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. 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 Stakeholders
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the global metal replacement market.
- It includes a detailed qualitative and quantitative analysis of the current market estimations during the forecast period to determine the prevailing market opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Comprehensive regional analysis based on primary as well as secondary sources is also offered.
- Extensive analysis is conducted by following key product positioning and by monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions.
- The report furnishes key insights on strategic analysis of various companies and value chain analysis of the metal replacement market.
Metal Replacement Market Key Segments:
- Engineering Plastics
- Thermoplastic Polymers
By End-User Industry
- Aerospace & Defense
- Consumer Goods
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
Other Players in the Value Chain (profiles not included in the report) include
- LG Chem Ltd.
- Mitsubishi Engineering Plastics Corporation
- Lanxess AG
- Evonik Industries
- Teijin Limited
- CHONGQING POLYCOMP INTERNATIONAL CORP.
- PPG Industries
- Johns Manville
*The above list of companies is not profiled in the report, and can be added based on client interest.