Braze Alloys Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• 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 Overview

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