Global Metal Spare Parts Market |
Posted: October 6, 2021 |
The global metal spare parts market was valued at USD 526.4 Billion in 2019 and is projected to reach USD 541.3 Billion by 2027, expanding around a CAGR of 4.1% during the forecast period. Spare parts are changeable part used for the repair or replacement of failed or damaged units. As per certification, these parts are categorized such as genuine parts, certified parts, and uncertified parts. Genuine parts are components installed at the time of manufacturing of a vehicle or an equipment. These parts are manufactured using various type of metals such as steel, iron, aluminium, and magnesium. Initially, steel and iron were widely used metals in the automotive industry. Most of a vehicle’s weight was due to the components made from these metals. However, nowadays, aluminium and magnesium are gaining traction in the market owing to increasing demand of lightweight vehicles. Magnesium and aluminum weigh lighter than steel and iron, which is expected to propel the demand for lightweight metals in the market. Market Dynamics Segmental OutlookOn the basis of certification, the global metal spare parts market is segmented as genuine parts, certified parts, uncertified parts. Genuine parts segment is anticipated is dominating the market with more than half of the market share and expected to continue its dominance during the forecast period as genuine parts are priced comparatively high. Certified parts segment is estimated to hold approximately over 28% share of the market in 2020 as certified parts are widely accepted by manufactures for manufacturing finished products. The uncertified parts segment is estimated to grow at significant CAGR during forecast period share during forecast period due to availably of counterfeit cheap priced spare parts. Based on material, the market is segmented into steel, aluminum, magnesium, iron, others. Steel account for the major share as the metal is widely used by the automotive industry. Additionally, iron is extensively employed for manufacturing car engines and other spare parts. Titanium, copper, brass, and others are used for manufacturing of machinery, equipment, and automobile. These metal offers various characteristics such as corrosion resistance and high strength, which makes them suitable for manufacturing machinery. Regional OutlookIn terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted approximately over 1/3rd of the market in 2020. The market in the region is projected to expand at a CAGR over 4% during the forecast period as there is increase in demand for metal spare parts in Asia Pacific, increasing focus of players in development of metal spare parts, rise in government initiatives are some of the factors expected to boost the market growth on the region. Competitive LandscapeThe global metal spare parts manufacturing market is anticipated to witness significant opportunity during the forecast period. Moreover, the market is currently highly fragmented in nature with the presence of considerable players in this market. The players are increasingly focusing on product innovations to sustain in highly competitive and fragmented market. Moreover, the partnerships, mergers, and acquisition are some of the other strategies adopted by leading players to strengthen their current position in this market and capture potential market opportunities. Also, leading players operating at global level are holding remarkable position in this market. Their wide product portfolio and strong brand positioning in the global metal spare parts manufacturing market is responsible for the current position of few players with strong customer portfolio in the market. Moreover, the increasing penetration of local manufacturers and rising export from the emerging economies is responsible for the fragmentation of global metal spare parts manufacturing market. The strong growth automotive production and rising construction, mining, and agriculture activities is ultimately leading to the increasing production of equipment involved in these operations. Hence, propelling the demand for spare parts across globe.
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