The net valuation of braze alloys market as of 2022 was US$ 2,678.9 million. In the current year, 2023, the overall market is estimated to reach around US$ 2,759.3 million. The sales of braze alloys globally are expected to record a CAGR of 4.5% during the forecast period. Furthermore, the FMI analysis indicates the global market could reach a valuation of US$ 4,285.1 million by 2033.
An increase in the adoption of recycling processes to promote sustainability, the growth of the automobile sector, and various other factors might surge the sales of braze alloys during the forecast period.
Braze metal alloys may be metallic high-temperature glue. These are usually based on Nickel, Gold, and Copper and are used for joining ceramic matrix composites to Cobalt or Nickel based alloys.
Industrial brazing offers various advantages, like creating cleaner joints, being ideal for medium to high volume production, and offering an effective solution to joining two different kinds of metals, etc. Moreover, braze alloys have this amazing ability to help achieve weight reduction. For this reason, they are increasingly employed in the automobile sector. This might surge the demand for braze alloys during the forecast period.
If we compare the historical CAGR with the anticipated CAGR of the forecast period, there is a considerable difference, which depicts an upward trajectory. The historical CAGR for the market was 2.5% between 2018 and 2022. With increased usage across sectors, the anticipated CAGR has risen to 4.5% predicted for the next ten years.
Keys Drivers of the Braze Alloys Market
Increased usage in the automobile industry: Braze alloys are used in the automobile as well as the automotive industry. These are mainly deployed in the condensers of air-conditioning systems and fuel injection pipes.
The braze alloys can also reduce the emission of carbon dioxide and other harmful gases. This might increase the demand for braze alloys.
Replacement for soldering and welding: Braze alloys are also used to join two metals. This is because of the much-needed smoothness and consistency they provide in the junction.
Increased usage in the aerospace industry: Due to its ability to join two different kinds of metals and aid in weight reduction, braze alloys are increasingly used in the aerospace sector.
They are also used for manufacturing components that show high resistance against high temperatures and pressure. This is anticipated to increase the sales of brazing alloys.
Boon for the electronics industry: The electronics industry is expected to register a CAGR of around 6% during the forecast period. This can be attributed to innovations that are taking place in this sector.
Besides the benefits offered by braze alloys, braze alloys also offer corrosion resistance, thermal conductivity, and electrical resistivity properties. This allows electronic devices to handle extreme fluctuations with high efficiency.
Ability to fill the minutest of gaps: As mentioned before, the braze alloys can act as an effective replacement for soldering and welding. But it is important to take note of the fact that they can fill even the smallest of gaps with the same efficiency with which they fill huge gaps.
This ensures that there is overall consistency in the object and that there are no unnecessary bumps in between. This is expected to increase the demand for braze alloys during the forecast period.
Preservation of metallurgical characteristics: The braze alloys also help in preserving the metallurgical characteristics. This has captured the attention of manufacturers across sectors.
Restraints for the Braze Alloys Market
Fluctuating prices of raw materials: The Russia-Ukraine war, followed by the covid-19 pandemic, has led to a total disruption in the logistics and supply chain market. Because of this, the raw materials are not able to reach the markets they should.
This has ultimately led to inflation. This is something that is a matter of serious concern for the market. The braze alloys also help in preserving the metallurgical characteristics. This is something that has captured the attention of manufacturers across sectors.
Aesthetic shortcoming: The color of the joint that is used in the brazing process is different from the other two metals. This might not give an attractive look to the final product. This is something that might potentially hamper the sales of braze alloys.
Unsuitable for large metals: The scope of application of the braze alloys is limited only to small-sized metals. They can’t be used for joining large metals.
Regional Insights
North America
The North American braze alloys market, which has a share of 17.8%, is expected to display decent growth during the forecast period.
The region is meant for technological upgrades, and manufacturers are willing to invest more in these technologies as well as research and development. The braze alloys are an essential cog in the wheel in many of these innovations, as these are being employed in electronic devices across sectors. This is anticipated to increase the market share during the forecast period in the region.
Europe
The European braze alloys market, which currently has a share of 14.5%, is expected to display mild growth during the forecast period.
The manufacturers in this region focus a lot on quality and see that no hole or space is left in the final product. With the ability to fill even the minutest of spaces, the braze alloys have attracted the attention of a few manufacturers. Moreover, the ability to be used across different sectors has helped the manufacturers streamline the process and achieve cost-cutting, as they do not have to run behind other products for various purposes.
Start-up Ecosystem
While realizing the importance of braze alloys, start-ups are on a mission to adopt advanced technological innovations to make the most effective use of the braze alloys.
The start-ups have realized that the braze alloys help brands deliver customer-centric engagements at the right time without facing channel limitations. This is being achieved by making use of Artificial Intelligence and the Internet of Things, which play a crucial role in simplifying the process and maintaining uniformity throughout.
Competitive Landscape
The key players operating in the braze alloys market are taking steps to expand their footprints across the globe. For this, they are starting different manufacturing facilities for products like Cathode Active Battery materials and their precursor materials in different parts of the world.
The key market players are Johnson Matthey Plc., Morgan Advanced Materials plc., Lucas-Milhaupt, Inc., Oerlikon Metco, Umicore N.V., Bellman-Melcor LLC, Harimatec Czech, s.r.o., Indian Solder, Braze Alloys, VBC Group.
Some Recent Developments are:
In July 2022, Umicore announced that it is building a large-scale fuel cell catalyst plant in China to cater to accelerated hydrogen clean mobility growth.
In August 2022, Johnson Matthey and Sinopec Capital announced that they may be exploring strategic collaboration across de-carbonization and hydrogen technologies.
