According to the latest report by IMARC Group, titled “Global Metal Replacement Market Size, Share, 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 involves the process of substituting metals with high-performance ceramics, polymers, composites, etc. Some of the common metal replacement materials include polyamides, polycarbonates, acrylonitrile butadiene styrene (ABS), thermoplastic polyester, fluoropolymers, polyacetals, etc. When compared to the traditionally used metals, these variants are lightweight and offer cost-effectiveness, enhanced material performance, and thermal, acoustic, electrical, and vibration insulation. Metal replacement can also involve molding metals into complex shapes. Consequently, it finds extensive applications across several industries, including aerospace, defense, automotive, healthcare, construction, etc.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Metal Replacement Market Trends and Drivers:
The widespread adoption of engineering plastics is one of the primary factors driving the metal replacement market. Additionally, the growing utilization of metal-replacing materials in the manufacturing of connectors, under-the-hood components, reflectors, lighting sockets, etc., owing to their superior mechanical strength and heat resistance properties, is further catalyzing the market growth.
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Besides this, the inflating need for lightweight components in the automotive industry is acting as another significant growth-inducing factor. Moreover, various key market players are providing highly specialized risk management services and insurance solutions to meet the unique needs of recyclers, which is also augmenting the global market.
Apart from this, the rising investments in R&D activities aimed at developing modern recycling technologies that do not emit harmful gases and assist in reducing production costs are anticipated to fuel the metal replacement market over the forecasted period.
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.
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.
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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
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