Global Bronze Market - Overview
Market Research Future (MRFR) studied the global bronze market 2021 for the analysis tenure till 2030. As per MRFR study, the global bronze market is expected to rise at 2.46% CAGR to earn revenue of around USD 10.05 Bn by 2030. On the other hand, factors such as high initial investment cost & lack of expertise in the lithium extraction activities are expected to restrict the market growth during the assessment period.
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As per the Bronze Market forecast report, the key players of the industry are Farmers Copper Ltd (US),Advance Bronze Incorporated (US),Wieland Metals, Inc (US),Materion Corporation (US),KME Germany GmbH & Co KG (South Africa),National Bronze Michigan (US),CONCAST METAL PRODUCTS CO (US),Aviva Metals (US),PMX Industries, Inc (Japan),Aurubis UK (UK).
Drivers and Restrains Impacting Bronze Market
The rising demand for bronze in electrical conduit production is expected to favor the global market of bronze market in the near future. The upsurge in the utility of bronze in the production of marine hardware, such as; pumps and valve parts, fasteners, pipe fittings, desalination plants, oil and gas platforms, bearings, heat exchangers, and shipbuilding, for building resistance to fatigue, wear, and chemical corrosion can support the expansion of bronze market in the near future. Over the analysis period, the increase in the utility of bronze in the manufacturing of electrical conduit is anticipated to fuel the growth of the bronze market on a global scale. The increasing use of bronze for electrical conduit output is expected to fuel the development of the global demand worldwide during the forecast period.
Key players are investing in R&D facilities and surge in foreign trade to meet the increasing demand of bronze can churn-up high revenue. Moreover, the increase in the application of bronze in the transport sector is likely to generate profitable prospects for different suppliers operating worldwide. The rising demand for bronze in the shipping industry and marketers constantly investing in the expansion of their distribution network to cater to the evolving needs of multiple end-use industries can improve the impetus of the market. On the contrary, the degradation of bronze as it undergoes the process of oxidization can restrain its adoption, thus restrict the growth of bronze market.
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Bronze Market - Segments:
The segment study of the global bronze market is based on end-users, process, and type to gain insights into market.
The type-based segments of the bronze market are phosphor bronze, aluminum bronze, leaded bronze, silicon bronze, and manganese bronze among others. The segment of aluminum bronze is expected to rise at 2.5 % CAGR in the forecast term as aluminum bronze is used to the making of pumps, bearings, valves, and hardware for marine sleeves to treat acidic and corrosive fluids.
The process-based segments of the bronze market are bronze casting, bronze extrusion, and bronze forging among others. The segment of bronze casting can lead the global bronze market with share of more than 40 percent on the conclusion of the analysis tenure. Bronze casting allows manufacturers to create bronze product of large shapes and sizes for the intended end-use industry.
The End-Use-based segments of the bronze market are automotive and transportation, architecture, marine, and electrical and electronics among others. The upsurge in consumption of bronze materials in different components, such as; bearings, valves, and fittings among others can prompt the growth of the marine segment of market. MRFR findings suggests that the segment is set to earn over USD 3.3 Bn for the market at 1.5 % CAGR in the review time period.
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Global Bronze Market -Regional Analysis
Asia Pacific bronze market is likely to register a healthy CAGR in the review period by 2025. As per MRFR research, APAC market is likely to rise at 2.5 % CAGR by 2030. The existence of eminent bronze manufacturing industries in the region can favor the bronze sector countries, such as; ASEAN countries, China, and India. The region’s increasing population and fast economic process are supply the region’s producing sector, that successively is anticipated to lift the bronze demand throughout the forecast period. throughout the projected period, Asia Pacific is anticipated to grow at a considerable pace. Japan offers the foremost goodish demand for infrastructure merchandise within the Asia-Pacific. The expansion of transport and automotive sectors in Europe can bolster the bronze market growth in the region. The upsurge in demand for bronze application in the expanding electronics industry can support the bronze rise in the Asia Pacific region.
Industry/ Innovation/ Related News:
March 9, 2018 - Albemarle Corporation (US), a leading global producer of leader in the production of lithium and its derivatives, announced receiving of approval from CORFO (Chile's Economic Development Agency) for increasing the company's lithium quota consequently increasing its lithium production in Chile. According to the approval, Albemarle can increase its lithium production as much as 145,000 metric tons annually through 2043.
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