceramics to form a hermetic seal between metals. The product line is available in metals such as silver, copper, and titanium.
Critical Development: On March 6, 2019, Morgan Advanced Materials announced that two of its braze alloys, RI-46 and RI-49, were adopted by NASA for application in its RS25 Space Shuttle Main Engine. Both these alloys contained less gold compared to their alternatives, thereby being cheaper and less dense.
Frequently Asked Questions
What is the Projected CAGR value of the Braze Alloys Market?
Braze Alloys Market is expected to grow at a high CAGR during 2024-2031.
Which region controlled the global market during 2022-2029?
North America region Controls the Braze Alloys Market during 2024-2031
Which is the fastest-growing region in the Braze Alloys Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
