Braze(BRZE) GlobeNewswire News Room·2024-11-04 22:30Market Overview - The global braze alloys market was valued at US 3.2 billion by 2031, with a CAGR of 4.3% from 2023 to 2031 [1] - Advances in brazing technology, including improved alloys, are driving market growth as brazed joints become more efficient, stronger, and environmentally friendly [1] Industry Applications - Brazing alloys are widely used in the automotive and aerospace industries for manufacturing radiators and heat exchangers [2] - The demand for brazing alloys is increasing due to the growth of manufacturing and supply chain globalization, as they are essential for joining dissimilar materials [2] - Lightweight materials in aerospace and automotive industries are expected to further increase demand for brazing alloys [3] Environmental and Regulatory Factors - Eco-friendly brazing alloys, such as recyclable or non-toxic alloys, are likely to play a crucial role in driving market growth as industries focus on sustainability [3] - Regulatory bodies and industry associations are setting standards that market players are implementing, increasing the popularity of high-quality and safe brazing alloys [2] Energy and Technology Impact - The energy transition towards renewable sources is expected to increase demand for brazing alloys in the production and storage of energy, including solar panels, wind turbines, and energy storage systems [4] - Industrial 4.0 and digital technologies may also impact the market for brazing alloys [4] Key Players - Prominent players in the braze alloy sector include Johnson Matthey, Voestalpine Bohler Welding, Oerlikon Metco, UMICORE N V, Morgan Advanced Materials, Indian Solders and Braze Alloys, Paras Enterprises, Lucas-Milhaupt Inc, Bellman-Melcor LLC, Aimtek Inc, Harris Products Group, and VB Group [5][6] Growth Drivers - Brazing alloys are critical in producing HVAC, refrigeration, and heating equipment, with growing demand due to energy efficiency and environmental regulations [6] - The electronics and electrical industry relies on brazing alloys for joining components in various devices, with potential growth in semiconductor manufacturing, sensors, and electronic components [6] - Infrastructure projects and construction industries are driving demand for brazing alloys in fabricating pipes, tubes, and structural components [6] Regional Landscape - Asia Pacific is expected to lead the braze alloys market due to industrialization, infrastructure development, and its role as a major manufacturing hub [8] - Japan and South Korea are making technological advances in manufacturing processes and brazing technology, contributing to market growth [8] - Environmental regulations and sustainability concerns in the Asia Pacific region are increasing the prevalence of eco-friendly brazing alloys [8] Market Segmentation - By base metal, the market is segmented into copper, gold, aluminum, silver, nickel, and others (including cobalt, bronze, iron, and cadmium) [9] - By end use, the market is segmented into automotive, electronics and electrical, industrial, and others (including medical, dental, and aerospace) [10] - By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA [10] Key Developments - In December 2023, Lincoln Electric expanded its operations and was recognized as one of America's Greenest Companies 2024, highlighting its leadership in brazing and soldering alloys [9] Related Markets - The synthetic diamond market is estimated to grow at a CAGR of 6.9% from 2022 to 2031, reaching USD 43.7 billion by 2031 [10] - The metal fabrication market is expected to grow at a CAGR of 3.3% from 2022 to 2031, reaching USD 27.74 billion by 2031 [10] - The solar PV junction box market is projected to advance at a CAGR of 7.9% from 2023 to 2031, reaching US 59.6 billion by 2031 [10]