Metal Replacement Market: Segmented: By Type (Engineering Plastics, Composites), By End Use Industry (Automotive, Aerospace & Defense, Construction, Healthcare, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Metal Replacement Market to surpass USD 426.8 billion by 2032 from USD 155.82 billion in 2021 at a CAGR of 9.6% in the coming years, i.e., 2022-32.
Metal Replacement is the use of polymers instead of metals. The development of high-performance polymers and composites, which were made possible by their superior temperature resistance and high mechanical properties, opened up new potential applications. High-volume injection molding is rapidly becoming a preferred option for part makers due to the benefits of metal-to-plastic conversion becoming more widely recognized in various industries. Plastic-to-metal conversion allows the combination of many metal pieces into a single plastic part, which increases overall part strength while lowering weight, resisting corrosion, and enhancing overall part strength. Moreover, plastic components require fewer secondary procedures than metal ones, which saves time and money. Plastic parts and metal parts share the same strength and allow the same precise tolerances.
The Metal Replacement Market is expected to project a notable CAGR of 9.6% in 2032.
The growing demand for metal-replacing materials from the aerospace, automotive, and military industries is the primary driver of the Metal Replacement Market growth. The demand for lightweight materials to make aircraft parts and use in automobiles is growing, which presents several potential prospects for the global market for Metal Replacement.
The Composites segment is expected to grow with a higher CAGR during 2022-32
Metal Replacement Market is categorized on the basis of Type into Engineering Plastics and Composites. The composites market is further divided into GFRP (glass fiber reinforced plastics) and CFRP (carbon fiber reinforced plastics). Acrylonitrile butadiene styrene held the maximum market share in terms of volume in the engineering plastics industry in the past years, followed by polycarbonates and polyamides. According to the research, GFRP holds the greatest market share in terms of volume in the composites segment. Owing to the significant speedy expansion of the CFRP market, the composites segment is anticipated to witness a greater CAGR over the forecast period.
The Automotive segment is expected to grow with a higher CAGR during 2022-32
Metal Replacement Market is categorized on the basis of End Use Industry into Automotive, Aerospace & Defense, Construction, Healthcare, and Others. Over the forecast period, the automotive segment is anticipated to dominate the Metal Replacement Market. Metal-replacing materials are widely used in the production of both outside car parts and numerous internal engine elements in the automotive industry. The demand for metal replacing materials in the automotive sector is therefore projected to be driven by an increase in automobile manufacturing as well as repair and maintenance activities.
Maximum Market Potential Offered by the Automotive Industry
Owing to speedy changes and technological advancements used in the manufacture of vehicle parts, the automotive industry holds the larger market potential in the global Metal Replacement Market. Moreover, the requirement for Metal Replacement in the construction industry is increased by the rise in living standards. Due to ongoing R&D to replace household appliances with lightweight materials and the surge in demand for effective and lightweight electricals and electronics, the application of this technology in consumer goods has seen significant improvements.
Growing Number of Benefits offered by Polymers over Metals
The capacity of the product to boost chemical resistance, reduce weight, and improve material performance is expected to lead to significant growth in the global Metal Replacement Market. The widespread usage of Metal Replacement polymers in a variety of end-use industries, such as aerospace, will also increase product demand. One of the key trends defining the future of the Metal Replacement Market is the rising use of polyphenyl sulfone as an optimal Metal Replacement material in the medical industry. Also, the transportation sector's strong emphasis on weight reduction and the ensuing rise in Metal Replacement activities will boost industry share.
Growing Concerns Associated with Toxicity of Engineering Plastics to Human Health
In both developing and developed nations, the Metal Replacement Market is expected to be impacted by the growing concerns about the toxicity of engineered plastics. Children chewing on plastic teethers and toys is linked to severe adverse health outcomes like cancers, lowered immunity, birth defects, endocrine disruption, reproductive, and developmental issues. These outcomes are linked to exposure to harmful chemicals during manufacturing and leaching in stored food items while using plastic packages.
Metal Replacement Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In recent years, the Asia-Pacific region's Metal Replacement Market registered for higher CAGR. A number of house construction projects have been started in this area as a result of the recent considerable infrastructure development. Due to this, the need for Metal Replacement materials to make sewage systems and replace steel bars for concrete reinforcement has increased in the building industry. The high growth of the market in the Asia-Pacific region is also attributed to the rise in demand for materials that replace metal in the production of lightweight and fuel-efficient cars.
The COVID-19 pandemic had numerous impacts on the world economy, including direct effects on supply and demand, financial damage, and supply chain disruptions. Global manufacturers' supply chains have been directly disrupted by COVID-19, and production sites have been shut down to reduce the danger of virus transmission. The need for material and chemical products in the global automobile, cleaning, and electrical industries has also increased as a result of lockdown measures. Hence, to fulfil the updated demand on the global market, manufacturers have begun to spend in expanding their manufacturing capacity.
Metal Replacement is further segmented by region into:
Metal Replacement Market Segments:
|Market size value in 2021||USD 155.82 billion|
|Revenue forecast in 2032||USD 426.8 billion|
|Growth Rate||CAGR of 9.6% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Type, End Use Industry, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||BMW, Boeing, DuPont, Asahi Kasei Corporation, Toray Industries, Solvay, Owens Corning, Jushi Group, Celanese Corporation, SGL Carbon, A.K. Industries Inc., Aztec Plastic Company, DOMO Chemicals GmbH, China Jushi Co.Ltd., Victrex plc, and Other Prominent Players.|
The Metal Replacement Market size was estimated at USD 155.82 billion in 2021 and is expected to reach USD 426.8 billion in 2032.
Metal Replacement is the use of polymers instead of metals. The development of high-performance polymers and composites, which were made possible by their superior temperature resistance and high mechanical properties, opened up new potential applications.
The Composites and Automotive segments accounted for the larger share of the Metal Replacement Market.
Key players in the Metal Replacement Market are BMW, Boeing, DuPont, Asahi Kasei Corporation, Toray Industries, Solvay, Owens Corning, Jushi Group, Celanese Corporation, SGL Carbon, A.K. Industries Inc., Aztec Plastic Company, DOMO Chemicals GmbH, China Jushi Co.Ltd., Victrex plc, and Other Prominent Players.
The Metal Replacement Market is anticipated to flourish substantially over the forecast period by the application of the metal replacement process in a variety of sectors, including healthcare, consumer products, aerospace and military, automotive, and construction.
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