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The Bronze Market size is expected to reach USD18.3 billion by 2027 after growing at a CAGR of around 2.4% from 2022 to 2027. Bronze is an alloy that is composed of tin and copper. It can also be derived by composing copper with other metals such as zinc, phosphorus, aluminum, manganese, and others. The bronze is used in electrical connectors, clips, springs, sculptures, musical instruments, and others. It is an excellent material choice for explosive and flammable applications as it does not spark against tough surfaces. It also offers high resistance to corrosion, high ductility, and low friction against various metals, thereby making it perfect for applications. The bronze industry is growing due to its various applications in marine, automotive, construction and architecture, aerospace & defense, and others. The bronze market is primarily driven by the increasing demand for bronze for marine, architectural development, aerospace, and electronic sectors due to corrosion resistance properties during the forecast period.
The bronze market suffered massive losses and impacts during the covid-19 outbreak. The bronze is majorly used in the automotive, marine, aerospace, architecture, and manufacturing end-users. The halt in demand and supply chain, production disruptions, and global shutdown has affected the bronze market. The disruptions in manufacturing facilities led to a fall in the consumption of bronze in various industries. The aerospace industry was negatively impacted by the pandemic due to restricted air travel. According to International Civil Aviation Organization (ICAO), the number of passengers has noticed a fall of around 92% in the year 2020, compared to the previous year. This led to a major decline in aircraft demand and thereby impacted the bronze application such as bearings, steering joints, controls, and others. Furthermore, the automotive industry also saw a fall during the pandemic. The automotive sector faced disruptive vehicle productions, manufacturing shutdown, and declining demand. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of vehicles faced a 16% decline for the year 2020. With the falling production and demand for automotive, the application of bronze such as spur gears, bearings, valve components, and others also saw a massive decline, thereby hindering the growth of the bronze industry during covid-19.
Bronze Market Segment Analysis – By Grade
By grade, the Alloy 954 segment is expected to have the largest share of more than 35% in 2021 and is expected to dominate the bronze market in the coming years. The chemical composition includes around 85% of copper, 10% aluminum, and 4-5% iron. This aluminum bronze grade is majorly used in the marine industry due to its excellent seawater corrosion resistance and cavitation resistance. This alloy grade has major applications in marine hardware such as valve bodies, bushings, bearings, valve seats, and others. The increasing demand for 954 aluminum bronze in marine and aircraft has driven the market owing to its balance of mechanical and physical properties, along with durability. With the rise in applications for various industries, majorly marine, the alloy 954 segment is expected to hold a massive growth share during the forecast period.
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Bronze Market Segment Analysis – By Alloy Type
By alloy type, the aluminum bronze segment is expected to have the largest share of more than 40% in 2021 and is expected to dominate the bronze market in the coming years. Aluminum bronze is growing owing to its high strength and corrosion resistance properties in various end-use industries, majorly marine and aerospace. The application in extreme environments such as underwater, desalination plants, and seawater systems is boosting the demand for aluminum bronze. It is used to make sleeve bearings, valves, and hardware that take good care of corrosion in marine. Thus, with rising demand for marine hardware and components, the aluminum bronze segment is expected to grow owing to its high resistance and strength properties in the forecast period.
Bronze Market Segment Analysis – By Application
By application, the marine hardware segment is expected to have a growing share of over 30% in 2021 and is expected to boost the bronze industry in the coming years. The marine hardware application is growing in the bronze industry due to the excellent properties of bronze for seawater corrosion, durability, strength, and wear and tear. The aluminum and phosphor bronze alloys are majorly used in the hardware applications such as shipbuilding, propellers, pipe fittings, desalination plants, valve components, and others. According to the Ministry Of External Affairs, the Government of India, the Indian ports have a capacity of around 1534 million tons per annum for 2020 and 704 million tons as cargo traffic. This signifies a rise in the marine sector, owing to sea trading and transportation. The bronze alloys are perfect for maritime applications due to their strong machinability and resistance to corrosion. Furthermore, the increasing demand from the marine industry for broad applications in marine components and hardware parts will boost the bronze market in the forecast period and thereby create a better bronze industry outlook.
Bronze Market Segment Analysis- By End-Use Industry
By end-use industry, the marine industry segment is expected to have the largest share of more than 35% in 2021 and is expected to grow the bronze market in the forecast period. The application of bronze alloys in the marine industry is growing owing to their excellent properties such as anti-galling, chemical corrosion resistance, cold formability, wear and tear resistance, and high strength. The expansion of marine transport trade and increasing traffic is driving the market for bronze for various applications. The growth in seaborne trading has created a rise in the number of ships and tankers. According to India Brand Equity Foundation (IBEF), the overseas cargo handled increased by 4.7% in 2019-2020, compared to 4.5% in the year 2018-2019. Furthermore, the SAGARMALA project is a great opportunity for the maritime sector as it brings USD 46 billion investment that will be used for increasing cargo shipments. Thus, with rising growth and emphasis for marine industry projects, the bronze market will grow, owing to its high application in marine ships, components, and fittings.
