Metal Replacement Market Overview:
The replacement of metals with plastics or composites to achieve a relatively lighter, cheaper, and efficient output is termed as metal replacement market. Major end-use industries such as automotive, construction, healthcare, and packaging opt for this process.
Global Metal Replacement Market size was valued at $91,066 million in 2015 and is expected to reach $166,762 million by 2022, registering a CAGR of 9.0% during the forecast period. Owing to rise in demand for lightweight materials to be used in automobiles and manufacturing components of aircrafts, the global metal replacement market witnesses numerous growth opportunities. Also, the use of the process of metal replacement in different industries such as automotive, construction, aerospace and defense, healthcare, and consumer goods fuel the market growth during the forecast period.
The automotive industry offers maximum market potential in the global metal replacement market, due to rapid developments and advancements in the technologies adopted in the production of vehicle parts. Moreover, rise in the standard of living boosts the need for metal replacement in the construction industry. The use of this process in consumer goods has witnessed major developments, owing to constant R&D to replace home appliances with lightweight materials and the rise in demand for efficient and lightweight electricals and electronics. The automotive metal replacement market is expected to register a CAGR of 9.3% during the forecast period. Moreover, construction and packaging industries also promise market growth. Rise in concerns related to the toxicity of engineering plastics is projected to affect the metal replacement market in the developed and the developing countries, however, investments in R&D in new ecological alternatives are expected present opportunities for growth in the future.
The report segments the global metal replacement market based on type, end-user industry, and geography. Based on type, the market is divided into engineering plastics and composites. The engineering plastics segment is further sub-categorized into polyamide, ABS, thermoplastic polyesters, polycarbonates, polyacetals, fluoropolymers, and others. The composites segment is further bifurcated into GFRP and CFRP. Based on end-user industry, the market is divided into automotive, construction, aerospace & defense, packaging, healthcare, consumer goods, and others. The automotive segment is projected to register a significant CAGR during the forecast period. Geographically, the global metal replacement market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Leading market players have invested huge capital in R&D activities to develop advanced products to cater to the demand of end users. The major players in the metal replacement market are:
- Solvay SA
- Owens Corning Corporation
- Celanese Corporation
- BASF SE
- Toray Industries, Inc.
- Jushi Group
- Du Pont
Key Benefits for Metal Replacement Market:
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and their metal replacement market share for building strategies.
- It outlines the current trends and future scenario of the metal replacement market size from 2015 to 2022 to understand the prevailing opportunities and potential investment pockets.
- Major countries in four major regions, namely, North America, Asia-Pacific, Europe, and LAMEA have been mapped according to their individual revenue contribution in the metal replacement market analysis at regional and country level.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
- The profiles of key players along with their contribution in metal replacement market growth are enlisted in the report.
Metal Replacement Market Report Highlights
By End Use Industry
Key Market Players
TORAY INDUSTRIES INC., DU PONT, CELANESE CORPORATION, SOLVAY SA, SGL GROUP, JUSHI GROUP, BMW, OWENS CORNING CORPORATION, BOEING
The replacement of metals with plastics or composites to achieve a relatively lighter, cheaper, and efficient output is termed as metal replacement. Replacing metals with plastics helps in the curtailment of the weight and total costs of the concerned structure.
High demand for lightweight materials to be used in manufacturing components of aircrafts and automobiles boosts the growth of the market. In addition, developments and advancements in the technologies adopted in the production of vehicle parts as well as increase in demand from developing countries, such as China and India, owing to rapid urbanization and rise in consumer spending capabilities, fuel the growth of the market.
The Asia-Pacific metal replacement market offers numerous opportunities for the manufacturers, owing to enhanced production of automobiles in China and India. In addition, increase in demand for efficient and cost-effective lightweight materials, and rise in disposable income in the developing economies, such as Korea and Indonesia drive the Asia-Pacific market. North America is estimated to account for the second largest market share, followed by Europe.