Metal Replacement Market worth 159.82 Billion USD by 2021

The metal replacement market is projected to reach USD 159.82 Billion by 2021, at a CAGR of 9.2% from 2016 to 2021. The key factor propelling the growth of the metal replacement market is the increasing demand for metal replacing materials from the automotive and aerospace & defense industries.

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Automotive end-use industry segment to lead the metal replacement market by 2021

Automotive was the largest end-use industry segment of the global metal replacement market in 2015. The large share is attributed to the extensive use of metal replacing materials in the automotive industry, such as in the manufacturing of connectors, under-the-hood components, body parts, and reflectors & lighting sockets, among others. Metal replacing materials are used in light automobiles as well as heavy transportation vehicles. The automotive industry is growing globally. According to the OICA correspondents survey, 90.78 billion vehicles were produced in 2015.

Engineering plastics type segment to lead the metal replacement market by 2021

By type, the engineering plastics segment accounted for the largest share of the metal replacement market in 2016. This large share is mainly attributed to better corrosion resistance, thermal resistance, and cost effectiveness of engineering plastics. Some of the most famous engineering plastics include polycarbonates (PC), acrylonitrile butadiene styrene (ABS), polyamides (PA), thermoplastic polyesters (PET & PBT), polyacetals, fluoropolymers, and others. Others include engineering plastics such as polyphenylene sulfide (PPS), polyphenylene ether (PPE), polysulphone (PSU), and poly methyl methacrylate (PMMA). Acrylonitrile butadiene styrene (ABS) is expected to lead the engineering plastics segment of the metal replacement market by 2021, owing to better corrosion resistance, better thermal resistance, and easy availability.

Asia-Pacific to lead the global metal replacement market during the forecast period

Asia-Pacific accounted for the largest share of the global metal replacement market in 2015, followed by Europe and North America. China is one of the major consumers of metal replacing materials in the Asia-Pacific region. Increasing investments by leading automobile manufacturers in the Asia-Pacific region, and the rising demand for metal replacing materials from the construction sector are factors propelling the growth of the Asia-Pacific metal replacement market.

Major market players covered in this report include 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).

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