The market for metal replacement is anticipated to grow at a CAGR of 8.62% from 2021 to 2028, reaching USD 318.57 billion. Metal replacement materials are frequently employed in situations needing greater levels of performance because they have superior qualities including mechanical strength and heat and chemical resistance. In addition, these materials are lighter than most metals. As a result, they have taken the place of conventional engineering materials like metal and wood in numerous applications. Engineering plastics, which can replace metal, are significantly simpler to make than traditional materials and can match or even outperform them in weight, strength, and other characteristics.
Metal Replacement Market Growth Factors
Materials that can replace metals are those with higher qualities like mechanical strength and chemical and heat resistance. These materials include composites like GFRP and CFRP as well as engineering plastics like polycarbonates (PC), acrylonitrile butadiene styrene (ABS), polyamides (PA), thermoplastic polyesters (PET & PBT), polyacetals (POM), and others. Because of their excellent qualities, metal-replacing materials are preferred because they may be used in a variety of industrial and consumer industries, including automotive, aerospace & military, healthcare, construction, electronics, packaging, and others. In the near future, rising demand from these industries is anticipated to fuel consumption of engineering plastics, a significant portion of the market for metal replacement materials.
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Significant Market Developments
- At its FISIPE facility in Lavradio, Portugal, close to Lisbon, SGL Group completed a new production line for precursor in September 2016. The company will be able to meet the rising global demand for carbon fibre with the aid of this new production line.
- The production capacity of Solvay’s German factory for composite materials was increased in September 2016. The company will be better able to satisfy the rising demand from the aerospace industry thanks to the capacity expansion.
- Announcing the acquisition of Ahlstrom’s glass non-woven and textiles operations in January 2016, Owens Corning. Ahlstrom is a Finnish-based manufacturer of fiber-based products. The company’s market share in the production of metal-replacing materials increased as a result of the purchase.
The major key players in the Metal Replacement Market are: Celanese Corporation, Toray Industries Inc., Solvay SA, Owens Corning Corporation, BASF SE, SGL-Group and Jushi Group.
Market Dynamics
Drivers
- Engineering plastics replacing traditional materials in end-use applications
- Increasing metal replacement in the aerospace & defense industry
Restraints
- High cost materials
Opportunities
- Potential opportunities in new applications
- Increasing demand from emerging markets
Challenges
- Volatile crude oil prices
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