May 07, 2020
As per the report titled ‘Global Metal Replacement Market Size study, by Type (Engineering Plastics, Composites), By End-Use Industry (Automotive, Aerospace & Defense, Construction, Healthcare, Others) and Regional Forecasts 2019-2026’ available with Market Study Report LLC, global metal replacement market was worth USD 122 billion in 2018 and is projected to register a 9% CAGR during 2019-2026.
Metal replacements, as term suggests are alternatives like composites, aluminum, plastics, and thermoplastics for metal in the production process, offering low operating cost, lightweight, and efficient finished product. Reportedly, automotive, healthcare, construction and packaging sectors are the pioneers of the trend, hence boosting the demand for metal replacement materials.
According to International Organization of Motor Vehicle Manufacturers, the number of vehicles manufactured grew from 90 million in 2015 to 98 million in 2018. Increasing automobile manufacturing along with upsurge in repair and maintenance activities across the globe are major growth drivers of global metal replacement market.
Increase in number of construction activities worldwide on account of rapid urbanization, in tandem with rise in housing needs of ever-growing population are propelling the industry growth. Furthermore, surging demand from emerging markets such as India and China will expand the industry size in the forthcoming years. However, high material costs may restrain the industry growth to some extent.
Considering the geographical outlook, North America metal replacement market is poised to gain significant revenue share over the forecast timeline. The growth can be attribute to high demand for lightweight materials across rapidly growing automotive industry for enhanced fuel efficiency and lower environmental pollution.
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On the other, Asia Pacific metal replacement industry is expected to grow at a rapid pace in the coming years, on account of increasing investments in automotive and construction sectors for improving the performance of end products.
Major players operating in global metal replacement market are BASF SE, Celanese Corporation, E. I. Dupont De Nemours and Company, LG Chem Ltd., Solvay SA, Covestro AG, Toray Industries Inc., SGL Group, Jushi Group, and Owens Corning.