The brazing alloys market is bracing for consistent growth. This is largely fuelled by the escalating adoption rates of the brazing process, particularly when compared to welding and soldering. Coupled with this, the automotive sector is increasingly opting for aluminum brazing alloys, setting the stage for sustained market expansion.
However, the path to growth isn’t completely devoid of obstacles. Fluctuating prices of base metals pose a potential slow-down for this market. Having said that, the promising development of vacuum brazing technology significantly offsets this roadblock, offering the market ample opportunities for progression. Moreover, the Asia-Pacific region stands out as a potent market bastion, anticipated to record the largest market share as well as the highest rate of growth. Secure your competitive edge with this comprehensive market research report and enjoy an insightful understanding of the braze alloys market.
The COVID-19 pandemic had a negative impact on the market. However, it has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The increasing adoption rate of the brazing process over processes like welding and soldering and the increasing demand for aluminum brazing alloys from the automotive industry are expected to drive the market.
- On the other hand, the changing prices of base metals are likely to slow the market's growth.
- In the years to come, the growth of vacuum brazing technology is likely to give the market a chance to grow.
- The Asia-Pacific region is expected to have the biggest share of the market and the highest CAGR over the next five years.
Braze Alloys Market Trends
The Automotive Segment is Expected to Dominate the Market
- Braze alloys are utilized in the automobile sector for a variety of joining purposes. Different metallic pieces are connected using a metallic filler, i.e., braze alloys, having a lower melting temperature than the linked parts' or base metal's melting point.
- Also, the filler metal might be used as a wire, a thin plate, or a paste, depending on how it will be used by the end user.Diode laser brazing, furnace/vacuum brazing, and metal inert gas (MIG) brazing are commonly used for automotive joining applications.
- Some of the key applications of braze alloys in automotive manufacturing include joining the ABC pillars to the roof, laser beam or plasma brazing on the C-pillar, laser beam brazing on the trunk cover, MIG brazing of the fuel tank tube, aluminum-plated or non-coated steel sheets in the structure area of the automotive body, and others.
- According to the Organization Internationale des Constructeurs d'Automobiles (OICA), the total number of new automobile sales or registrations in the OICA member countries was close to 69 million units in 2022.
- Also, the European Automobile Manufacturers' Association (ACEA) said that more than 68 million passenger cars were made worldwide in 2022, which was 7.9% more than the year before.Furthermore, car manufacturing in the North American region increased by 10.3% in 2022 to 10.4 million units, mostly due to high demand in the United States.
- Additionally, the Society of Motor Manufacturers and Traders estimated that over 775,000 cars would be made in the United Kingdom in 2022. Aside from that, around 68,600 cars were manufactured in the United Kingdom in January 2023.
- The report by the SMMT also stated that Volkswagen was the most popular car brand among people in the United Kingdom. In 2021, Volkswagen had the highest market share of close to 9%, followed by Audi (7.16%) and BMW (7.08%).
- Due to the aforementioned factors, the automotive segment is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific countries, such as China, India, and Japan, had the most braze alloys on the market. This was because China, India, and Japan's automotive, electrical and electronics, construction, and aerospace industries were all growing.
- China has been the largest and most dominant nation in terms of vehicle production and sales of all types. The Chinese Association of Automobile Manufacturers says that China made 3.4% more cars in 2022 than it did the year before. About 27 million cars were expected to be made in 2022, up from about 26.08 million in 2021.
- Also, the Society of Indian Automobile Manufacturers said that the total number of cars made in India in FY 2022 would be close to 23 million. Two-wheelers, which made up about 74% of the total production, held the majority of the market share.
- According to the Japan Automobile Dealers Association (JADA), Toyota was the leading car manufacturer in Japan, selling around 1.25 million vehicles domestically in 2022. Toyota reported more than twice as many unit sales as the runner-up. Suzuki, which came in second, sold slightly over 600,000 vehicles in 2022.
- The market in question is likely to benefit from the gradual growth of the commercial construction sector, especially when it comes to building office space. Also, the demand for residential buildings in the Asia-Pacific region is growing because of the rise in home sales and the renovation of existing homes.
- According to the National Bureau of Statistics of China, the value of China's construction output in the fourth quarter of 2022 was around CNY 276 billion (USD 40 billion). This was a 50% increase from the previous quarter (USD 27.6 billion).
- Also, the overall investment in the construction sector was predicted to be around JPY 66,990 billion (USD 508,16 billion) in 2022, up roughly 0.6% from the previous year, according to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) of Japan.
- Also, the Federation of Indian Chambers of Commerce and Industry (FICCI) said that around 5.5 million and 11.4 million homes were built and approved under the PMAY plan in India's metropolitan areas in 2022.
- In turn, all of these things should drive the market for braze alloys in the region over the next few years.
Braze Alloys Industry OverviewThe brazing alloys market is partially consolidated in nature. Some of the major players operating in the market (in no particular order) include Aimtek Inc., The Harris Products Group, Lucas-Milhaupt Inc., Oerlikon Metco, and Sulzer Ltd., among others.
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Adoption Rate of Brazing Process Over Processes like Welding and Soldering
4.1.2 Increasing Demand for Aluminum Brazing Alloys from the Automotive Industry
4.2.1 Fluctuating Prices of Base Metals
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value and Volume)
5.1 Base Metal
5.1.5 Other Base Metals
5.2 End-user Industry
5.2.2 Aerospace and Defense
5.2.3 Electrical and Electronics
5.2.5 Other End-user Industries
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/ Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aimtek Inc.
6.4.2 Prince Izant Company (Bellman-Melcor)
6.4.3 Cupro Alloys Corporation
6.4.4 Indian Solder and Brazing Alloys
6.4.5 Johnson Matthey
6.4.6 Lucas-Milhaupt Inc.
6.4.7 Morgan Advanced Materials
6.4.8 OC Oerlikon Management AG (Oerlikon Metco)
6.4.9 Saru Silver Alloy Private Limited
6.4.10 Sulzer Ltd.
6.4.11 The Harris Products Group
6.4.12 VBC Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Vacuum Brazing Technology
A selection of companies mentioned in this report includes:
- Aimtek Inc.
- Prince Izant Company (Bellman-Melcor)
- Cupro Alloys Corporation
- Indian Solder and Brazing Alloys
- Johnson Matthey
- Lucas-Milhaupt Inc.
- Morgan Advanced Materials
- OC Oerlikon Management AG (Oerlikon Metco)
- Saru Silver Alloy Private Limited
- Sulzer Ltd.
- The Harris Products Group
- VBC Group