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Market Leader - Metal Replacement Market
Metals are used in application where high level of strength and temperature resistance is required. However, due to metalsí heavy weight, engineers have always been looking for alternative high-strength and light-weight materials. Metal replacing materials are a group of special, high performance segment of synthetic plastic and composite materials that exhibit advanced properties in a wide range of conditions. These materials are majorly used in automotive, aerospace & defense, construction, and healthcare industries. Major companies operating in the metal replacement market include Solvay SA (Belgium), SGL-Group (Germany), Owens Corning Corporation (U.S.), Celanese Corporation (U.S.), BASF SE (Germany), Toray Industries, Inc. (U.S.), and Jushi Group (China).
Expansions, mergers & acquisitions, new product launches, and partnerships are some of the strategies adopted by key companies in the metal replacement market. These companies also invest in R&D activities to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the market.
BASF SE (Germany) is one of the leading producers of metal replacing materials. The company focuses on new product launch as well as business expansion strategies to strengthen its market position and consolidate its financial position in the metal replacement market. In July 2016, the company introduced new grades of PA6 and PA66 for applications in the automotive industry. In March 2016, it established a joint venture with Kolon Plastics for production of polyoxymethylene (POM) in Korea. Earlier, in November 2015, BASF increased the production capacity of engineering plastics at its European facility to enable the company reinforce its position as a prominent supplier in the metal replacement market.
E. I. DuPont De Nemours and Company (U.S.) is another major player in the metal replacement market. The company focuses on expansion as a strategy to strengthen its market position. In June 2014, the company had increased the production capacity of Zytel PA 66 and PA 6 by 20% at its Uentrop plant in Germany. This development strategy helped the company meet the ever-increasing demand for metal replacing materials. In March 2015, DuPont increased the production of Zytel HTN PPA by 10% to meet the increasing demand in the electronics as well as automotive markets. These strategies helped the company in meeting the increasing demand of metal replacing materials, thereby strengthening its position in the market.
Metal Replacement Market by End-Use Industry (Automotive, Aerospace & Defense, Construction, Healthcare, Others), Type (Engineering Plastics, Composites), and Region - Global Forecast to 2021
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