High Performance Alloys Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMM181 | Last Updated On: Jun 03 2022 | Available Formats

> Global High Performance Alloys Market Expected to reach a high CAGR of 3.30% during the forecast period 2022-2029: DataM Intelligence

Global High-Performance Alloys Market is segmented By Material Type (Titanium, Aluminium, Magnesium, Others), By Product (Non-Ferrous Alloys, Platinum Group Alloys, Refractory Metal Alloys, Super Alloys), By Application (Automotive, Aerospace, Industrial Gas Turbines, Oil & Gas and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global High-Performance Alloys Market is expected to grow at a CAGR of 3.30% during the forecasting period (2022-2029).

High-performance alloys exhibit excellent mechanical strength and creep resistance at high temperatures, good surface stability, and corrosion and oxidation resistance. They typically have an austenitic face-centered cubic crystal structure with a base alloying element of nickel, cobalt, or nickel-iron. The development of High-performance alloys has primarily been driven by the aerospace and power industries.

The corrosion-resistant high-performance alloys are widely used in extreme environments where tremendous heat and corrosion resistance is paramount to the integrity of the end product. Chemical and petrochemical processing, power plants, and oil and gas industries widely use these high-performance alloys.

Market Dynamics

The market is impacted by several factors such as increasing demand for high-performance materials in aerospace, automotive, and defense industry, advancement in technology and economies of scale, growing usage of the product in industrial gas turbines and other gas turbines used in power generation, and, increasing government expenditure particularly in developing economies to restart gas-based power plants is expected to have a positive impact on the growth of the market.

During manufacturing processes, high-performance alloys face certain challenges. They generate heat during machining and this accumulated high temperature interferes with the cutting process of the alloys, causing damage or deformation to them. Furthermore, the shapes of parts of high-performance alloys make them difficult to be held securely for machining.

Market Segmentation

Based on the material type, the global high-performance alloy market is segmented as titanium, aluminum, magnesium, and others. The aluminum high-performance alloys segment is expected to be the fastest-growing segment followed by titanium due to the usage of manufacturing parts increasing in aircraft. Aluminum is lightweight, technically advanced in terms of forming and alloying, and its a relatively low cost. Automotive industry coupled with increasing substitution of steel with aluminum-based high-performance alloys in the automotive industry to fetch the advantage of significant weight reduction.

In addition, due to the ability to withstand high-temperature and high-pressure conditions, the demand for titanium and aluminum-based alloys is increasing in & gas exploration activities and the aerospace industry. Airliners and military jets are heavy users of aluminum, and newer designs continue to specify lots of aluminum. For instance, The Airbus A380, one of the largest passenger airliner in the world, contains 10 times the amount of aluminum used in the Airbus A320. And Boeing’s 787 Dreamliner, which is often described as a composite aircraft, contains 20% aluminum (by weight) which includes aluminum 7085, a relatively new aluminum alloy.

The market is segmented by application into automotive, aerospace, industrial gas turbines, oil & gas, and others. Aerospace is expected to grab the major share of revenue in the forecast period due to the increasing demand for high-performance materials in aircraft and rocket engines owing to properties such as high strength, reliability and low weight of the materials. The aerospace industries are quick adopters of initial engineering technology which has managed to the growth of high-performance alloys systems globally. High-Performance alloys make it possible for the aerospace industry to produce high-performance parts such as jet engines and airframes.

In addition, because of excellent heat resistance properties, the use of high-performance materials is increasing, so the alloy is often used to make parts for aircraft engines. Companies are focusing to offer a variety of specialty alloys and composites that meet end-users physical and mechanical property requirements. For instance, Materion Corporation launched a product AMC® 4632 ALLOY, which is manufactured by powder metallurgy, refining the microstructure and providing enhanced mechanical properties, especially for the aerospace industry.

By Product type, the market is segmented into Non-Ferrous Alloys, Platinum Group Alloys, Refractory Metal Alloys, and Super Alloys.

Geographical Analysis:

Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa.

The Asia Pacific high-performance alloys market size was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period. Asia Pacific is expected to hold the largest market share in the forecast period. The continuous improvement of construction activities and the automotive businesses in Japan, India, and China will indicate the commercial developments of the High-Performance Alloys market in the Asia Pacific. The growth in the GDPs of developing nations in the Asia Pacific will likewise be a major factor for the development of the High-Performance Alloys industry.

Most of the governments are focusing on cost reduction and to improve the performance of alloys. For instance, The Australia-India Strategic Research Fund has announced it will support a major collaboration into high-performance alloys. The Australia-India Strategic Research Fund (AISRF) announced the grant, valued at almost USD 1 million. A team of Deakin researchers will lead the Australian arm of a collaborative research project that aims to achieve improved performance and cost savings through advanced manufacturing of new high entropy alloys.

The North American high-performance alloys market size was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period. USA, Mexico, and Brazil are the major contributors of the North America region. North America is a center point for the automotive and aeronautical industries, which plays a vital role in the growth of High-performance alloys. The interest for alloys in North America establishes a huge expansion due to the presence of the airplane, marine and automotive business.

The growth of the North American market is expected to be mainly driven by the rising demand in the automotive industry with the increasing production of passenger cars, increasing R&D investments,  and, favorable government regulations. For instance, The USA government introduced ‘The National Space Policy’ for promoting investment in the aerospace industry and it is expected to boost the High-Performance Alloys market growth in North America.

Competitive Analysis

Some of the major market players are Alcoa Inc., Precision Castparts Corp., Outokumpu, Hitachi Metals Ltd., Aperam SA, Allegheny Technologies Incorporated, Carpenter Technology, Haynes International Inc., Timken Company, VSMPO-Avisma Corporation, and, ThyssenKrupp AG.

In March 2018, Materion Corporation announced a distribution agreement with EDRO GmbH in Europe. Adding to this, EDRO Specialty Steels Inc. will join ThyssenKrupp Copper and Brass Sales as exclusive distributors of MoldMAX alloy products in North America.

Companies are focusing to launch new products globally due to the high demand from different applications.

In the year 2018, ALLITE® Inc. created and produces ELITE Super Magnesium™, a premium alloy that is the lightest of all structural materials and is diversely appealing across vast industries where weight, performance and efficiency are critical.

Trending Topics

High Strength Aluminium Alloys Market

Superalloys Market

Nickel Alloys Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest