Braze Alloys Market: Snapshot
Braze alloys are widely used in automotive sector owing to plethora of advantage they offer. In automotive systems, braze alloys aluminum and copper are extensively utilized to achieve the weight reduction. Apart from this, braze alloys help in improving the performance and fuel efficiency of vehicles. This aside, companies in worldwide automotive sector are growing use of braze alloys owing to their ability to reduce carbon dioxide as well as other harmful gasses emission. Thus, the vendors working in the global braze alloys market are predicted to experience increased demand avenues from the automotive sector in the forthcoming years.
In recent few years, there is remarkable shift toward the use of braze alloys instead of traditional metal-joining techniques including welding and soldering. One of the key factors pushing this change is a wide range of advantages of braze alloys. Many manufacturers are increasing the use of braze materials as they are safe to use and cost-effective than other alloys. In addition to this, these alloys offer minimal or no component distortion and low base metal dilution. This aside, the ability of braze alloys to assist in filling small and wide gaps sizes is estimated to generate promising sales opportunities in the global braze alloys market in the forthcoming years. However, the global braze alloys market might experience sluggish growth owing to unstable raw materials prices.
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Owing to recent COVID-19 pandemic, many companies working in the global braze alloys market are experiencing sluggish growth rate. The government bodies of major countries worldwide had announced lockdowns, due to which the production as well as transportation activities were halted. This scenario has impacted adversely on the revenues of majority of companies from the global market for braze alloys. On the other hand, many stakeholders in the braze alloys market are strategizing their business moves to recover fast from this crisis.
Global Braze Alloys Market: Snapshot
Globally, the demand for braze alloys has grown significantly grown in the automotive sector. Copper and aluminum are braze alloys are widely used in the automotive system to reduce the weight. It also enhances fuel efficiency and performance and reduces emission of carbon dioxide and other harmful gasses.
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Moreover, braze alloys have several advantages over conventional metal-joining procedures such as soldering and welding. Large number of manufacturers are adopting braze materials as they are safe to use and their cost is low than other alloys. They also provide low base metal dilution, minimal or no component distortion, and helps in filling wide and small gaps sizes. However, fluctuating prices of raw material might limit the growth in the global braze alloys market.
In terms of revenue, the global braze alloys market is likely to attain US$2.91 bn by the end of 2026, progressing from US$2.02 bn earned in 2017. The market is expected to exhibit a growth rate of 4.1% during the forecast period between 2018 and 2026.
Copper-Based Braze Alloys having High Demand Due to Corrosion Resistance Property
There are two major categories in which the global braze metal market is bifurcated including base metal and end-use industry. In terms of end-use industry, the market in segmented into automotive, electronics and electrical, industrial, and other (including aerospace, construction, medical, and dental). Of these end-use industries, highest demand is seen in the electrical and electronics industry. However, the demand for braze alloy is also increasing rapidly in the automotive industry. This growth is attributed to its huge application of brake linings, condenser connections and brazing in evaporator for air-conditioning systems, and fuel injection pipes.
In terms of base metal, the market is segmented into silver, gold, copper, nickel, aluminum, and others (including cobalt, cadmium, and iron). Among these, the copper segment held largest shares in the global braze alloy market both in terms of value and in terms of volume in 2017. The copper segment is expected to maintain its dominance in the market over the forecast tenure. Copper-based braze alloys are generally used for brazing alloys and carbon steels, copper-nickel, nickel, and stainless steel. Moreover, these alloys offer excellent thermal and electrical conductivity and great corrosion resistance.
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