Bronze Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for bronze is estimated to be worth $ 10 billion in 2023, with a forecast of $ 11.8 billion by 2030. This growth rate corresponds to a CAGR of 2.27% over the forecast period. The steady increase in the market is due to the high demand for bronze in various industries, such as the construction, automobile and marine industries, where its properties of resistance to corrosion and wear are highly appreciated. Also, the growing trend towards the use of sustainable materials has favored the development of new bronze alloys, which have improved their properties and thus increased their applications. The development of new manufacturing techniques, which have improved the efficiency and cost of bronze production, also favors the growth of this market. Strategic initiatives, such as the creation of new alliances and the establishment of research and development centers, are also contributing to the innovation of bronze applications. Constellium, KME and Mitsubishi are some of the companies that have taken advantage of this situation to launch new products and develop new applications. These factors contribute to a promising outlook for the bronze market, which is undergoing a process of continuous adaptation to technological advances and changes in industry.

Regional Market Size

Regional Deep Dive

Bronze has a wide range of applications in various industries, such as construction, automobile, and electrical appliances. In North America, the market is mainly driven by strong manufacturing and the growing demand for sustainable materials. Europe is characterized by innovation and the focus on recyclability. The Asia-Pacific region is characterised by rapid industrialization, which is boosting the consumption of bronze. Middle East and Africa are characterized by the growing demand for infrastructure, which in turn boosts the demand for bronze. And in Latin America, rich mineral resources are being used to boost production.

Europe

• The European Union's Circular Economy Action Plan is promoting the recycling of metals, including bronze, which is leading to increased investments in recycling technologies by companies such as Aurubis AG.
• Innovations in bronze alloys are being developed to enhance performance in high-temperature applications, with research institutions collaborating with industry leaders to create advanced materials.

Asia Pacific

• China's Belt and Road Initiative is driving significant infrastructure projects that require large quantities of bronze, benefiting local manufacturers like Jiangxi Copper Corporation.
• The rise of electric vehicles in countries like Japan and South Korea is increasing the demand for bronze components, as they are essential for electrical conductivity and durability.

Latin America

• Brazil's mining sector is experiencing a renaissance, with increased production of copper and tin, essential components of bronze, supported by government initiatives to attract foreign investment.
• Sustainable mining practices are being adopted in Chile, where companies are focusing on reducing environmental impact while increasing bronze production capacity.

North America

• The U.S. has seen a surge in the use of bronze in renewable energy projects, particularly in wind turbine manufacturing, driven by companies like GE Renewable Energy.
• Regulatory changes aimed at reducing carbon emissions are pushing manufacturers to adopt more sustainable materials, including bronze, which is often favored for its durability and recyclability.

Middle East And Africa

• The UAE's Vision 2021 is fostering growth in the construction sector, leading to increased demand for bronze in architectural applications, with companies like Emirates Global Aluminium investing in bronze production.
• Regulatory frameworks aimed at enhancing local manufacturing capabilities are encouraging the use of domestically sourced bronze, which is expected to boost local economies.

Did You Know?

“Bronze was one of the first alloys used by humans, dating back to around 3500 BC, and it played a crucial role in the development of early civilizations.” — Smithsonian Institution

Segmental Market Size

Bronze Market is an important section in many industries, especially in manufacturing and construction, where its unique properties, such as resistance to corrosion and strength, ensure its continuing popularity. The main drivers for this market are the growing demand for high-quality materials in construction projects and the growing trend towards sustainable construction, which favors the use of metals such as bronze that can be recycled. The use of materials with a low carbon footprint is also favored by the regulations promoting the use of these materials. The bronze market is currently in a mature stage of development, with General Electric and Siemens using bronze in their machinery and electrical systems. The most common applications are found in automobile parts, marine equipment, and architectural details. The trend towards sustainable construction and the development of new production methods, such as 3D printing, have a positive effect on the market. Also, smart manufacturing is a major trend that will have a positive impact on the market, as companies increasingly use smart methods to increase the efficiency of production and the properties of the material.

Future Outlook

The Bronze Market is projected to show a steady growth from 2023 to 2030, when it is estimated to reach $11.11 billion from $11.11 billion, a CAGR of 2.27%. The market is mainly driven by the increasing demand for bronze in the construction, automobile, and electrical industries. Bronze is highly valued for its properties of tensile strength and resistance to corrosion. Also, as industries continue to focus on sustainable materials, the use of bronze, which is fully recyclabke and has a lower environmental impact than its alternatives, is expected to increase. Technological advancements and government initiatives will also have a significant impact on the market. In particular, innovations in alloy compositions and manufacturing processes are expected to enhance the properties of bronze, making it a more desirable material for high-tech applications. Government regulations encouraging the use of sustainable materials in the manufacturing and construction industries will also increase demand. In addition, emerging trends such as the rise of smart technology and the growing focus on energy efficiency will also help the market to grow. The Bronze Market is projected to show steady growth, driven by both traditional and emerging industries.