Electronics Segment to Dominate Asia Pacific Ultra-Low Alpha Metals Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific Ultra-Low Alpha Metals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Metal, Application and Country,” is expected to reach US$ 2,919.91 million by 2028 from US$ 1,739.48 million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific ultra-low alpha metals market along with the drivers and restraints pertaining to the market growth. Rising concerns related to soft error issue and stringent government regulations with respect to heavy and hazardous materials are major factors driving the growth of the Asia Pacific ultra-low alpha metals market. However, volatility in the prices of raw materials may hinder the growth of Asia Pacific ultra-low alpha metals market.
In Asia Pacific, India reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including ultra-low alpha metals manufacturing activities. The disruption in the supply chain with volatility in raw material pricing and sourcing in the initial weeks of lockdown has impacted the industrial products and processes. However, as the economies are planning to revive their operations, the demand for ultra-low alpha metals is expected to rise in Asia Pacific. However, the focus on just-in-time production is another concerning factor hindering market growth. The increasing demand for advanced industrial materials backed by the growth of end-use industries such as electronics, aerospace & defense, automotive, medical, and telecommunication is expected to contribute to the market's growth. Further, significant investments by prominent manufacturers in advancing ultra-low alpha lead-free alloys are expected to drive the ultra-low alpha metals market.
The market for Asia Pacific ultra-low alpha metals is segmented into type, application and country. Based on metal, the market is segmented into ULA tin, ULA tin alloys, ULA lead alloys, ULA lead-free-alloys and others. In 2020, the ULA tin alloys segment held the largest share in Asia Pacific ultra-low alpha metals market. Based on application, the Asia Pacific ultra-low alpha metals market is divided into electronics, automotive, medical, telecommunication, and others. The electronics segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific ultra-low alpha metals market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific ultra-low alpha metals market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific ultra-low alpha metals market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for ultra-low alpha metals.
Mitsubishi Materials Corporation; Teck Resources Limited; Pure Technologies; Honeywell International Inc.; Duksan Hi-Metal Co., Ltd. and MacDermid Alpha Electronics Solutions are some of the leading companies in the Asia Pacific ultra-low alpha metals market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.