Global metallic glass market size, which is projected to exceed USD 2.08 billion by 2026, according to the latest research by Global Market Insights, Inc.
The latest trends in the metallic glass market are driven by an increasing number of research and development initiatives undertaken by various organizations at the global level. One such study was conducted at the National University of Science and Technology MISIS (NUST MISIS) in October 2020. The initiative has been successful in developing a unique method for the purpose of processing bulk metallic glasses.
As per the authors of the research, they have managed to devise processing conditions that bring about a substantial improvement in the quality of this promising material. The results of this study were reportedly published in the ‘Journal of Alloys and Compounds’.
This escalation is chiefly attributed to the increasing number of metallic glass uses in electrochemical applications owing to the superior mechanical, chemical, and physical strength of the material. The metallic glass market is poised to register considerable improvements on account of its new iterations due to high throughput testing and screening methods coupled with nano engineering.
Few prominent trends driving metallic glass industry expansion include:
Surging R&D activities in Europe
A rise in the number of research and development activities in the region is likely to push industry growth over the anticipated span. The Europe metallic glass market is projected to account for nearly 24 per cent of the total revenue through 2026.
The electric industry in the United Kingdom and Germany together holds a valuation of more than USD 200 billion. An upsurge in developments across the regional electric industry, the rising demand for sporting equipment, as well as an increase in the consumption of electronic devices will boost market expansion in the region.
Rising demand for metallic glass in the medical industry
Multiple metallic glass properties pertaining to strength and material are likely to bring remarkable revenue to the medical segment in the metallic glass market. The product is used in the medical industry for the production of orthopedic screws, cardiovascular stents, and surgical instruments.
The shrinkage in the production of glass is minimal, as it is manufactured by deploying the thermoplastic method. This allows the material to be produced in versatile compositions, shapes, sizes, and forms. This aspect has caused a major improvement in the economies of scale, lowering the costs of production by a significant amount.
Extensive range of metallic glass applications across various industries
Metallic glass is extensively used across numerous sectors owing to its capacity to be casted at much lower cooling rates. These industries comprise sporting, aerospace, as well as automotive.
The market is further propelled by the wide range of metallic glass applications in elevated temperature environments. This is primarily on account of soaring advancements in the methods of manufacturing and considerable improvements in material technology.
On the whole, the increasing focus of prominent metallic glass market players on collaborative strategies such as acquisitions, mergers, and partnerships is touted to spur product demand over the forthcoming years. Key participants operating in the metallic glass industry comprise Antai Technology Co., Ltd., Liquidmetal Technologies Inc., Usha Amorphous Metals Limited, and Hitachi Metals Ltd., and others.
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Asia Pacific automotive plastics market is slated to witness notable growth, owing to the significant demand for modern automobiles in countries like India, China, South Korea, and Japan. As per the OICA, nearly 25.72 million automobiles, including cars and passenger vehicles were produced in China in 2019. Increasing consumer preference towards automobiles lashed with advanced automotive electronics and passenger safety systems are encouraging industry players to expand their businesses to APAC.
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