Global Bronze Market, Size, Trends, By Type (Aluminum, Phosphor, Silicon, Manganese, Leaded, Others), By Process (Casting, Forging, Extrusion, Others), By Application (Architecture Parts, Musical Instruments, Industrial Parts, Transportation Parts, Others), By End User (Industrial, Architecture, Marine, Infrastructure and Construction, Automotive and Transportation, Aerospace and Defence, Electrical and Electronics, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Central America and Africa): Global Opportunity Analysis and Industry forecast, 2023-2030.
Global Bronze Market
With a CAGR of 2.85 % from 2023 to 2030, the Global Bronze Market is expected to grow from its estimated value of US$ 10.4 Bn in 2022 to US$ 13.5 Bn by 2030.
Bronze is an alloy made of copper with 12–15% tin, as well as additional metals like nickel, manganese, aluminium, or zinc, as well as non-metals like phosphorus or metalloids like silicon or arsenic sometimes. As a metal alloy, bronze is made up of two or more different kinds of metal. Bronze is utilised as a basic material for ship propellers, musical instruments, and electrical circuits. For machine and bearing tools, it is an extremely hard and wear-resistant material.
Market Drivers
Increasing use of bronze in the automotive sector is anticipated to fuel market expansion throughout the anticipated time frame. The wholesale, production, retail, and maintenance of both electric and gasoline-powered automobiles are all a part of the automotive business. Because of its beneficial qualities, including its exceptional corrosion resistance, good durability, and ease of maintenance, bronze is frequently utilised in the automotive sector. As a result, the expansion of the automobile industry is a major driver of the bronze market.
The market is anticipated to grow as a result of various organisations' increasing investments in manufacturing procedures to produce items of a higher calibre. For instance, a particular heat treatment procedure used to create commercial aluminium bronze enhances the alloy's mechanical characteristics and increases its strength. These aluminium bronzes are utilised in military aircraft that are subject to significant deformation, abrasion, and heavy loads that call for additional hardness, high strength, toughness, and ductility.
Market Restraints
The high price of bronze is the main reason that will limit the market's expansion. Because bronze is not readily available, its price is generally high, which poses a serious obstacle to the expansion of the bronze market. Additionally, it costs more than other metals like copper and brass. When copper is exposed for a long time to wet air, it can develop a patina, a green layer.
Due to the difficulty of bronze's easy oxidation in the presence of air after degradation and its rapid deterioration when exposed to chlorides, sulphides, and moisture, the global bronze market is anticipated to have slow growth over the forecast period.
Market Segmentation
The scope of the Global Bronze Market covers segmentation based on By Type, By Process, By Application, By End User and By Region.
By Type, the market is segmented into Aluminum, Phosphor, Silicon, Manganese, Leaded, Others. By Process, the market is segmented into Casting, Forging, Extrusion, Others. By Application, the market is segmented into Architecture Parts, Musical Instruments, Industrial Parts, Transportation Parts, Others. By End User, the market is segmented into Industrial, Architecture, Marine, Infrastructure and Construction, Automotive and Transportation, Aerospace and Defence, Electrical and Electronics, Others.
Regional Analysis
The Global Bronze Market is segmented into 5 main regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Due to its highly advanced power generation and construction industries, Asia-Pacific dominates the bronze industry. Additionally, this region's market will continue to rise as a result of the swift economic development and rising population.
Because of the rising older population and rising healthcare costs, North America is anticipated to experience the quickest growth during the projection period. The growth of the market in this area will also be aided by the rising demand for bronze from the transportation sector as a result of international trade.
Key Players
Wieland Group, KME GERMANY GMBH, ONCAST METAL PRODUCTS CO., National Bronze Manufacturing Co., Mitsui Mining & Smelting Co. Ltd., Aviva Metals, Lebronze Alloys, PMX Industries, Inc., Morgan Bronze Products, Inc., Govind Metal Co.
Market Taxonomy
By Type
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