New York, USA, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Bronze Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bronze Market Information By Type, Process, End-Use and Region - Forecast till 2028”, the market is estimated to grow at a 2.46% CAGR to reach USD 15.05 Billion by 2028.
Market Synopsis
A bronze alloy is created by combining copper, tin, and frequently other metals (aluminum, manganese, nickel or zinc). Depending on the metals used, there are several bronze alloys. Bronze is typically comprised of 88% copper and 12% tin. Non-metals like silicon, phosphorus, or arsenic can also be used as additives. Its low friction, high ductility, and higher fatigue endurance when compared to other metals make it a very attractive metal to combine with for its variety of applications. Architectural structures, musical instruments, electrical contacts, and machine tools are just a few areas where bronze is valued. Due to the fact that it doesn't spark when struck on a hard surface, it is the perfect choice to use around flammable or explosive goods.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 15.05 Billion |
| CAGR | 2.46% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Process, End-Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing the use of aluminium and phosphor bronze in the manufacture of marine hardware |
| The growing use of bronze for electrical conduit manufacturing is projected to fuel the growth of the global market |
Market Competitive Landscape:
The affluent companies in the bronze industry include
- Farmers Copper Ltd (US)
- Advance Bronze Incorporated (US)
- Wieland Metals Inc (US)
- Materion Corporation (US)
- KME Germany GmbH & Co KG (South Africa)
- National Bronze Michigan (US)
- CONCAST METAL PRODUCTS CO (US)
- Aviva Metals (US)
- PMX Industries Inc (Japan)
- Aurubis UK (UK)
Market USP Covered:
Market Drivers:
It is commonly known that bronze is sturdy, long-lasting, and difficult to damage. Cymbals, which are percussion instruments, are made of cymbals, which are the ideal application for bronze. The majority of professional cymbals are made of bronze, which offers the ideal combination of timbre and endurance. The application of several bronze types is preferred in cymbals. B20 bronze, also known as bell bronze, which is made up of 80% copper and 20% tin, and B8 bronze, which is made up of 92% copper and 8% tin, are two of the most popular types for musical instruments. Companies like Meinl, Zildjian, and Paiste have experimented with various tin-to-copper ratios, though. The double bass, acoustic guitars, piano, harpsichord, and sitar are just a few examples of the stringed instruments that employ bronze frequently today as a result of this. On a pianoforte, bronze strings are typically used for the lower pitch tones because they have a better sustain quality than high-tensile steel.
Bells, singing bowls, gongs, and various idiophones are a few more instruments that use bronze. For instance, bronze is used in Javanese gamelan, gongs, various-sized temple bells, Tibetan singing bowls, and other objects. In the upcoming years, it is anticipated that demand for metals like bronze would increase due to rising investments in musical instrument manufacturing facilities.
The population of various age groups acts as the industry's customer base for musical instrument products. Educational institutions, young learners, religious singers, and professional vocalists are some of this industry's clients. The growing popularity of music, television programs featuring singing competitions, and the celebrity status of professional singers have all fueled consumer demand for musical instruments and fueled the industry's expansion.
Market Restraints:
The rising concerns with the regard to the use of lead in bronze goods along with a shortage of skilled laborers/workers in bronze foundry operations can slow down the market growth rate in the ensuing years.
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COVID 19 Analysis
The COVID-19 outbreak had a significant negative influence on the bronze market. The automotive, marine, aerospace, architectural, and manufacturing end-user industries utilize bronze most frequently. The bronze market has been impacted by the breakdown in the demand and supply chains, manufacturing setbacks, and worldwide shutdown. Bronze consumption decreased across a number of industries as a result of the disruptions in manufacturing facilities. Due of the pandemic's restrictions on air travel, the aerospace industry suffered. The International Civil Aviation Organization (ICAO) estimates that there will be a 92% decrease in passenger volume in 2020 compared to 2019. As a result, there was a significant drop in the market for aircraft, which had an effect on bronze's use in things like bearings, steering joints, controls, and other components.
Additionally, during the pandemic, the automotive industry also saw a decline. The automotive industry had to deal with erratic vehicle production, a shutdown of the manufacturing plant, and declining demand. The International Organization of Motor Vehicle Manufacturers (OICA) predicted a 16% decrease in global vehicle production for the year 2020. The application of bronze, such as spur gears, bearings, valve components, and others, also experienced a significant decline with the declining production and demand for automobiles, impeding the expansion of the bronze industry in COVID-19.
Market Segmentation
By Type
Types of bronze in the market are lead bronze, silicon bronze, manganese bronze, aluminum bronze, and phosphor bronze. In the forthcoming years, the aluminum bronze segment can anticipate growth at a rate of more than 2.5% between 2021 and 2028. Bearings, hardware, pumps, and valves for marine sleeves that handle corrosive and acidic fluids are made of aluminum bronze.
By Method
Casting, extrusion, forging, and other operations are all methods that are used for producing bronze. The worldwide market for bronze is led by the bronze casting segment, which occupied a share of over 40% in 2018.
By End-Use
The major end users of bronze are architectural, marine, automotive & transport, electrical & electronics, and others. The marine industry has been in the lead since 2018 with the biggest share of over 35% owing to the widespread use of bronze materials in different components like valves, fittings, bearings, and others.
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Regional Insights
In 2021, the Asia Pacific, with the highest share, took over the lead in the worldwide market. The marine and aerospace end-use industries in this region have a surging need for aluminum bronze alloy, which raises the demand for bronze. The demand for bronze for various aircraft components, hardware, bearings, pump parts, and other items is being influenced by the expansion of the aerospace industry in important countries like China and India. The commercial aerospace industry saw a market size increase from USD 59 billion to USD 160 billion, with a 22.04% growth rate from 2015 to 2020, according to the China Astronautics Association for Quality (CAAQ).
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