According to the latest report by IMARC Group, titled "Metal Replacement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global metal replacement market reached a value of US$ 153.5 Billion in 2021. Metal replacement involves the substitution of metal with other materials, including ceramics and polymers. These materials are lightweight, flexible and cost-efficient while providing improved performance. In comparison to traditional metals, they offer superior resistance to heat and chemicals while being easy to manufacture. As a result, they are widely utilized for numerous applications across the aerospace, defense and construction sectors. The advent of high-performance composites and polymers with superior strengths and their easy availability across the online and offline organized retail channels are favorably impacting the market growth.
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 Trends:
The global market is primarily driven by the rising demand for lightweight materials across multiple industries. This is supported by the increasing preference for engineered polymers in the manufacturing of aircraft and automobiles over metal counterparts. Along with this, continual technological advancements, such as the adoption of novel polymerization processes in the production of polymers, are providing an impetus to the market growth. Moreover, the widespread adoption of metal replacement processes in the production of various electrical components, including connectors, lighting sockets and reflectors, is creating a positive outlook for the market. Apart from this, the increasing utilization of polyphenylsulfone in the manufacturing of medical devices since it is gamma and steam sterilizable is positively influencing the market growth. Furthermore, rising investments in infrastructural development projects across multiple countries are also propelling the market growth. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players for introducing eco-friendly alternatives, are further contributing to the market growth. On account of the aforementioned factors, 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.
- On the basis of the type, the market has been segmented into engineering plastics (polyamide, acrylonitrile butadiene styrene, thermoplastic polyesters, polycarbonates and others) and composites (glass and carbon fiber reinforced plastics).
- Based on the end-use industry, the market has been categorized into automotive, aerospace and defense, construction, packaging, consumer goods, healthcare, transportation and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of the key players are 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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