Bronze Market Segment Analysis – By Geography
By geographical analysis, the Asia pacific holds the largest share of more than 30% in the bronze market for the year 2021. The increasing demand for aluminum bronze alloy in marine and aerospace end-use industries in this region has contributed to the bronze market share. The growth in the aerospace industry in major nations such as China and India is influencing the demand for bronze for various aircraft components, hardware, bearings, pump parts, and others. According to the China Astronautics Association for Quality (CAAQ), the commercial aerospace industry experienced a growth in market size from USD 59 billion to USD 160 billion, with a 22.04% growth rate from 2015-to 2020. With the rising growth in the aerospace sector, the demand for bronze and alloys will grow, owing to various aircraft applications such as bearings, valves, flight controls, and others. Furthermore, the rise in manufacturing and industrial activities in major nations such as China, Japan, India, and others will boost the growth prospects for the bronze market in the coming years.
Bronze Market Drivers
Increasing demand from the aerospace industry
The growth in the aerospace sector has influenced the growth in the bronze industry. The bronze is majorly applicable in the aerospace sector owing to its performance, lightweight feature, and durability in aircraft. It is used in military aircraft, guided missiles, space vehicles, bearings, valve components, aircraft overhaul, and others. Furthermore, the aerospace industry is growing post-pandemic due to recovering flights and air travel. The growth in manufacturing for aircraft components and parts is driving the market for bronze. Various alloys such as aluminum bronze, bearing bronze, nickel aluminum bronze, and others are applicable for the wheel and brake components, hydraulic components, and others. Thus, the bronze market is majorly driven due to its wide range of applications and utilities in the global aerospace sector during the forecast period.
Rising application demand for musical instrument
The bronze is a durable and strong material and does not get dented, thereby making itself a perfect option for various musical instruments such as cymbals. The bronze has an increasing demand for applications in instruments such as singing bowls, bells, gongs, guitars, sitar, and others. Furthermore, the rising investment in the manufacturing of musical instruments is influencing the use of bronze metal. For instance, the Yamaha Corporation planned to make a musical instrument unit with an investment worth USD 68.80 million by the year 2022 in India. Furthermore, the strong base of musical instruments in schools, music centers, and other institutions is anticipated to boost the demand for musical instruments, thereby creating a surge in the demand for bronze for such applications. With the rise in manufacturing plants for music instruments, the bronze market will grow, owing to its contribution to sound enhancement, audibility, and beat improvement.
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Bronze Market Challenges
Volatility in raw material prices
The bronze is composed of copper and other metals like tin, aluminum, nickel, and others. The prices of metals have been increasing, especially for copper. The volatility in the costs of copper is creating a hindrance for the bronze market. The IMF projects the prices for copper rising from an average of USD 6174 per metric ton for 2020 to USD 8313 per metric ton in 2021. It is expected to follow a decline by 2026. The high fluctuations in raw material prices are creating challenges for the manufacturers due to uncertainty of future prices for investing in production planning and supply chain disruptions.
Bronze Industry Outlook
KME Germany GmbH & Co KG
Farmers Copper Ltd
Advance Bronze Incorporated
National Bronze Michigan
CONCAST Metal Products Co.
Wieland Metals Inc.
In August 2021, Metal Powder Products, LLC. announced the acquisition of Proform Powdered Metals Inc, a leader of high-quality bronze bearings and bushings, headquartered in Punxsutawney, PA. This acquisition will strengthen the position and business of the MPP company.
In March 2019, Hunt Valve Company announced the acquisition of Montreal Bronze Ltd, which is a leading manufacturer of bronze valves for nuclear applications. It led to a rise in the product portfolio and business of the company.
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The bronze market is driven by the increasing application demand for architecture, marine, aerospace & defense, automotive, and other industries during the forecast period.
The Asia Pacific is holding a major share and will dominate the bronze market due to the rising aviation sector, automotive growth, and others due to the excellent strength and corrosion resistance properties of bronze.
The rising demand for aluminum bronze and phosphor bronze type is anticipated to drive the market owing to its major application in marine, automotive, and aerospace segments during the forecast period.
A. Tin Market
B. Powder Metallurgy Market
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