Albany, NY -- (SBWIRE) -- 03/16/2018 -- Transparency Market Research states that the global ultra-low alpha (ULA) metal market is facing moderate competition. The leading players operating in the global market are Honeywell International Inc., Indium Corporation, Pure Technologies, and DUKSAN Hi-Metal Co., Ltd. Wide product portfolio of these companies has helped them gain an edge over the others in the coming years. The booming aviation and automotive industries are expected to offer players in the global market ample opportunities to grow in the coming years. Thus, several players are steering the development of their products to suit the requirements of these industries.
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According to the research report, the global ultra-low alpha metal market is expected to be worth US$4.72 mn by the end of 2024 from US$2.53 in 2015. Between the forecast years of 2016 and 2024, the global market is expected to surge at a CAGR of 7.30%.
Asia Pacific Leads the Pack with Flourishing Electrical and Electronics Industry
In terms of geography, the global ultra-low alpha metal market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of all these regions, Asia Pacific is expected to lead the global market as it is poised to acquire a share of 63.81% by 2024. The phenomenal contribution of Asia Pacific to the soaring revenue of the global ultra-low alpha metal market will be due to its flourishing electrical and electronics industry. The usage of lead-free alloys is expected to drive the demand for ultra-low alpha tin in Asia Pacific throughout the forecast period.
The products available in the global market are ULA tin, ULA tin alloys, ULA lead alloys, and ULA lead-free alloys. The report indicates that ULA lead-free alloys segment held a dominant share in the global market in 2015 due to its widening applications. By the end of 2024, this segment is expected to acquire a share of 41.8% in the overall market, which will be larger than the rest. The demand for ULA lead-free alloys is expected to grow against the backdrop of restrictions pertaining to the usage of heavy meals in electronic products.
Preference for Safer Alloys Augments Demand for ULA Metals
The stern rules such as Restriction on Hazardous Substances (RoHS) Directive that are dissuading the usage of hazardous substances in several electric and electronic equipment has augmented the demand for the ultra-low alpha metal in recent years. The European Union was the first region to accept this directive in 2003, while the world followed suit with a few changes in a few countries.
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Such directives have coaxed electronic equipment manufacturers to reduce the usage of hazardous materials and replace it with ultra-low alpha metals. Subsequently, it has augmented the demand for alternate alloys that contain lead for the purpose of soldering. Several alloys with silver are also being preferred for soldering despite their expensive pricing as they offer improved process results.
Fluctuating Prices of Raw Materials to Hamper Sales
The fluctuating prices of raw materials that eventually impact the cost of alloys is expected to hamper the growth of the market. Furthermore, the volatile situation of supply and demand is also expected to restrain the market from achieving its true potential. The demand for the ultra-low alpha metal is determined by exceptionally specific demands of consumers. Therefore, the changing patterns of consumer demands are expected to have a direct impact on the global market.