NEWARK, Del, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The global metal replacement market is anticipated to experience exponential growth over the upcoming years, with projected values expected to reach US$ 194.7 billion in 2024 and soar to US$ 489.0 billion by 2034. The experts at Future Market Insights expect a steady growth trajectory from 2024 to 2034, with a predicted CAGR of 9.6 %. Metal replacement materials, such as engineering plastics, composites, and ceramics, are gaining popularity due to their simplified manufacturing processes and reduced maintenance requirements compared to traditional metals. These alternatives offer a lightweight solution crucial for industries prioritizing weight reduction to improve fuel efficiency and reduce emissions, such as the automotive and aerospace sectors.
Metal replacement materials offer greater flexibility in design and molding into intricate shapes, which enables innovation and functionality improvements, especially in industries where intricate designs are essential for product differentiation and performance enhancement. These materials exhibit superior resistance to corrosion and chemical damage, making them indispensable in harsh environments prevalent in marine, chemical processing, and oil and gas industries. Moreover, their high strength-to-weight ratio, thermal stability, and electrical insulation properties enhance product performance and durability, further boosting their appeal across various sectors.
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The growing emphasis on sustainability across industries is another reason for the demand for metal replacement materials. With advancements in material science and manufacturing technologies, companies are increasingly adopting eco-friendly alternatives, including recyclable or renewable-source-based materials, to meet stringent environmental regulations and consumer preferences. This shift towards sustainability is reshaping the market landscape, with the demand for eco-friendly solutions expected to continue rising as industries prioritize reducing their carbon footprint.
“The metal replacement market will experience a surge driven by advanced material science and manufacturing technologies. Manufacturers can now develop and introduce eco-friendly materials aligned with sustainability goals. With the expanding scope of applications, the industry offers avenues for market growth and diversification”, - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Market Study
- Engineering plastics upsurge the metal replacement market with an annual 9.4% CAGR.
- Automotive sector lead, accounting for 9.3% of CAGR.
- The metal replacement market in Japan is projected to inflate at a CAGR of 11.1% through 2034.
- The metal replacement market in South Korea has the potential to increase at 10.6% CAGR through 2034.
- The metal replacement market in China is anticipated to develop at a CAGR of 10.5% through 2034.
- Metal replacement markets in the United Kingdom are predicted to rise by a remarkable 10.3% CAGR through 2034.
- The metal replacement market in the United States is estimated to rise at a whopping 9.8% CAGR through 2034.
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Key Companies in the Market
- A.K. Industries Inc.
- Asahi Kasei Corporation
- Aztec Plastic Company
- BASF SE
- Celanese Corporation
- Jushi Group
- Toray Industries
- Solvay S.A.
- Owens Corning
- SGL Carbon
- K. Industries Inc.
- China Jushi Co. Ltd.
- DOMO Chemicals GmbH
- DuPont de Nemours Inc.
- Victrex plc.
Competitive Landscape
In the global metal replacement market, major companies and manufacturers focus on developing and implementing innovative materials and technologies to meet the increasing demand for lightweight and high-performance materials. Key players in the market include SABIC, DuPont, Solvay S.A., A.K. Industries Inc., Asahi Kasei Corporation, Aztec Plastic Company, BASF SE, Celanese Corporation, and Toray Industries. These companies invest heavily in research and development activities to introduce new and advanced materials that can replace traditional metals and offer superior properties and performance.
Recent Developments:
- Qatar introduced bio-plastic bags made of cassava starch that are fully biodegradable and safe for animals to ingest.
- BASF SE developed a bio-based polyurethane foam using castor oil that is gaining popularity among manufacturers for its weight-reduction properties.
Market Segmentation in the Metal Replacement Market
By Type:
- Engineering Plastics
- Composites
By End User:
- Automotive
- Aerospace and Defense
- Construction
- Healthcare
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
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Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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