The braze alloys market is expected to grow at a CAGR of 4.97% to reach a market size of US$5,760.807 million in 2025 from US$4,306.179 million in 2019. The market is propelled to grow in t he forecast period owing to the growing brazing applications in various high-end industries such as aerospace and defense. The growing aerospace and defense industry is one of the major drivers fueling the growth of the global braze alloys market during the forecast period. Furthermore, with the growing air transport, number of passengers carried, there is a need for the manufacturing of new commercial aircrafts, hence, the demand for brazing alloys in the manufacturing of commercial aircrafts is further providing an opportunity for the market to thrive in the forecast period. The growing electricals and electronics industry along with the increasing construction industry is augmenting the market demand over the next five years.
On the basis of Geography, North America and Europe are estimated to hold a significant market share in the global braze alloys market owing to the early adoption of technological innovations. On the other hand, the Asia Pacific region will witness a high market growth rate and is assumed to be the fastest-growing region during the forecast period due to the growing automotive industry, the growing electronics industry, and the growing construction industry are driving the market growth in this region.
The increasing aerospace and defense industry is predicted to surge the market growth in the forecast period.
The aerospace and defense industry showed solid growth in 2018 with the growing air passenger travel. Also, the global military spending continued to soar, thus the industry is projected to experience growth in the forecast period as well. The growing manufacturing and production of commercial aircrafts is further driving the industry growth. In the commercial aerospace sector, the demand for next-generation aircrafts remains high while the manufacturing of the fuel-efficient aircrafts continues to proliferate with the fluctuating oil prices. Moving on to the defense sector, where heightened global tensions, geopolitical risks, and high defense spending by the regional powers other than USA including China, India, and Japan are anticipated to augment the growth of the global defense sector in the forecast period. Furthermore, significant mergers and acquisitions are taking place in the aerospace and defense sector where bigger market players are focusing on vertical integration. Also, it is being observed that bigger contractors are thinking of acquiring small and medium-sized enterprises for gaining access to new markets and technologies. At present, the industry is being led by the United States, followed by China, India, France, Japan, the Middle-East, and the United Kingdom.
The growing construction industry is augmenting the market demand in the forecast period.
The construction industry is projected to augment with rapid construction activities especially in the emerging economies of the world. Additionally, with technological advancements in the construction materials and products, the industry is expected to fuel with the surging demand. The factors contributing to the rising construction activities are attributed to the ongoing industrialization and urbanization. The shift from the rural areas to urban areas has given rise to several challenges especially for low-income and lower-middle-income countries to fulfill the demands of their urban population to sustain. This has further created a huge demand for many developments to be made which include residential construction, transportation which include roads and highways, energy systems and other infrastructure such as better healthcare facilities. Furthermore, the increasing infrastructure spending on new construction projects, improvement, and repair construction activities is driving the industry growth, which, in turn, is driving the market demand during the course of the forecast period.