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.
Reference:
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