An increase in the adoption of recycling processes to promote sustainability, the growth of the automobile sector, and various other factors might surge the sales of braze alloys during the forecast period.
The valuation of the Braze Alloys Market in 2022 is US$2,678.9 million. It is expected to grow at a CAGR of 4.3% during the forecast period, with the market expected to reach a valuation of US$4,081.3 million in 2032. Increasing adoption of recycling processes to promote sustainability, growth of the automotive sector and several other factors could increase sales of brazing alloys over the forecast period.
The global braze alloys market is witnessing an upsurge in recycling processes as manufacturers are innovating novel approaches for cost-effective manufacturing of braze alloys. Leading players in the global aluminum industry are also banking on innovative approaches for development, identification, and implementation of economical solutions to optimize the benefits of aluminum recycling.
Further, market players are focusing on automating and optimizing processes through pre-sorting, shredding, and separation methods that help recycled braze alloys to achieve favorable characteristics.
Global Braze Alloys Market – Growth Drivers
Braze alloys are witnessing significant demand from the automotive industry, where in they are used in condenser and evaporator connections for air-conditioning systems, fuel injection pipes, and brake linings.
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The end-use industry has been striving to develop lightweight automotive components. Copper and aluminum based braze alloys are light in weight and offers superior performance. Moreover, adoption of braze alloys would surge in the coming years, given considerable investments in automobile production in developing regions.
Moving ahead, braze alloys are also finding huge application in aerospace industry, as they are crucial in manufacturing of aircraft components that are highly resistant against high temperature and pressure, and corrosion.
Furthermore, rise in usage of recycled aluminum metal-based braze alloys in aerospace industry will provide lucrative opportunities for market players.
Global Braze Alloys Market – Growth Restraints
Fluctuating prices of raw materials, used in manufacturing of braze alloys, are a major concern for market players. Inadequate capacity and slumping manufacturing activities are disturbing the supply chain of braze alloys market.
Copper is the base metal in the production of copper-based alloys. As such, volatilities in process of manufacturing copper-based braze alloys is projected to have adverse impact on market growth.
Impact of COVID-19 on Global Braze Alloys Market
The COVID-19 pandemic is severely affecting the revenue pool of braze alloys market. Interruption in manufacturing process of automobiles in APAC and Europe has significantly reduced the demand for braze alloys. Industries are not focusing upon new launches of vehicles, rather they are concentrating on sales of previously manufactured vehicles.
Going forward, reduced flight operations have halted the manufacturing of aircrafts. As such, continual need of maintenance have decreased amidst the COVID-19 pandemic.
China is the largest producer of raw material for braze alloys. Due to the second wave of pandemic, government has imposed lockdowns and slowed down international transportation. This, in turn, is putting strain on net profit of manufacturers.
Global Braze Alloys Market – Regional Analysis
Asia Pacific (APAC) would remain in the vanguard of the global braze alloys market both in terms of revenue share and CAGR. Rapid growth of end-use industries such as aerospace, automotive, and construction is majorly molding the regional market.
Moreover, governments are playing a crucial role by scaling up their investments in infrastructure development projects, especially in countries – China, Japan, and India. While APAC’s market has been making significant strides, the braze alloys market in North America is also offering relevant revenue creation prospects. Represented by the US, North America accounts for around half of the global aerospace industry revenue.
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Key players in global braze alloy market includes,
Global Braze Alloys Market – Competitive Landscape
The global braze alloys market is fairly consolidated comprising limited number of players. These market leaders are innovating new approaches for manufacturing braze alloys to maintain sustainability.
Manufacturers are adopting artificial intelligence (AI), for pre-sorting, shredding, and separation of metals. Further, strategic activities such as acquisitions and capacity expansions are shaping the competitive landscape.
Global Braze Alloys Market – Segmentation
The global braze alloys market is segmented on the basis of following,
By Product Type
By Application
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 08, 2023
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