Global Metal Replacement Market was valued US$ 98 Bn in 2017 and is anticipated to reach US$ 184 Bn by 2026 at a CAGR of about 8.19 % during a forecast period.
Global Metal Replacement market is segmented by type, by end-use industry and by region. Metal Replacement market is segmented into Engineering Plastics, Composites. Automotive, Aerospace & Defence, Construction, Healthcare, Others are end-use industry segment of Metal Replacement market. Geographically into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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The replacement of metal with engineering plastic or composites to create lighter, cheaper and efficient product is called as metal replacement. Various modified plastics such as glass fiber reinforced plastic, carbon fiber modified plastic, polyamide, polycarbonate etc. are used in different industries to provide better feature to the product.
Strong End-Use Industry outlook of engineering plastics in construction and automobile sector due to their durability, low densities and designing flexibility may stimulate industry growth. Polycarbonates, polyamides, acrylonitrile butadiene styrene (ABS), polyphenylene ether, polysulphone and thermoplastic polyesters are some of the prominently used engineering plastics.
The automotive industry offers maximum market potential in the global metal replacement market, due to rapid developments and advancements in the technologies adopted in the production of vehicle parts. Moreover, rise in the standard of living boosts the need for metal replacement in the construction industry.
Asia Pacific, driven by India, Japan and China metal replacement market may grow significantly over the forecast timeframe. Increasing investments in automobile and construction industries may favor product demand. Strong End-Use Industry scope in petrochemicals, electrical & electronics, packaging and chemicals may fuel engineering plastics demand thereby driving metal replacement market size in the region.
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SGL-Group, Solvay SA, Celanese Corporation, Owens Corning Corporation, Toray Industries, Inc., BASF SE, Jushi Group, LG Chem Ltd. COVESTRO and SAINT-GOBAIN are key players included in the Global Metal Replacement market.