PUNE, India, September 12, 2017
PUNE, India, September 12, 2017 /PRNewswire/ --
According to a new market research report "Bronze Market by Type (Aluminum, Phosphor, Silicon, Leaded Tin), End User (Industrial, Marine, Infrastructure & Construction, Automotive, Electrical & Electronics, Aerospace & Defense), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 8.76 Billion in 2017 to USD 10.08 Billion by 2022, at a CAGR of 2.8% from 2017 to 2022.
Browse 93 Market Data Tables and 43 Figures spread through 190 Pages and in-depth TOC on "Bronze Market"
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The growing demand for aluminum bronze products for industrial components, marine, and automotive components, and desalination plants is driving the bronze market globally.
Aluminum bronze is estimated to be the largest type segment of the bronze market during the forecast period
Based on type, the aluminum bronze segment is expected to lead the bronze market in 2017. This can be attributed to superior properties of aluminum bronze and its use in a wide range of industries such as marine, automotive, aerospace & defense, and chemical & petrochemical. Bronze is a versatile metal and possesses excellent tensile strength, ductility, good weldability, and high resistance to corrosion. These properties make bronze a suitable material for heavy-duty applications. It is also preferred in extreme environments in marine and energy industries.
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Marine is the fastest growing end user segment while industrial is the largest end user segment
Bronze is majorly consumed in the industrial end user market. It is used to manufacture high strength clamps, valves, bushings, machine parts, and pump parts. It provides superior strength to the components manufactured from bronze and increases the product life. Bronze is also used for manufacturing components to be used in shipbuilding and other marine applications. The marine end user segment is expected to grow at the highest rate during the forecast period. There is constant growth in the world seaborne trade, and this has led to the rise in the number of tankers and ships. The growing demand from marine industry is expected to drive the bronze market.
Asia Pacific is the largest market for bronze
Asia Pacific is expected to be the largest market for bronze in the coming years. The increasing demand for bronze from various end users is expected to drive the Bronze Market in the Asia Pacific region. The marine end user segment is expected to grow at the highest rate during the forecast period. Major shipbuilding manufacturers are present in China, Japan, and South Korea, owing to immense growth opportunities offered by these countries. This is expected to contribute to the growth of the bronze market.
Key players in the bronze market are Lebronze Alloys (France), Diehl Metall Stiftung & Co. KG (Germany), Wieland Metals Inc. (US), KME Germany GMBH & Co. KG (Germany), LDM B.V. (Netherlands), Concast Metal Products Co. (US), National Bronze & Metals, Inc. (US), PMX Industries Inc. (US), Ningbo Boway Alloy Material Co Ltd. (China), Ningbo Xingye Shengtai Group Co., Ltd (China), etc.
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Some of the leading manufacturers of composites include Owen Corning (U.S.), Solvay (Belgium), SGL Group (Germany), Hexcel Corporation (U.S.), Koninklijke Ten Cate bv (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), Huntsman Corporation (U.S.), Jushi Group (China), Gurit (Switzerland), etc. These players have adopted various organic and inorganic strategies to strengthen their foothold in the composites market.
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