Global Metal Replacement Market is segmented By End-Use Industry (Automotive, Aerospace, Defense, Construction, Healthcare, Others), By Type (Engineering Plastics, Composites), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Metal Replacement Market Overview
[182 pages] Report analyses the global Metal Replacement Market is estimated to grow at a CAGR of 6.1% during 2023-2030. Metal replacement usage in manufacturing lightweight medical devices is on the rise. Demand for construction in ‘Asia Pacific’ is rising. The competitive rivalry intensifies with Solvay SA, BASF SE, SGL-Group, and others active in the market.
A single replacement reaction, sometimes called a single displacement reaction, is a reaction in which one element is substituted for another element in a compound. The starting materials are always pure elements, such as a pure zinc metal or hydrogen gas, plus an aqueous mixture. Metal-replacing materials exhibit superior properties, such as mechanical strength and heat & chemical resistance, and are generally used in end-use industries requiring a higher level of performance. These materials are also lighter than the commonly used metals. As such, they have replaced traditional engineering materials, such as wood and metal, in many end-use industries.
Metal Replacement Market Scope
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Metrics |
Details |
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Market CAGR |
6.1% |
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Segments Covered |
By End-Use Industry, By Type, and By Region |
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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 key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
Asia Pacific |
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Metal Replacement Market Dynamics and Trends
The growth in chemical consumption and increasing material product demand are expected to propel the market growth. Furthermore, the rising consumer preference for engineering plastics replacing traditional materials in end-use sectors will further enhance the metal replacement market demand globally. The increasing metal replacement in the aerospace & defense industry is expected to boost the metal replacement market growth during the forecast period.
Increasing demand for Construction Boosts the Metal Replacement Market Segment
Considering the current market, the growth of the global metal replacement market is primarily fueled by the construction sector. Moreover, in recent times, infrastructural development has gained significant purchases, particularly in developing countries. This is directed to the initiation of several residential and profitable construction projects. Furthermore, there is an increase in the demand for metal-replacing materials in the construction sector to replace steel rods for concrete reinforcement and to produce sewage systems. Moreover, the growing use of engineering plastics as an alternative to traditional materials in numerous end-use industries is expected to boost market growth during the forecast period.
Rising adoption of metal replacement materials in the healthcare sector
In the healthcare sector, metal-replacing materials are majorly used in the manufacturing of lightweight medical devices. Currently, scientists have established a composite material that can replace screws and plates used to joint bones in orthopedic surgery. The screws and containers made from these materials are used exactly like traditional materials. The significant advantage of these materials is that they get dissolve inside the body over some time post remedial. These new inventions and the consequently increasing demand for use in medical devices are expected to lead to the growth of the metal-replacing materials market in the healthcare industry.
COVID-19 Impact on Metal Replacement Market
The COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down production facilities to minimize the risk of virus spread. Also, the lockdown policies have strengthened the demand for material and chemical products in automotive, electrical, and cleaning across the globe. Therefore, the manufacturers have started investing to increase their production capabilities to meet the global market's updated demand. Despite the pandemic, there is growth in the overall material and chemical products, which is expected to drive the metal replacements market size in the global market during the forecast period.
Metal Replacement Market Segmentation Analysis
The metal replacement market has been classified into engineering plastics and composites based on the type.
Engineering Plastics accounted for the highest market share in the global market
In 2019, the engineering plastics segment held the largest share owing to the availability of autolyzed metal replacements in various metal and chemical end-use industries, such as acrylonitrile butadiene styrene (ABS), polyamides, thermoplastic polyesters, polyacetals, fluoropolymers, and others; whereas the composites segment is subdivided into CFRP (carbon fiber reinforced plastics).
Also, the engineering plastics segment is further subdivided into polycarbonates, acrylonitrile butadiene styrene (ABS), polyamides, thermoplastic polyesters, polyacetals, fluoropolymers, and others. However, the engineering plastics segment, acrylonitrile butadiene styrene is estimated to account for the largest market share during the forecast period globally.
Moreover, acrylonitrile butadiene styrene is corrosion and thermal-resistant, and cost-effective.
Based on the end-use industry, the metal replacement market has been classified into automotive, aerospace and defense, construction, healthcare, and others.
Automotive was the largest global metal replacement market in 2019
In 2019, the automotive was the largest end-use industry segment of the global metal replacing materials market, thus the automotive industry is growing significantly. It is also expected that the metal end-use industry is expected to grow with a significant CAGR during the forecast period owing to its incorporation in the automotive and chemical industries.
Metal replacement materials are broadly used in the automotive industry in manufacturing connectors, under-the-hood components, body parts, reflectors & lighting sockets, among others. These materials are used in light automobiles as well as heavy vehicles. Engineering plastics are increasingly being used in the automotive industry, as they are lightweight and high-performance materials. However, automotive manufacturers are adopting engineering plastics as an alternative to metals and glass, since these plastics provide an ideal combination of price and performance. The demand for metal-replacing materials is expected to increase substantially in the coming years, as various companies operating in the automotive industry are focusing on vehicle weight reduction and improved fuel efficiency, due to the increasing governmental norms and regulations.
Global Metal Replacement Market Geographical Share
Based on geography, the study analyzes the metal replacement market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia Pacific market to rise at the fastest growth
The Asia Pacific leads the global metal replacement market in terms of value and volume due to the presence of leading manufacturing companies and easy accessibility of premium quality metal replacement ingredients based on metal material products. This region has observed significant infrastructural development in recent years, which has led to the initiation of several housing construction projects. The region’s construction industry is expected to grow healthy during the forecast period.
The Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The growth of the region is primarily driven due to increasing materials and chemical product consumption. Global companies are investing in the region to increase the export from the low-cost area, which is further expected to increase the metal replacements consumption in the domestic region during the forecast period.
Metal Replacement Market Companies and Competitive Landscape
The metal replacement market is highly competitive, owing to the presence of key metal brand companies. The key metal replacement players which are contributing to the growth of the global market include Solvay SA, BASF SE, SGL-Group, Owens Corning Corporation, and Celanese Corporation, among others. The major players are adopting new product launches and expansion strategies for global growth in the metal replacement market.
BASF SE
Overview: BASF SE is a multinational chemical company and the largest chemical producer in the world. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe. The company also offers products such as agricultural, automotive, and transportation, chemicals, coating solutions, home care and cleaning, and many others. Through science and innovation, it provides services to customers with products to meet the current and future needs of businesses and society. It has operations in Germany, Australia, and Europe. BASF SE is headquartered in Germany.
Product Portfolio: The Company’s portfolio comprises chemical products, agricultural products, automotive and transportation products, coating solutions, and other services.
Why Purchase the Report?
- Visualize the metal replacement market segmentation composition by type, end-use industry, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the metal replacement market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of the metal replacement market - level 3 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
The global metal replacement market report would provide access to approx. 46 market data tables, 44 figures, and 180 pages.
