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The growth of the metallic glass market is driven by increasing product application in medical and aerospace & defense industries, along with rising adoption of amorphous metal transformers, says this report.
updated: Jun 10, 2020 04:00 EDT
June 10, 2020 (Newswire.com) –
According to Global Market Insights Inc., the metallic glass market is likely to exceed a valuation of nearly $2.08 billion by 2026, registering a CAGR of 8.4% from 2020 to 2026. The report provides a detailed study of the industry size & estimations, drivers & opportunities, competitive scenario, top winning strategies, key investment pockets, and wavering market trends.
Superior mechanical, physical, and chemical strength of the material have substantially increased its demand in electromechanical applications. The metallic glass market is likewise considered to be constantly improving with its new iterations, owing to nanoengineering as well as high throughput screening & testing methods. Apart from the additional application of metallic glass in raised temperature environments, evolving manufacturing methods along with improvement in material technology has considerably expanded the scope of the material to structural applications.
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In terms of product type, the metal-metal product segment will account for more than $1.3 billion by the end of the analysis period. Increasing product demand for good ductility as well as high strength applications is expected to drive the metallic glass market segment growth in the coming years.
Key reasons for metallic glass market growth:
- Shifting preference for metal-metal based products.
- Increasing demand from the electrical & electronics sector.
- Expanding Asia-Pacific electronics & electrical industry.
- Growing R&D activities and adoption of business growth strategies like partnerships and acquisitions.
2026 forecasts anticipate the ‘medical’ application segment showing appreciative growth:
The medical application segment is anticipated to witness considerable growth, owing to strength as well as material advantage. Since glass metal is manufactured by the thermoplastic method, the shrinkage is minimum, thereby allowing it to be manufactured into various shapes, forms, compositions, and sizes. This has further significantly improved the economies of scale, thereby decreasing production costs substantially. In the medical industry, the product can be utilized in orthopedic screws, surgical instruments, and cardiovascular stents.
North America & Europe’s metallic glass industry to witness appreciative growth:
The North American region will hold nearly a 30% market share by the end of the forecast timeframe. North America is witnessing a significant rise in R&D activities to broaden the application range of amorphous metal.
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Europe will hold a market share of over 24% by the end of the analysis period. Ongoing R&D activities to increase the product application scope and increasing emphasis on additive manufacturing through metallic glass will drive the product use over the coming years. The electric industry in the United Kingdom and Germany together accounts for over $200 billion, presenting immense growth opportunities for the market. In addition, rising demand for sporting equipment, increasing consumption of electronic devices, and the development of regional electric industry in the region will positively impact the metallic glass market demand.
Leading market players:
The key market players analyzed in the metallic glass industry report include Usha Amorphous Metals Limited, Antai Technology Co., Ltd., Liquidmetal Technologies Inc., and Hitachi Metals Ltd. among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
Source: Global Market Insights Inc.