According to the latest report by IMARC Group, titled “Global Metal Replacement Market Share, Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global metal replacement market reached a value of US$ 153.5 Billion in 2021. Looking forward, IMARC Group expects the market is anticipated to reach a value of US$ 257.43 Billion by 2027, growing at a CAGR of 9.10% during 2022-2027.
Metal replacement represents the substitution of metals with high-performance polymers, ceramics, and composites. It is convenient to manufacture and can be molded into complex shapes. Some of the commonly available metal replacement materials include polyamides, polycarbonates, acrylonitrile butadiene styrene (ABS), thermoplastic polyester, fluoropolymers, polyacetals, etc. As compared to the traditionally used metals, they are lightweight and offer enhanced material performance, cost-effectiveness, thermal, acoustic, electrical and vibration insulation, corrosion and chemical resistance, etc. Consequently, metal replacement finds extensive application across several industries, such as aerospace, defense, automotive, healthcare, construction, etc.
|Base Year: 2021|
|Forecast Year: 2022-2027|
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Metal Replacement Market Trends and Drivers:
The widespread adoption of engineering plastics is primarily driving the metal replacement market. Additionally, the increasing product utilization for the manufacturing of connectors, under-the-hood components, reflectors, lighting sockets, etc., is further catalyzing the market growth.
Besides this, the escalating demand for metal replacement to produce lightweight and compact aerospace components that exhibit enhanced structural strength and durability is acting as another significant growth-inducing factor. Moreover, numerous technological advancements, including the introduction of novel polymerization processes in the production of polymers and the growing use of these materials to substitute steel rods as well as concrete reinforcements, are also positively influencing the global market.
Apart from this, the inflating need for lightweight components and extensive R&D activities are anticipated to fuel the metal replacement market over the forecasted period.
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Global Metal Replacement Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
A.K. 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. and Victrex plc.
The report has segmented the market on the basis of type and end use industry.
Breakup by Type:
- Engineering Plastics
- Acrylonitrile Butadiene Styrene (ABS)
- Thermoplastic Polyesters
- Glass Fiber Reinforced Plastic
- Carbon Fiber Reinforced Plastic
Breakup by End Use Industry:
- Aerospace and Defense
- Consumer Goods
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.