During the projection period of FMI from 2023 to 2033, this forecast shows a promising yearly growth rate of 4.5% for this market. Additionally, the FMI research points the global market to a great worth of US$ 4,285.1 million by 2033.
The market survey by FMI found the global sales of braze alloys, in terms of value, reached a net worth of around US$ 2,678.9 million in 2022. Furthermore, this report predicts the whole market could experience strong growth this year and reach an estimated value of about US$ 2,759.3 million.
This development trajectory is driven by the rising demand for braze alloys across numerous sectors, including construction, electronics, automotive, and aerospace. Such alloys are essential for attaching different materials and components for their outstanding strength, corrosion resistance, and great thermal conductivity.
Besides the expanding automotive and electronics industries, the demand for braze alloys is driven by the emerging nations’ fast industrialization and infrastructure expansion. Also, the growing emphasis on energy-efficient technologies, improvements in production techniques, and an increase in the use of lightweight materials have increased their usability.
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Key Takeaways from the Braze Alloys Market Study Report
- Due to their key industries and technical breakthroughs, North America and Europe presently hold a monopoly on the global market for braze alloys. The United States alone contributed to nearly 17.1% of the global braze alloy sales globally in 2022.
- In Europe, Germany was figured out to be the leading supplier of braze alloys, and it held a global market share of 12.7% in the year 2022.
- With an anticipated CAGR of 2% from 2023 to 2033, the United Kingdom market for braze alloys is set for promising growth through 2033.
- In terms of geography, the market presently has strong growth potential in Asia Pacific and the Middle East. China and India, for instance, are anticipated to register 3.6% and 3.9% CAGRs, respectively, in consumption of braze alloys over the forecast years.
Competitive Landscape for the Braze Alloys Market Players
The top Key Players are
- Johnson Matthey Plc.
- Morgan Advanced Materials plc.
- Lucas-Milhaupt Inc.
- Oerlikon Metco
- Umicore N.V.
- Bellman-Melcor LLC
- Harimatec Czech
- S.R.O
- VBC Group
These leading businesses are concentrating on product innovation, strategic partnerships, and mergers and acquisitions to preserve a competitive edge in this changing market environment.
The market prediction shows significant long-term development potential, pointing to profitable prospects for industry participants and stakeholders recently entering this sector. Moreover, the booming electronics and automobile industries in the Asia Pacific countries are anticipated to create better opportunities for the market players. Additionally, the start-ups merging in this region are making huge investments in research and development projects for creating improved braze alloys and compete in the global market.
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Recent Developments by the Braze Alloys Manufacturing Industries
- In August 2021, a new multipurpose solder paste was introduced, by Indium Corporation, by the name of Indium12. The company claims electronics, medical equipment, and aircraft are just a few of the targeted sectors for which this paste has been developed.
- In April 2022, Special Metals Co. introduced a brand-new series of brazing alloys, particularly for the aircraft sector. These alloys are intended to be highly corrosion-resistant with improved temperature resistance for aeronautical applications.
Key Segments Profiled in the Braze Alloys Market Survey
By Product Type:
- Copper
- Gold
- Silver
- Aluminium
- Others
By Application:
- Automotive
- Electronics
- Aerospace
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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