Europe Bronze by USD Mn Value Market

The Europe bronze market was valued at USD 2,538.38 million in 2019 and is projected to reach USD 3,073.36 million by the end of 2030, at a CAGR of 2.43%during the forecast period. In terms of volume, the market was pegged at 360,194.84 kilo tons in 2019, and the demand is projected to reach 429,916.43 kilo tons by the end of 2030.

The increasing demand for bronze as an alloy in the end-use industries, including marine, automotive, aerospace, and electronics, is the major factor projected to boost the growth of the Europe bronze market. The growth of the market is driven by the increasing application of bronze in the marine and aerospace industries due to its anti-corrosive property and hardness as compared to other metals. Bronze is highly versatile and resistant to biofouling, particularly macrofouling. Some of the major copper-bronze alloy groups employed to produce marine hardware include Cu-Sn-P (phosphor bronze), Cu-Sn-Zn (gunmetal), Cu-Al (aluminum bronze/nickel aluminum bronze), and Cu-Si (silicon bronze).

Nickel aluminum bronze finds applications, particularly in marine defense applications, in the manufacturing of submarines. It is particularly used in the manufacturing of valve systems, seawater piping, weapon handling, sonar equipment, flexible couplings, hydraulic valves and bearings, seawater external hatches, fasteners and sealing flanges, propulsion equipment, periscope assemblies, and low noise propellers. Furthermore, the increasing application of heavy-duty materials in aircraft and shipbuilding units is likely to create growth opportunities for the market players during the forecast period. However, the fluctuating prices of the raw materials (copper, tin, and other metals) and the oxidizing nature of bronze are the major factors which are likely to hamper the regional market growth during the forecast period. There have been large price fluctuations of copper, with USD 6.77 per kg in 2014, reduced to USD 4.32 per kg in 2016. The prices further raised to USD 6.83 per kg in 2018 and again declined to USD 5.95 per kg in 2019. These untimely fluctuations affect the production cost of copper-based alloys and thus the regional bronze market.

The Europe bronze market, by application, has been segmented into architecture, marine, automotive and transportation, electrical and electronics, and others. The marine industry is one of the largest consumers, which is expected to drive the bronze market, while the automotive and transportation is expected to be the fastest-growing segment during the review period. Based on alloy, the Europe bronze market has been segmented into aluminum bronze, phosphor bronze, silicon bronze, manganese bronze, leaded bronze, lead-free bronze, and others. The aluminum bronze segment held the largest share of the market in 2019 and is expected to register a CAGR of 2.74% during the forecast period. The major products considered in the study of the Europe bronze market are rods, bars, coils, sheets & plates, and tubes & pipes. The rods segment held the largest market share of 39.21%, by value, in 2019, and is projected to register a CAGR of 2.80% during the forecast period. The bars segment held the second-largest share of 20.60% of the market in 2019.