The metal replacement market is projected to reach USD 159.82 billion by 2021, at a CAGR of 9.2% from 2016 to 2021. Growth in this market is mainly attributed to the increasing demand for metal replacing materials from automotive, aerospace & defense, and construction industries. Metal replacing materials are widely used in the automotive industry for manufacturing various vehicle body parts and under the hood components. Thus, increase in automobile production is anticipated to drive the metal replacement market during the forecast period.
Download PDF @ https://tinyurl.com/y2ke8c9w
On the basis of type, the metal replacement market has been segmented into engineering plastics and composites. The composites segment is the fastest-growing type segment in this market. This growth is attributed to composites’ advantages, such as superior strength to weight ratio, better thermal resistance, and corrosion resistance.
Composites that are used to replace metals include glass fiber reinforced plastics and carbon fiber reinforced plastics. Carbon fiber composites have the best weight to strength ratio and hence these materials are used for high end applications, such as structural parts of aircraft and aircraft interiors. Glass fiber reinforced plastics are mainly used in the automotive and construction industries.
The healthcare end-use industry segment is anticipated to grow at the highest CAGR during the forecast period, owing to the increasing use of metal replacing materials in medical devices. In addition, increasing research and development in the medical devices industry globally is propelling the demand for metal replacing materials in the healthcare industry.
Get 10% Free Customization on this report @ https://tinyurl.com/y4z4s28y
The Asia-Pacific metal replacement market is expected to grow at the highest CAGR between 2016 and 2021. The Asia-Pacific market includes countries such as China, Japan, India, and Indonesia, among others. The market in this region is witnessing increased consumption of metal replacing materials from the construction and automotive industries. Factors contributing to the growth of this market in the Asia-Pacific region are increasing demand for metal replacing materials from China and India and investments made in varied end-use industries, such as automotive and construction.
Major market players covered in the report are Solvay SA (Belgium), SGL-Group (Germany), Owens Corning Corporation (U.S.), Celanese Corporation (U.S.), BASF SE (Germany), Toray Industries, Inc. (U.S.), and Jushi Group (China).
Get Sample @ https://tinyurl.com/yyzz446e
BASF SE (Germany) is one of the leading producers of metal replacing materials. The company focuses on new product launch as well as business expansion strategies to strengthen its market position and consolidate its financial position in the metal replacement market.
E. I. DuPont De Nemours and Company (U.S.) is another major player in the metal replacement market. The company focuses on expansion as a strategy to strengthen its market position. In June 2014, the company had increased the production capacity of Zytel PA 66 and PA 6 by 20% at its Uentrop plant in Germany.
Reference:
For more Info Visit Blog: https://chemicalsresearchmarket.wordpress.com/blog/
Comments