Bronze Market is poise to mature at a CAGR of 2.46% to reach around USD 15.05 Billion by the end of 2028
Bronze Market is poise to mature at a CAGR of 2.46% to reach around USD 15.05 Billion by the end of 2028. During the forecast period, the growing consumption of bronze for electrical conduit production is expected to fuel the global market’s growth worldwide.
Globally, COVID-19 is causing widespread disruption. Many companies are not adequately prepared to recognise the probable effects on their business of this or any pandemic) and are not fully capable of implementing plans to minimise the upheaval caused, including organisations with high levels of organisational resilience. While this crisis unfolds, manufacturers of metals and metal alloys will need to boost forecasts related to the potential for slowing demand among downstream steel customers especially industries that can be classified as non-essential.” In recent weeks, markets and commodity prices have faced unprecedented pressures, with the mining industry trying to find clues to the level of near-term demand.
Growing Expansion of End-Use Sectors Drive the Market Growth
Increasing the use of aluminium and phosphor bronze in the manufacture of marine hardware, such as fasteners, oil and gas platforms, pumps and valve parts, pipe fittings, desalination plants, heat exchangers, bearings, and shipbuilding, where resistance to wear, fatigue, and chemical corrosion is required, are the major factors driving the growth of the global market. During the assessment period, the growing use of bronze for electrical conduit manufacturing is projected to fuel the growth of the global market worldwide. The increasing use of bronze for electrical conduit output is expected to fuel the development of the global demand worldwide during the forecast period.
Growing R&D Investments to Create Growth Avenues for Key Players
In order to discover better options that could have better profit margins, corporations have already opened up new R&D facilities. Nevertheless, due to foreign trade, rising demand from the transport sector is expected to raise demand for bronze and generate profitable prospects for suppliers operating in the global market. Rising demand from the shipping industry is projected to boost demand for bronze due to international trade and create lucrative opportunities for suppliers operating globally. Some of these players are constantly investing in expanding their distribution network to meet the evolving needs of multiple end-use industries across various regions.
Use of Lead to Create Challenges for the Market
However, the degradation of bronze due to oxidisation is likely to hamper the development of the global market over the review period. Moreover, growing questions over the use of lead in bronze items are also likely to hinder the demand and a lack of professional workers in bronze foundry activities.
Global Bronze Market has been segmented by Type, End-Use, Process, and Region.
The global bronze market has been segmented into aluminium bronze, phosphor bronze, silicon bronze, manganese bronze, lead bronze, and others based on type. The aluminium bronze segment is predicted to record a CAGR of over 2.5 percent during the forecast span. Aluminum bronze is used to make bearings, hardware, pumps, and valves for marine sleeves that treat corrosive and acidic fluids.
The production of bronze comprises several processes and has been segmented into casting, extrusion, forging, and other processes. Because of its rising usage by bronze makers, the bronze casting segment led the global bronze market with a market share of over 40 percent by volume in 2018, allowing manufacturers to create large sizes and shapes for their end-use industry.
The global market has been divided into architecture, marine, automotive & transport, electrical & electronics, and others, based on end use. Due to the large consumption of bronze materials in numerous components such as valves, fittings, bearings, and others, the marine segment dominated the market with the largest share of more than 35 percent in 2018. By the end of 2028, the segment is poised to record a CAGR of over 1.5 percent to reach over USD 3.3 billion.
Global Market’s geographical overview has been conducted in four major regions, including the Asia Pacific, Europe, North America, and the rest of the world.
Expansion of APAC’s aerospace and marine sector Drives the Market
During the forecast period, APAC is predicted to record a CAGR of over 2.5 percent. Due to the presence of a large number of manufacturing industries in the region, Asia Pacific has dominated the global bronze sector , especially in developing countries such as China, India and ASEAN countries. The region’s increasing population and rapid economic growth are fueling the region’s manufacturing sector, which in turn is expected to raise the bronze demand during the forecast period. During the projected period, Asia Pacific is anticipated to grow at a substantial pace. The increasing market for aluminum-bronze alloys and an increase in demand for the aerospace and marine industries result from this tremendous demand for bronze. Japan offers the most considerable demand for infrastructure products in the Asia-Pacific.
Expansion of Electronics Industry Drives Europe Market Growth
Owing to the rise of the region’s automotive and transport sectors, Europe was the second-largest regional market in 2018 and the increasing bronze application in the electronics industry. The key US and European manufacturers are now focused on expanding their reach in the Asia Pacific region.
Major Players Focus on Expanding the Geographical Footprint
The strong rivalry among the players has motivated the players to create bronze mixers that could be special and have several applications in the industry. The methods and procedures used vary from one organisation to another. Therefore, corporations’ mergers, acquisitions, and product growth help to create modern and creative strategies and methods for greater productivity and higher performance. In order to retain the role and expand the geographical footprint, the players operating in the global bronze market follow different strategies.
The study seeks to evaluate the global market’s current and future growth prospects, untapped opportunities, factors shaping its revenue potential, and demand and consumption patterns by breaking them into the region-wise evaluation. The study consists of different segments, as well as an analysis of trends and factors that play a significant role in the market. These variables, the dynamics of the market, involve the drivers, constraints, opportunities and challenges through which the market impact of these variables is outlined. The drivers and restrictions are intrinsic variables, while the market’s extrinsic variables are opportunities and challenges. The Global Bronze Market Study offers an outlook on market development in terms of revenue over the forecast period.
|Market Size||2028: USD 10.05 Billion|
|CAGR||CAGR of 2.46% (2021–2028)|
|Forecast Period||2021 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Process, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Farmers Copper Ltd (US),Advance Bronze Incorporated (US),Wieland Metals, Inc (US),Materion Corporation (US),KME Germany GmbH & Co KG (South Africa),National Bronze Michigan (US),CONCAST METAL PRODUCTS CO (US),Aviva Metals (US),PMX Industries, Inc (Japan),Aurubis UK (UK)|
|Key Market Opportunities||Growing R&D Investments to Create Growth Avenues for Key Players|
|Key Market Drivers||Growing Expansion of End-Use Sectors Drive the Market Growth|
Bronze Market is predicted to grow at 2.46% through forecast period of 2021-2028.
The forecast period for Bronze Market research report is 2021-2028.
Bronze Market is dominated by APAC region.
The major players are Farmers Copper Ltd (US),Advance Bronze Incorporated (US),Wieland Metals, Inc (US),Materion Corporation (US),KME Germany GmbH & Co KG (South Africa),National Bronze Michigan (US),CONCAST METAL PRODUCTS CO (US),Aviva Metals (US),PMX Industries, Inc (Japan),Aurubis UK (UK)