The bronze market is estimated to be USD 8.76 billion in 2017 and is projected to reach USD 10.08 billion by 2022, at a CAGR of 2.8% between 2017 and 2022. The growing demand for bronze from various end users such as industrial, marine, infrastructure & construction, automotive, electrical & electronics, and aerospace & defense is driving the growth of the bronze market globally. Bronze has superior resistance quality to corrosion and fatigue and provides better strength to products. This has led to a wide use of bronze in different end-use industries.
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Bronze is an important alloy of copper and is still preferred in some of the critical engineering applications. Bronze is available in both cast and wrought forms, and is mostly used in the manufacturing of pumps, valves, bushings, gears, wear plates, and worm gears.
Based on type, the aluminum bronze segment is projected to grow at the highest rate during the forecast period. Aluminum bronze is primarily used in industrial, marine, and automotive end-use industries, owing to its superior properties such as high tensile strength, resistance to corrosion, good ductility, and weldability.
The demand for aluminum bronze is driven by its increased demand from these industries. Capacity expansion in marine and automotive industries will fuel the demand for bronze in the future.
Based on end user, the marine segment is projected to witness the highest growth from 2017 to 2022. Bronze is widely used in marine engineering and manufacturing of components for ships and large vessels. It is used in different compositions across various end users.
Bronze is used to manufacture clutch components for a shipboard winch and propeller shaft seals. Resistance to corrosion makes bronze a suitable material for manufacturing components for ships and vessels. There is a rapid growth in marine traffic, and this has led to a higher demand for ships and vessels. This is expected to drive the demand for bronze, which is used as a raw material for manufacturing of ship components.
The Asia Pacific region is expected to be the largest market for bronze in 2017. The Asia Pacific region remains an important market for marine and automotive industries. Some of the major shipbuilders of this region are located in Japan, China, and South Korea, and the rising demand for tankers and ships is projected to fuel the demand for bronze.
The Asia Pacific region has evolved as a manufacturing hub, and several foreign companies are planning to enter the Asia Pacific market in the coming years. Initiatives taken by governments of various countries of the region for inflow of foreign investments to support domestic manufacturing are anticipated to increase the industrial consumption of bronze. Moreover, increasing population, rising demand from end users, and a favorable demography of the Asia Pacific region is expected to contribute to the growth of the Asia Pacific bronze market.
However, the bronze market in South America is projected to grow at the highest CAGR during the forecast period.
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Key players in the bronze market are Lebronze Alloys (France), Diehl Metall Stiftung & Co. KG (Germany), Wieland Metals Inc. (US), KME Germany GMBH & Co. KG (Germany), LDM B.V. (Netherlands), Concast Metal Products Co. (US), National Bronze & Metals, Inc. (US), PMX Industries Inc. (US), Ningbo Boway Alloy Material Co Ltd. (China), and Ningbo Xingye Shengtai Group Co., Ltd (China).
Some of these companies are involved in the production of bronze alloys and manufacturing of products such as tubes, vessels, and wires while others are prominent suppliers and service centers, serving specific needs of end users. Bronze is also available in both cast and wrought forms.
Ningbo Boway Alloy Material Co. Ltd (China) is one of the leading producers of bronze in the Asia Pacific region. The company has an extensive customer base in the Asia Pacific region and is expanding its presence in Europe and North America. Similarly, another leading player is the Concast Metal Products Co. (USA). In 2014, the company expanded its product offerings of lead-free alloys to over 90 sizes to cater to the rising demand for lead-free bronze products.
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