Bronze Market Worth USD 15.05 Billion by 2028 Witnessing CAGR of 2.46%

Market Research Future

Market Research Future

Bronze Market Insights and Industry Analysis by Type (Aluminum Bronze, Phosphor Bronze, Silicon Bronze, Manganese Bronze, Lead Bronze, Others), By Process (Bronze Casting, Wrought Bronze, Extrusion Bronze, Others) and By End Use (Architecture, Marine) , Automotive & Transportation, Electrical & Electronics, Others) and Regions, Competitive Market Size, Share, Trends, and Forecast to 2028

New York, USA, 17 Nov. 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 to 2028The market is expected to grow at 2.46% CAGR to reach $15.05 billion by 2028.

Market Synopsis

A bronze alloy is made by combining copper, tin, and other rare metals (aluminum, manganese, nickel or zinc). Depending on the metal used, there are several bronze alloys. Bronze is usually composed of 88% copper and 12% tin. Nonmetals like silicon, phosphorus, or arsenic can also be used as additives. Low friction, high ductility, and higher fatigue resistance when compared to other metals make it a very attractive metal to combine and for a wide range of applications. Architectural structures, musical instruments, electrical contacts, and machine tools are just a few areas where this bronze is valued. Due to the fact that it does not ignite when pounded on a hard surface, it is the perfect choice for use on flammable or explosive items.

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Scope of Report:

Report Attributes

details

Market Size in 2028

USD 15.05 Billion

CAGR

2.46% (2021–2028)

Elementary Years

2020

Forecast Period

2021–2028

Historical data

2019

Forecast unit

Value (billions)

Report Coverage

Revenue Forecasts, Competitive Landscape, Growth Factors, and Trends

Section Covered

By Type, Process, End-Use and Region

Geography Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Drivers

Increasing the use of aluminum and phosphor bronze in the manufacture of marine hardware

The use of bronze for the manufacturing of power lines is expected to drive the growth of the global market

Market Competitive Landscape:

Prosperous companies in the bronze industry included

  • Farmers Copper Ltd (USA)

  • Advance Bronze Incorporated (USA)

  • Wieland Metals Inc (USA)

  • Materion Corporation (USA)

  • KME Germany GmbH & Co KG (South Africa)

  • Michigan National Bronze (USA)

  • CONCAST METAL PRODUCTS CO (USA)

  • Aviva Metals (USA)

  • PMX Industries Inc (Japan)

  • Aurubis UK (England)

USP Markets Covered:

Market drivers:

It is generally known that bronze is strong, durable, and difficult to damage. Cymbals, which are percussion instruments, are made of cymbals, which is an ideal application for bronze. The majority of professional cymbals are made of bronze, which offers an ideal combination of timbre and durability. The application of various types of bronze is preferred on cymbals. B20 bronze, also known as bell bronze, which consists of 80% copper and 20% lead, and B8 bronze, which consists of 92% copper and 8% lead, are the two most popular types for musical instruments. Companies like Meinl, Zildjian, and Paiste have experimented with various tin-copper ratios, though. The double bass, acoustic guitar, piano, harpsichord, and sitar are some examples of stringed instruments that often use bronze today as a result of this. In a pianoforte, bronze strings are typically used for lower pitch tones because they have better sustaining qualities than high-tensile steel.

Bells, singing bowls, gongs, and various idiophones are some other instruments that use bronze. For example, bronze is used in Javanese gamelan, gongs, temple bells of various sizes, Tibetan singing bowls, and other objects. In the coming years, it is expected that the demand for metals such as bronze will increase due to increased investment 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 the clients of this industry. The popularity of music, television programs featuring singing competitions, and the celebrity status of professional singers all fueled consumer demand for musical instruments and spurred industry expansion.

Market boundaries:

Rising concerns about the use of lead in bronze items and shortage of skilled labor/labor in bronze foundry operations may slow down the growth rate of the market in the coming years.

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Analysis of COVID 19

The COVID-19 outbreak has had a significant negative impact on the bronze market. The automotive, marine, aerospace, architectural, and end-user manufacturing industries use bronze most often. The bronze market has been affected by the breakdown of demand and supply chains, manufacturing setbacks, and worldwide shutdowns. Bronze consumption is down in some industries as a result of disruptions in manufacturing facilities. Due to the pandemic restrictions on air travel, the aerospace industry is suffering. 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 is a significant decrease in the aircraft market, which has an effect on the use of bronze in things. like bearings, steering joints, controls, and other components.

In addition, during the pandemic, the automotive industry also saw a decline. The automotive industry has to deal with irregular vehicle production, manufacturing plant shutdowns, and declining demand. The International Organization of Motor Vehicle Manufacturers (OICA) predicts a 16% decline in global vehicle production for the year 2020. Bronze applications, such as spur gears, bearings, valve components, and others, also experience a significant decline with the decline. production and demand for cars, impeding the expansion of the bronze industry in COVID-19.

Market segmentation

Based on Type

The types of bronze on the market are lead bronze, silicon bronze, manganese bronze, aluminum bronze, and phosphor bronze. In the coming 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 methods used to produce bronze. The global bronze market is led by the bronze casting segment, which accounted for more than 40% share in 2018.

By end-Clothes

Major end users of bronze are architecture, marine, automotive & transportation, electrical & electronics, and others. The marine industry has taken the lead since 2018 with a large share of more than 35% due to the use of bronze materials in various components such as valves, fittings, bearings, and others.

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Regional Insights

In 2021, Asia Pacific, with the highest share, will take the lead in the world market. The marine and aerospace end-use industries in this region have a huge need for aluminum bronze alloys, which is driving the demand for bronze. Bronze demand for various aircraft components, hardware, bearings, pump parts, and other items is influenced by the expansion of the aerospace industry in important countries such as China and India. The commercial aerospace industry is seeing an increase in market size from USD 59 billion to USD 160 billion, with a growth rate of 22.04% from 2015 to 2020, according to the China Astronautical Association for Quality (CAAQ).

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