The bronze market is projected to reach USD 10.08 Billion by 2022, at a CAGR of 2.8% between 2017 and 2022. Bronze is an important alloy used in the production of different machine components, bearings, nuts, fasteners, and propellers. The growing demand for bronze products from various end users such as industrial manufacturers and automotive and marine component manufacturers has led to the growth of the bronze market. Bronze is widely used in the manufacturing of critical engineering components for chemical, oil & gas, marine, and automotive industries. The growth of these industries is expected to drive the demand for bronze in the coming years.
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.
Marine is the fastest growing end user segment while industrial is the largest end user segment
Bronze is majorly consumed in the industrial end user market. It is used to manufacture high strength clamps, valves, bushings, machine parts, and pump parts. It provides superior strength to the components manufactured from bronze and increases the product life. Bronze is also used for manufacturing components to be used in shipbuilding and other marine applications. The marine end user segment is expected to grow at the highest rate during the forecast period. There is constant growth in the world seaborne trade, and this has led to the rise in the number of tankers and ships. The growing demand from marine industry is expected to drive the bronze market.
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Asia Pacific is the largest market for bronze
Asia Pacific is expected to be the largest market for bronze in the coming years. The increasing demand for bronze from various end users is expected to drive the bronze market in the Asia Pacific region. The marine end user segment is expected to grow at the highest rate during the forecast period. Major shipbuilding manufacturers are present in China, Japan, and South Korea, owing to immense growth opportunities offered by these countries. This is expected to contribute to the growth of the bronze market.
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), Ningbo Xingye Shengtai Group Co., Ltd (China), etc.
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