The Non-Magnetic Metals & Alloys are those metals and alloys that are generally non-ferrous type or have only insignificant amount of metal used as an alloy. Major non-magnetic metals include aluminum, copper, lead, and zinc. Other non-ferrous metals include brass, titanium, beryllium and nickel. They are generally more expensive than ferrous metals in terms of mining and extraction. These non-magnetic metals & alloys are generally light in weight, have higher conductivity, has non-magnetic property and is resistance to corrosion and rust. The global non-magnetic metals & alloys market are 1,500 kilo tons in 2015 approximately in volume. Overall, the market is expanding at a decent CAGR of during the forecast period from 2016 to 2026.
Global Non-Magnetic Metals & Alloys Market Dynamics
The market of global non-magnetic metals & alloys is anticipated to be driven by the use of non-magnetic metals in different industries and their respective purposes. Due to growth of aviation industry and other transportation and structural materials, the global market of non-magnetic metals & alloys are growing in demand. In addition, the favorable Government initiatives such as “The National Space policy” of United States on June, 2010 and many others programmes help in the consumption of more non-magnetic metals & alloys over the years due to increased number to aircrafts and spaceships. Some of the non-magnetic metals & alloys are also used in building materials and also as a component of various metal alloys. Due to growth of the construction equipment, lead acid batteries, bullets and radiation protectors, the non-magnetic metals & alloys such as lead is highly used in demand of late. The demand for corrosion chemically inert and corrosion resistant products in chemical processing industry is expected to drive the market growth over the predictable period. Also the non-magnetic metals & alloys are highly recyclable in nature which further encourages the growth of non-magnetic metals and alloys. The global non-magnetic metals & alloys market is characterized by continuous mergers, acquisitions and product innovations to gain market share and competitive edge which drives the demand for the product worldwide. The jewelry industry involving precious metals other than gold, is expected to drive the Non-Magnetic Metals market to some extent. The industry is expected to get advantage from the rising magnesium mining and growing extraction of other metals such as titanium, which are used as raw materials for the production of alloys.
However, the global non-magnetic metals & alloys being costly as compared to magnetic metals and alloys does have a hindering effect on its market growth as well. On the mining operations front, the non-magnetic metals and alloys mining are currently experiencing a sluggish production rate.
Global Non-Magnetic Metals & Alloys Market Segmentation
The global non-magnetic metals & alloys market is segmented on the basis of product types such as non-ferrous metals, precious metals and exotic or rare metals. Ferrous metals further includes aluminum, lead, tin, zinc, copper, nickel, titanium and others. Precious metals constitutes gold, silver and platinum. Exotic or rare metals are cobalt, mercury, tungsten, beryllium, bismuth and cerium. On the basis of application, the global non-magnetic metals & alloys are divided into aerospace industry, industrial gas & turbine, industrial automotive, electrical &electronics, chemical industry, kitchen appliances, food & beverages industry and others.
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Global Non-Magnetic Metals & Alloys Market: Regional Outlook
Geographically, the Global non-magnetic metals & alloys industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America holds the largest share in the global non-magnetic metals & alloys market. It is expected to witness a substantial growth at a CAGR of over 3.5% in the forecasted period of 2016-2026. Europe holds the second largest market in terms of global non-magnetic metals & alloys, followed by Japan, Asia-pacific, Middle-East Africa and then rest of the world. Asia Pacific is expected to witness above average growth rates over the next six to eight years owing to the growing aviation industry combined with increasing demand for high durability metals in gas turbines and electrical & electronics.
Global Non-Magnetic Metals & Alloys Market Players
The major players identified across the value chain of global non-magnetic metals & alloys market includes Saru Smelting Pvt Ltd., Lee Kee Group, James Coppell Lee, North Ferrous Cast Alloys Inc., Gravita India Ltd.,Australian Metals Pty Ltd., Nimax, Arcotech Ltd., AMPCO Metal Sa, Plansee Group and others. The companies are investing in their research & development sector to use more and more non-magnetic metals & alloys in aerospace industry. The companies are also focusing on different strategies in order to maintain the market share in the global non-magnetic metals & alloys market.