BRAZE MARKET REPORT OVERVIEW
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The global braze market size is estimated to be USD 4864.3 million in 2022 and is projected to touch USD 5762.15 million by 2031, exhibiting a CAGR of 1.9% during the forecast period.
Brazing is a process of metal-joining in between two metal surfaces. The process takes place by fusing a layer of brass. The filler metal has a lower metal point than the adjoining metal. Braze helps to form, join, fix, or join by soldering with an alloy of zinc and copper at high temperatures. Also, brazing depends on the application method or purpose of use.
Increasing preference for brazing process compared to welding, soldering, and others are expected to expand market growth. Growing demand from automotive and aviation industries are predicted to boost product adoption. Increasing growth in the automobile industry is estimated to propel market growth. Growing construction activities globally are estimated to increase market growth.
COVID-19 Impact: Lockdown Restrictions to Halt Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with braze experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Due to outbreak of COVID-19 pandemic, markets experienced a slower growth due to halt in production activities. Government bodies have announced a lockdown which impacted import and export activities. Also, shutdown of factories and industries disrupted supply chains of raw materials. Pandemic drastically affected the demand for braze among end-users, which restricted market growth. Curfews and transportation restrictions globally impacted braze market growth.
On the contrary, several stakeholders in the market are strategizing their business moves to recover from the pandemic crisis. Upliftment of restrictions in manufacturing and distribution to restrain demand of product. Also, during post pandemic time, demand from multiple industries such as aerospace, automotive, electrical, electronics, building, and constriction accelerated market growth.
LATEST TRENDS
"Growth in Building and Construction Industry to Incite Market Expansion"
Increasing construction activities globally is estimated to fuel market growth. Braze are used for infrastructure purposes for joining metals in building and construction activities. Increasing urbanization globally is projected to drive product demand. Braze components contains carbides such as carbide-tipped saw blades, carbide machining parts, stone cutting tools, and mining and impact tools. Such tools are commonly used in construction activities which is anticipated to propel marker growth. Also, increasing demand for road construction such as highways and building construction is projected to drive market growth during the forecast period.
BRAZE MARKET SEGMENTATION
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- By Type
Based on type; the market is divided into nickel base, cobalt base, silver base, gold base, aluminum base, copper base, and others.
Nickel base is the leading part of segmentation type.
- By Application
Based on the application; the market is divided into appliances, transportation, electrical and electronic, construction, arts and jewelry, medical, and others.
Appliances are the leading part of application segmentation.
DRIVING FACTORS
"Increasing Industrialization to Boost Market Growth "
Growing demand from automotive, defense, electronics & electrical, and construction industries is estimated to fuel market growth. Gradual growth of the commercial construction sector, such as office space construction is forecasted to encourage market growth. Also, increasing adoption of brazing compared to welding and soldering is estimated to drive market growth during the forecast period. Increasing use of the product in electrical & electronic industry for its properties such as corrosion resistance and low part distortion is predicted to accelerate market growth. Product is broadly used in aerospace industry due to low turbine and high compressor which is predicted to increase market growth. In addition, increasing investments in aerospace and defense industry globally is estimated to accelerate braze market growth during the forecast period.
"Growing Demand from Automotive Sector to Propel Market Expansion"
Increasing growth of automotive industry to accelerate product adoption. Growing demand for fuel-efficient and firm performance in vehicles is expected to drive market growth. Government initiatives to reduce carbon dioxide emissions and other harmful gases is projected to drive market growth. Increase demand from automotive industry is estimated to expand market growth. Also, it is extensively used for its property, such as weight reduction is estimated to boost product adoption. Growing need to develop lightweight automotive components is predicted to propel market growth.
RESTRAINING FACTORS
"Fluctuations in Prices to Restrict Market Growth "
The prices of raw materials are frequently fluctuating which is expected to hamper market growth. Huge competition among major key players is projected to restrict braze market growth. Also, high costs associated with the product is estimated to cause a decline in product demand among consumers.
BRAZE MARKET REGIONAL INSIGHTS
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"Growing Construction Activities in Asia Pacific to Drive Market Share "
Asia Pacific is expected to hold largest braze market share due to growing construction industry that uses braze in the region. The demand is derived from countries such as India and China. Growing construction activities and building projects are estimated to boost market growth during the forecast period. Also, rising growth of automotive industry in the region is predicted to accelerate product demand. Presence of several automotive manufacturing facilities is projected to drive market growth. Rising expenditure regarding automotive construction in the region is estimated to fuel market growth. In addition, high population and high rate of vehicle adoption is rapidly boosting market growth.
North America is expected to witness considerable market growth due to growing development in defense and aerospace sector. Growing industrialization is projected to grow product demand in the coming years. Rapid innovation and increasing number of R&D centers and institutions are expected to boost braze market growth over the forecast period.
KEY INDUSTRY PLAYERS
"Key Players Launched New Product to Boost Company Portfolio"
The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Harris Products Group (U.S.)
- Lucas-Milhaupt (U.S.)
- Umicore (Belgium)
- Morgan Advanced Materials (U.K.)
- Johnson Matthey (U.K.)
- Oerlikon Metco (Australia)
- Indium Corporation (U.S.)
- Fusion (India)
- Wall Colmonoy (Canada)
- Tokyo Braze (Japan)
- Bellman-Melcor (U.S.)
- Aimtek (India)
- Hangzhou Huaguang (China)
- Zhejiang Seleno (China)
- Shanghai CIMIC (China)
- Hebei Yuguang (China)
- Jinhua Jinzhong (China)
- Zhongshan Huazhong (China)
- Changshu Huayin (China)
- Tongling Xinxin (China)
- SAWC (India)
- ZRIME
INDUSTRIAL DEVELOPMENT
August 2021 – Indium Corporation launched a new Versatile Solder Paste (Indium12.8HF). The new product, Indium12.8HF is launched to deliver exceptional jetting and micro dispensing performance in multiple systems. Also, this will help company to increase their customer base.
REPORT COVERAGE
This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4864.3 Million in 2022 |
Market Size Value By |
US$ 5762.15 Million by 2031 |
Growth Rate |
CAGR of 1.9% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What is the estimated global market size for the braze market?
The global braze market is expected to reach USD 5762.15 million by 2031.
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At What CAGR the braze market is expected to grow in the forecast period?
The braze market is expected to exhibit a CAGR of 1.9% by 2031.
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What factors are driving the braze market?
Drivers of this braze market are increasing industrialization and growing demand from automotive sector.
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Who are the key players in the braze market across the world?
Harris Products Group, Lucas-Milhaupt, Umicore, Morgan Advanced Materials, Johnson Matthey, Oerlikon Metco, Indium Corporation, Fusion, Wall Colmonoy, Tokyo Braze, Bellman-Melcor,Aimtek, Hangzhou Huaguang, Zhejiang Seleno, Shanghai CIMIC, ZRIME, Hebei Yuguang, Jinhua Jinzhong Zhongshan Huazhong, Changshu Huayin, Tongling Xinxin, and SAWC are the top companies operating in the braze market.
