The metallic glass market growth will be boosted by the increased deployment of amorphous metal transformers (AMT) in electric grids and widespread application in aerospace, medical and defense industries. As per the U.S. Energy Information Administration (EIA), the power grids in the U.S. comprise over 7,300 power plants, with approximately 160,000 miles of high-voltage power lines, connecting almost 145 million users across the country.
Smart grid technology across the globe is growing rapidly. According to Statista, the global smart grid market is projected to triple in size reaching nearly US$61 billion between 2017 and 2023, with North America, Europe, and the Asia Pacific stands as the key regions incorporating smart grid technology. The technological advancements of power grids coupled with surging demand for electricity will lead to a substantial demand for metallic glass alloy or amorphous metal transformers to be incorporated at power grids.
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According to a Global Market Insights, Inc., report, global metallic glass market size is projected to surpass US$2.08 billion by 2026.
Exceptional properties of metallic glass alloy and challenges during the COVID-19 pandemic
The material boasts of superior physical, mechanical, and chemical strength, and is highly utilized in electromechanical applications. Supported by the latest technologies such as high throughput screening, testing methods, and nanoengineering, the new iterations of the product have led to exponential market growth. However, due to the ongoing COVID-19 pandemic, the shutdown of industrial operations might hamper the business growth in the coming years.
The scope of metallic glass in structural applications has significantly risen due to its extended utilization in a high-temperature environment, improvement in material technology, and enhanced manufacturing methods. The extensive applicability of the material in sporting, medical, automotive, and aerospace sectors is driven by the its wide range of compositions, along with the potential to be cast at a considerably lower cooling rate.
Growth of the metal & metal product demand will be augmented by the accelerating requirement for high strength and good ductility applications in several manufacturing processes. Notably, the metal-metal glass market is forecasted to value more than US$1.3 billion by 2026.
Extensive application in medical and aerospace sectors
The metallic glass industry share is segmented into electronic, electrical, sports as well as some other areas. These other areas include defense, aerospace, automotive, and medical sectors. On account of the superior chemical and mechanical properties of glass metal, the glass is being extensively utilized in aircraft and spacecraft components. Demand from these other sectors is expected to rise at a significant rate of 11% CAGR in the coming years.
A metallic glass alloy exhibits exceptional strength and properties due to which it has an extensive utilization in the medical industry, majorly in the manufacturing of surgical instruments, orthopedic screws, and cardiovascular stents. Accordingly, this segment is likely to observe exponential growth in the coming years.
Glass metal is produced through a thermoplastic process that minimizes shrinkage, allowing it to be manufactured in various compositions, forms, sizes, and shapes. With these properties, the product offers a low cost of production and significantly improves economies of scale.
High product demand in North America and Europe
Metallic glass demand in Europe will capture a global share of 24% by 2026. Growing focus on additive manufacturing by using metallic glass and extensive R&D activities to widen product applications will augment the material consumption. Reportedly, the electrical industry in the UK and Germany jointly account for more than US$200 billion, representing key opportunities for metallic glass supplier.
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The regional expansion of the electrical sector, steady demand for sporting equipment, and excessive consumption of electronic devices will positively influence demand for glass metal in the region. The metallic industry in North America will account for a global share of 30% in 2026. The region is experiencing vigorous research and development efforts intended towards expanding the application range of metallic glass.
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