The market for bronze is anticipated to grow at a moderate CAGR of around 3% during the forecast period. The growth in marine and aerospace industries across the globe is generating demand for bronze alloys.
- Rapidly growing marine and aerospace industries across the world are driving the market.
- Fluctuations in raw material prices may act as a restraint to the market.
- The demand for more strenuous alloys is projected to act as an opportunity for the given market during the forecast period.
Key Market Trends
Musical Instruments to be the largest Segment
- Bronze is well-known to be strong and durable, and it doesn’t get dented easily. This makes bronze a perfect material for cymbals, which are percussion instruments.
- Mostly, all the professional cymbals are produced from bronze, which provides the desired balance of durability and timbre. Several types of bronzes are preferred for application in cymbals. Some of the most preferred ones for musical instruments include B20 bronze (i.e. 80% copper and 20% tin), which is also known as bell bronze and B8 bronze (i.e. 92% copper and 8% tin). However, companies, such as Meinl, Zildjian, and Paiste has also been experimenting with different tin-to-copper ratios.
- Bronze windings around nylon or steel cores offer a much warmer sound than any other metals, especially for lower notes. Due to this, nowadays bronze is widely used in various stringed instruments such as the double bass, acoustic guitars, piano, harpsichord, and sitar. Bronze strings are generally reserved on pianoforte for the lower pitch tones, as they possess a superior sustain quality to that of high-tensile steel.
- The other instruments in which bronze finds application includes bells, singing bowls, gongs, and other idiophones. For instance, bronze is used in Tibetan singing bowls, gongs, temple bells of various shapes and sizes, and Javanese gamelan.
- Population of different age groups serve as a customer base for the music instrument industry. The customer base for this industry includes educational institutions, learning children, religious singers, and professional singers. The increasing interest towards music, television shows broadcasting singing competitions, and stardom of profession singers have been some of the factors motivating people to learn about music, which have been driving the demand and growth of musical instrument industry as well.
- With the increasing demand from various end-user industries, the consumption of aluminum bronze alloys is projected to surge through the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-pacific represents the fastest growing market for bronze globally. This enormous demand for bronze is a consequence of the growing demand for aluminum- bronze alloy and an increase in demand for aerospace and marine industries. In the Asia-pacific, Japan provides the primary market for engineering materials.
- China aviation industry has been growing at a robust rate, which is likely to overtake the United States and become the world’s largest commercial air passenger travel market by 2020.
- China currently has numerous airport construction projects, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. This is projected to drive the demand for commercial aircraft in the country, over the forecast period.
- In January 2019, Commercial Aircraft Corporation of China (COMAC) registered more than 1,000 orders for its narrow-body C919 and it is currently developing wide-body aircraft.
- In March 2019, China gave an order of 300 planes to Airbus, which include - 290 A320-series narrow-body planes, and 10 A350 wide-bodies. In July 2019, Air China further ordered 20 more Airbus A350s for long-haul routes, which will be delivered during the period of 2020 - 2022.
- Aluminum bronzes are in the highest demand from the following industries and areas: general sea water-related service, water supply, oil and petrochemical industries, e.g. tools for use in non-sparking environments, specialized anti-corrosive applications, and certain structural retrofit building applications.
- China shipbuilding industry is the largest in the world. In the first quarter of 2019, the country received a cumulative order of 35 vessels, securing about 45% of the global market. Currently, the country has been facing strong competition from South Korea in shipbuilding, however, it is expected to retain its market position in the industry, owing to its competency in the market.
- Asia-Pacific is dominant in the above mentioned industrial areas which provide the demand for the bronze market during the forecast period.
The global bronze market is highly fragmented. The major companies include Aviva metals, Diehl Stiftung & Co. KG, Ningbo Boway Alloy Material Co., Ltd, NINGBO XINGYE SHENGTAI GROUP CO, LTD, and Farmer’s Copper LTD, among others.
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