As per Future Market Insights, the brazing strips market is anticipated to attain a value pool of US$ 17 billion by 2023-end. Global demand for brazing stripsis expected to rise at a CAGR of 4% to US$ 25 billion in 2033.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 17 billion
Projected Market Value in 2033
US$ 25 billion
Growth Rate (2023 to 2033)
4% CAGR
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Key Growth Drivers
Growth in HVAC industry: The HVAC industry is a major user of brazing strips, particularly in the production of air conditioning and refrigeration systems. As the HVAC industry continues to grow, so will the demand for brazing strips.
Development of new alloys: The development of new alloys for brazing strips is driving the growth of the market, as these alloys offer improved performance characteristics, such as higher strength and corrosion resistance.
Technological advancements in brazing strip manufacturing: Advancements in manufacturing technologies, such as continuous casting and rolling, are enabling the production of high-quality brazing strips at a lower cost.
Increase in energy-efficient technologies: The adoption of energy-efficient technologies, such as heat exchangers, is driving the demand for brazing strips, as these strips are an integral component of such technologies.
Increasing demand for medical devices: The increasing demand for medical devices is a driver for the brazing strips market. Brazing strips are used in the manufacturing of medical devices such as pacemakers, implants, and surgical instruments. The aging population, rising incidence of chronic diseases, and advancements in medical technology are driving the demand for these devices, leading to the growth of the brazing strips market in the medical industry.
Growth in the food and beverage industry: The growth in the food and beverage industry is a driver for the brazing strips market as they are used in the manufacturing of heat exchangers for pasteurization, sterilization, and cooling of food and beverages. The increasing demand for packaged and processed food and beverages, as well as the growing demand for dairy-based products, is driving the demand for these heat exchangers, leading to the growth of the brazing strips market in the food and beverage industry.
Prevailing Opportunities
Growing demand from emerging economies: The brazing strips market is seeing significant growth in emerging economies such as China, India, and Brazil, where there is increasing demand for air conditioning and refrigeration systems.
Increasing adoption of electric vehicles: The growth of the electric vehicle market presents an opportunity for the brazing strips market, as these vehicles require heat exchangers and other components that use brazing strips.
Growth in the renewable energy industry: The renewable energy industry is a prominent user of brazing strips, particularly in the production of solar thermal systems. As the renewable energy industry continues to grow, so will the demand for brazing strips.
Focus on sustainability: The focus on sustainability and reducing carbon emissions is driving the adoption of energy-efficient technologies, which is in turn driving the demand for brazing strips.
Development of new applications: The development of new applications for brazing strips, such as in aerospace and defence, presents an opportunity for the market to expand into new industries.
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Anticipated Trends
Increase in automation: The brazing strips market is seeing an increase in automation, particularly in the manufacturing process, which is driving efficiency and reducing costs.
Growing focus on quality control: There is a growing focus on quality control in the brazing strips market, particularly as the market becomes more competitive and customers demand higher quality products.
Increasing use of simulation software: The use of simulation software in the design and manufacturing of brazing strips is a growing trend, as it allows for more efficient and accurate production.
Emphasis on customer service: There is an increasing emphasis on customer service in the brazing strips market, as companies look to differentiate themselves from their competitors and provide added value to their customers.
Demand for brazing material will witness steady growth in short-term, with optimistic growth outlook in the long-run.
Muted demand from automotive and aerospace industry will mean limited opportunities in near future, however, sales of brazing materials from automotive sector will provide momentum.
What is Driving Demand for Brazing Strips?
Surfacing demand from automotive industry for various end use applications will continues to drive demand for brazing strips. Automotive industry applications continue to be a lucrative avenue for brazing material manufacturers.
The most brazing materials have excellent welding performance which exhibits good wettability, gap filling ability, good conductivity, better corrosion resistance, and, high mechanical strength.
Brazing strip are used to fill the gap perfectly without damage the base metal, suitable for kinds of complicated welding conditions. Brazing has been significantly reduce the amount of time and material required for the manufacturing and designing of complex molds and castings. This is especially true in the production of large volumes of products and that can significantly improve the product sales.
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Automotive Industry is Likely to Augment Brazing Strips Sales
Automotive industry sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on automotive industry allied services sales. As the brazing material manufacturers are likely to witness sustained opportunities in the future from end-use industries.
Brazing strips is also used extensively in manufacturing and designing of complex molds and castings for automobile industry. Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.
China Brazing Strips Market Outlook
China is one of the largest markets for automobile manufacturing globally. The China brazing strips market is set to tread on the historic pattern of bust and boom during the assessment period 2021 to 2031. Demand is likely to remain muted in the next couple of years, as a number of end-use industries make gradual recovery.
Demand for brazing material in China will be led by automobile, aerospace, and other industries. China will account for high demand for the manufacturing brazing material, as demand for brazing products continues over the forecast period. Chain’s glass exports is likely to surge drastically over a period and beyond, and this will continue to benefit glass forming equipment companies.
China brazing material sales will also be impacted by the COVID-19 recovery in 2021. Automotive manufacturers faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of brazing materials.
USA Demand Outlook for Brazing Strips
Countries in North America have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. North America hold major share in the world automotive and aerospace exports, which in turn continues to drive demand for brazing material.
Despite the COVID-19 challenges, most North America countries have maintained a steady growth in production and exports in 2020. USA is the major prominent players in the region, creating opportunities for raw material and machinery suppliers.
Who are the Key Manufacturers and Suppliers of Brazing Strips?
Some of the leading manufacturers and suppliers of brazing strips include
Harris Products Group
Lucas-Milhaupt
Umicore
Morgan Advanced Materials
Johnson Matthey
Fusion
Wall Colmonoy
Tokyo Braze
Bellman-Melcor
Aimtek, Hangzhou Huaguang
Zhejiang Seleno
Shanghai CIMIC
Saru Silver Alloy
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of Brazing Strips Market
By Type:
Nickel Base
Silver Base
Gold Base
Aluminum Base
Copper Base
Others
By End-Use:
HVAC
Automotive
Aerospace
Others
By Region:
North America
USA & Canada
Latin America
Brazil, Mexico, Others
Europe
Germany, Italy, France, United Kingdom, Spain, BENELUX, Russia
