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 global braze alloys market is expected to create lucrative growth over the forecast period from 2022 to 2032 by registering a CAGR of 4.3%. The market was valued at US$ 2678.9 million in 2022 and is expected to reach a valuation of US$ 4081.3 million in 2032. According to the historical analysis, the global braze alloys market registered a CAGR of 2.8%. Owing to the increased usage of braze alloys market across various sectors has pushed the market towards an upward trajectory.
There is a significant increase in the adoption of recycling processes in order to promote sustainability. In addition to that, the growth of the automobile sector along with several other factors might surge the sales of braze alloys during the forecast period. The braze metal alloys are likely to be considered as a sort of metallic high-temperature glue. These are usually based on nickel, gold, and copper and are used for joining Ceramic Matrix Composites to Cobalt or Nickel-based alloys.
Industrial brazing offers numerous advantages such as creating cleaner joints, being ideal for medium to high-volume production, and offering an effective solution to joining two different kinds of metals, etc. Moreover, braze alloys have this impressive ability to help achieve weight reduction. For this reason, they are increasingly employed in the automobile sector. This might surge the demand for braze alloys during the forecast period.
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Report Analysis
Braze alloys are utilized in the automobile as well as the automotive industry. These are primarily utilized in the condensers of air-conditioning systems and fuel injection pipes. Furthermore, the braze alloys also have the ability to reduce the emission of Carbon Dioxide and other harmful gases. This might increase the demand for braze alloys.
Braze alloys are used to join two different types of metals. This is attributed to the much-needed smoothness and consistency which they provide in the junction. Moreover, due to its ability to join two different kinds of metals and aid in weight reduction, braze alloys are increasingly used in the aerospace sector.
Braze alloys are also used for manufacturing components that witness high resistance against high temperature and pressure. This is anticipated to increase the sales of brazing alloys.
Recent Developments
The global electronics industry is anticipated to augment at a robust CAGR of 6% throughout the assessment period. This can be attributed to the number of innovations that are taking place in this sector
Apart from the numerous benefits offered by braze alloys market, they also offer corrosion resistance, thermal conductivity, and electrical resistivity properties. This allows electronic devices to handle extreme fluctuations with high efficiency. The braze alloys also help in preserving the metallurgical characteristics. This is something that has literally captured the attention of manufacturers across sectors.
The color of the joint that is used in the brazing process is different from the other two metals. This might not give an attractive look to the final product. This is something that might potentially hamper the sales of brazing alloys. Furthermore, the scope of application of the braze alloys is limited only to small-sized metals. They can’t be used for joining large metals.
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Competitive Landscape
The key market players are Johnson Matthey Plc., Morgan Advanced Materials plc., Lucas-Milhaupt, Inc., Oerlikon Metco, Umicore N.V., Bellman-Melcor LLC, Harimatec Czech, s.r.o., Indian Solder, Braze Alloys, VBC Group.
In July 2022, Umicore has recently announced that it would be constructing a large-scale fuel cell catalyst plant in China to cater to accelerated hydrogen clean mobility growth.
In August 2022, Johnson Matthey and Sinopec Capital announced that they would be exploring strategic collaboration across decarbonization and hydrogen technologies.
Key Segments Profiled in the Braze Alloys Market Survey
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More Insights into the Braze Alloys Market
The North American region is expected to dominate the global braze alloy market by accounting for around 17.8% market share over the forecast period. The growth of the region is anticipated to rise due to technological upgrades. Furthermore, manufacturers are willing to invest more in these technologies as well as research and development.
The braze alloys are an essential cog in the wheel in many of these innovations, as these are being employed in electronic devices across sectors. This is anticipated to increase the braze alloys market share during the forecast period in the region.
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.
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Apr 18, 2023
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