Zinc Alloy Market Size to Grow USD 1262.2 Million by 2030 at a CAR of 6.5% | Valuates Reports
BANGALORE, India, July 25, 2024 /PRNewswire/ -- Zinc Alloy Market is Segmented by Type (Nickel Silver, Brass, German Silver), by Application (Electrical Parts, Automotive, Mechanical Parts): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Zinc Alloy Market was valued at USD 733 Million in 2023 and is anticipated to reach USD 1262.2 Million by 2030, witnessing a CAGR of 6.5% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Zinc Alloy Market:
The market for zinc alloys is expanding significantly due to the wide range of sectors that use them, including electronics, construction, and the automobile industry. Zinc alloys are frequently used in die-casting, galvanizing, and the fabrication of components requiring high accuracy because of their good mechanical qualities, resistance to corrosion, and affordability. Zinc alloys are used extensively in the automobile sector, which uses them to make items including braking components, fuel systems, and ornamental pieces. The construction industry also contributes to the need for zinc alloys since these materials are utilized in roofing, cladding, and other structural applications.
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TRENDS INFLUENCING THE GROWTH OF THE ZINC ALLOY MARKET:
The automobile sector is a significant user of brass, an alloy made of zinc. Because of their superior strength, machinability, and resistance to corrosion, brass components are widely utilized in automobiles for things like fuel systems, radiators, and fittings. The increasing need for high-quality automotive components is being driven by factors such as urbanization, economic expansion, and increased disposable incomes. Brass is becoming more and more common in automobile components as automakers work to improve the durability and performance of their vehicles. Since brass is still a necessary component in the production of many vehicle parts, the market for zinc alloys is directly impacted by this increase in automobile production.
Because of their exceptional conductivity, robustness, and resistance to corrosion, zinc alloys are crucial in the manufacturing of electrical and electronic components. The demand for zinc alloys is being driven primarily by the growth of the electrical sector and the widespread use of electronic gadgets. Zinc alloys are crucial for applications in housings, switches, connections, and other electrical equipment because of their dependability and performance. The demand for high-quality electrical components is being further increased by the expanding use of smart gadgets, telecommunications improvements, and the renewable energy industry. The need for zinc alloys in the production of electrical parts increases as these sectors grow, which supports the market's overall expansion for zinc alloys.
Zinc alloys are widely used in the building sector for structural components, cladding, and roofing, among other uses. Zinc is a recommended material in construction because to its superior resistance to corrosion, long lifespan, and attractive appearance. Zinc alloy demand is being driven by the rise of the worldwide construction sector, which is being pushed by urbanization, infrastructure development, and rising investments in residential and commercial projects. Zinc alloy use is also being encouraged by environmentally friendly building techniques and the rising demand for green building supplies. The demand for zinc alloys in building and infrastructure projects is anticipated to increase as construction activities continue to expand, especially in emerging nations. This will contribute to the overall market development.
The market for consumer electronics is expanding quickly due to the rising use of computers, tablets, smartphones, and other electronic devices. Zinc alloys are good conductors, robust, and corrosion-resistant materials that are frequently employed in the production of numerous electronic components. Zinc alloy demand is being driven by the ongoing development and introduction of new electronic devices, as well as the expanding customer base in emerging nations. Zinc alloy demand is further increased by the drive toward downsizing and the requirement for high-performance materials in electronic equipment. The market for zinc alloy is expanding at a considerable rate thanks in large part to the growing demand for consumer electronics.
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ZINC ALLOY MARKET SHARE:
The thriving automotive and construction sectors in North America and Europe are creating increasing demand for zinc alloys. Because of the wide range of industrial applications and the growing consumer electronics industry, Asia-Pacific, especially China and India, is witnessing significant market expansion.
The increasing industrial growth and building activities in Latin America and Africa are also driving up demand for zinc alloys. The growth trajectory of the zinc alloy market is being shaped by the distinct market dynamics in each area, which include economic circumstances, regulatory frameworks, and technical breakthroughs. This emphasizes the significance of regional analysis in comprehending market trends.
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Key Companies:
- Belmont Metals
- Dynacast
- AccuCast
- Eastern Alloys
- American Elements
- PACE Technologies
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