Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for braze alloys was valued at US$ 2.5 billion in 2022. A CAGR of 4.3% is expected from 2023 to 2031. The market is expected to reach US$ 3.2 billion by 2031. Advances in brazing technology, including improved alloys, should lead to further market growth. As brazed joints become more efficient, stronger, and environmentally friendly, their adoption may increase.
Brazing alloys are widely used in the automotive and aerospace industries, including in manufacturing radiators and heat exchangers. With these industries continuing to grow, brazing alloys will increase demand. As manufacturing and supply chains continue to globalize, brazing alloys become more important to join dissimilar materials. Brazing alloys with high quality and safety standards are becoming increasingly popular in various industries. Regulatory bodies and industry associations set regulations and standards that market players are implementing.
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Regulatory changes, market trends, and technological advances will influence brazing alloy demand in these industries as they evolve. Using lightweight materials in industries like aerospace and automotive may increase demand for brazing alloys. A growing number of industries are paying increasing attention to environmental factors and sustainable practices. To drive market growth, eco-friendly brazing alloys, such as recyclable or non-toxic alloys, are likely to play a crucial role.
Energy transitions focus on renewable energy sources, which may lead to a greater demand for brazing alloys in the production and storage of energy. Solar panels, wind turbines, and energy storage systems are among the components produced in this sector. Industrial 4.0 and digital technologies may have an impact on the market for brazing alloys.
Global Braze Alloys Market: Growth Drivers
- Brazing alloys play a key role in producing HVAC, refrigeration, and heating equipment. The demand for advanced brazing alloys is growing as energy efficiency and environmental regulations become more important. The electronics and electrical industry relies on brazing alloys for joining components in various electronic devices.
- As technology advances, brazing alloys will likely be more widely used in semiconductor manufacturing, sensors, and electronic components. Demand for brazing alloys is increasing as industries and infrastructure projects grow worldwide. Construction and power generation industries use steel alloys for fabricating pipes, tubes, and structural components.
- Researchers and engineers are constantly advancing brazing technology and developing new alloys that will continue to drive the market forward. Innovating to make brazed joints more efficient, stronger, and corrosion-resistant contributes to their popularity.
Global Braze Alloys Market: Key Players
Several prominent players dominate the braze alloy sector, holding most of the market share. Top companies invest significant resources in strategic collaborations and comprehensive research and development to increase innovation and expand their global footprint.
- Johnson Matthey
- Voestalpine Bohler Welding
- Oerlikon Metco
- UMICORE N.V.
- Morgan Advanced Materials
- Indian Solders and Braze Alloys
- Paras Enterprises
- Lucas-Milhaupt Inc.
- Bellman-Melcor LLC
- Aimtek, Inc.
- Harris Products Group
- VB Group
Key Findings of Market Report
- With their high flexibility and ductility, braze alloys are expected to gain popularity as advanced filler materials in the automotive industry.
- Based on base metal, the aluminum segment is expected to drive market demand for braze alloys.
- Asia Pacific accounted for a significant share of the global demand for braze alloys.
- As petrochemical and nuclear plant construction uses brazing for graphite and super alloys, braze alloys will see significant market growth in the coming years.
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Global Braze Alloys Market: Regional Landscape
- Asia Pacific is expected to lead the braze alloys market. Due to its industrialization and infrastructure development, the Asia Pacific region is a major manufacturing hub. Brazing alloys are heavily consumed in the automotive, electronics, and construction sectors in this region. Brazing alloys are widely used in the automotive and aerospace industries.
- Brazing alloys are likely to experience growth in the Asia Pacific as vehicles and air travel become more popular. It contributes to developing the vehicle and aircraft industries as a major production region.
- Japan and South Korea continue to make technological advances in manufacturing process and brazing technology, contributing to the growth of the brazing alloys market. The Asia Pacific region is increasingly concerned with environmental regulations and sustainability issues. As stringent regulations are implemented, environmentally friendly brazing alloys are becoming more prevalent.
Key Developments
- In December 2023, Lincoln Electric had established itself as a world leader in arc welding, oxy-fuel cutting, welding automation, and plasma cutting. It also holds a world leadership position in soldering alloys and brazing. Lincoln Electric expanded to Bartlesville. Newsweek recently named the firm one of America's Greenest Companies 2024.
Global Braze Alloys Market: Segmentation
By Base Metal
- Copper
- Gold
- Aluminum
- Silver
- Nickel
- Others (including Cobalt, Bronze, Iron, and Cadmium)
By End Use
- Automotive
- Electronics and Electrical
- Industrial
- Others (including Medical, Dental, and Aerospace)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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