Metallic Glass Market Size

Metallic Glass Market Size

Metallic Glass Market size was USD 1.49 billion in 2019 and will grow at a CAGR of 8.4% from 2020 to 2026. Proliferating product consumption in electrical & electronics sector will be the chief factor augmenting the market growth.

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Metallic glass has always been a considerable force incurring as an ideal alternate solution with applicability in wide metallic glass market segments. The unique combination of physical, chemical, and mechanical properties such as material hardness, and high strength to weight ratio has gained traction from many industries.

Owing to random atomic arrangements the material generally have 2 to 3 times higher electrical resistivity compared to its other crystalline counterparts, positioning it as ideal replacement for several conventional and less efficient materials.

Amorphous metal is widely used in distribution transformers. Amorphous metal distribution transformer (AMDT) has the potential of reducing the no-load transformer losses up to 70% as compared to the conventional technology. Furthermore, the advantages such as easy magnetization, low magnetic losses, fast flux reversal, low energy consumption and less heat generation are augmenting the popularity of AMDT across the world and will boost the metallic glass market demand during the study timeframe.

Global electric business was recorded over USD 4.7 trillion in 2017. China is the world’s largest electric industry with close to 40% market share, succeeded by the U.S., Japan and South Korea. Asia Pacific dominates the industry with more than 60% market share followed by North America and Europe. It can be attributed to rising urbanization, robust economic growth, increasing population and rapid industrialization in the region.

Favorable government initiatives coupled with private & public investment will boost the regional electric industry. Substantial commercialization of metallic glass in the electric industry shall complement the overall metallic glass market growth by 2026.

Increasing R&D investments from new and existing firms with aim to potentially replace conventional engineering material in many applications will drive the metallic glass market. Major support from supporting industry especially in high concentration and high growth region such as APAC has significantly increased material usage in all major business segments.

However, the high cost associated with the product coupled with the ongoing pandemic of COVID-19 is anticipated to hinder the growth trajectory for brief period before getting back on track by the end of forecast period.