New York, June 05, 2023 (GLOBE NEWSWIRE) -- The metallic glass market is predicted to expand at a post-pandemic pace of roughly 6.5% over the forecast period, with anticipated values of US$ 896.3 million by 2023 and US$ 1.68 billion by the end of 2033.
Metallic glass is a non-crystalline material that is made by rapidly cooling a molten alloy. This process prevents the formation of crystals, resulting in a material with unique properties such as high strength, toughness, and corrosion resistance. Metallic glass is finding increasing applications in a variety of industries, including electrical & electronics, automotive, aerospace, and biomedical.
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The electrical & electronics segment is the largest market for metallic glass. Metallic glass is used in a variety of electronic devices, including transformers, inductors, and capacitors. The high strength and toughness of metallic glass make it ideal for these applications. The automotive industry is also a major user of metallic glass. Metallic glass is used in a variety of automotive components, including gears, bearings, and pistons. The high strength and corrosion resistance of metallic glass make it ideal for these applications.
The aerospace industry is another major user of metallic glass. Metallic glass is used in a variety of aerospace components, including turbine blades, landing gear, and structural components. The high strength and lightweight of metallic glass make it ideal for these applications. The biomedical industry is a small but growing market for metallic glass. Metallic glass is used in a variety of biomedical applications, including implants, stents, and surgical instruments. The biocompatibility and corrosion resistance of metallic glass make it ideal for these applications.
Market Dynamics
Market Drivers:
- Superior Properties: Metallic glasses exhibit excellent properties like high strength, hardness, corrosion resistance, and elasticity, making them suitable for diverse applications.
- Increasing Demand in Consumer Electronics: The growing demand for smaller, lighter, and more efficient electronic devices is driving the adoption of metallic glasses in components like connectors, springs, and casings.
- Advancements in Manufacturing Technologies: The development of advanced manufacturing techniques, such as rapid solidification, melt spinning, and additive manufacturing, has facilitated the large-scale production of metallic glasses.
- Sustainable Manufacturing: Metallic glasses can be manufactured using eco-friendly processes, contributing to sustainable manufacturing practices.
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Market Challenges:
- High Production Costs: The production of metallic glasses involves complex manufacturing processes, leading to relatively higher costs compared to traditional metals.
- Limited Processing Window: Metallic glasses have a narrow processing window, making it challenging to achieve consistent quality and shape control during manufacturing.
- Lack of Standardization: The absence of standardized testing methods and quality control measures for metallic glasses hinders their widespread adoption in certain industries.
- Competition from Crystalline Alloys: Crystalline alloys still dominate many applications, and convincing end-users to switch to metallic glasses can be a challenge.
Regional Analysis:
North America is one of the prominent regions in the metallic glass market. The United States, in particular, is a major contributor to the market growth. The region benefits from the presence of well-established manufacturing industries, advanced research facilities, and strong technological capabilities. The aerospace, automotive, and healthcare sectors are the primary end-users of metallic glasses in North America. The region's focus on innovation and the adoption of advanced manufacturing techniques have propelled the growth of metallic glass applications in the region.
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Competitive Landscape:
The metallic glass market is characterized by intense competition among key market players. Major companies operating in this market include PX Group, Usha Amorphous Metals Limited, Exmet AB, Metglas Inc., Shanghai Antai Zighao Amorphous Metal, Qingdao Yunlu Energy Technology Co., Ltd., Materion, Adamant Namiki Precision Jewel Co., Ltd., Heraeus Group, Eutectix. These companies focus on product development, strategic partnerships, and mergers and acquisitions to gain a competitive edge.
Here are some recent developments in the metallic glass market:
- In 2022, Hitachi Metals Ltd. announced the development of a new metallic glass alloy that is stronger and more ductile than previous alloys. The new alloy is expected to be used in a variety of applications, including automotive components, medical devices, and aerospace parts.
- In 2022, Materion Corp. announced the launch of a new line of metallic glass products for the medical and electronics industries. The new products are designed to meet the specific requirements of these industries, and they are expected to be used in a variety of applications, including pacemakers, MRI machines, and electronic displays.
- In 2022, Seiko Epson Corp. announced the development of a new metallic glass printer head that is capable of printing high-resolution images on metallic surfaces. The new printer head is expected to be used in a variety of applications, including printing on metal signs, jewelry, and other objects.
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