High Performance Alloys Market
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
150 pages report analyses the Global high performance alloys Market shares, recent trends, competitive intelligence and future market outlook. The market is poised to grow at a CAGR of 5.45% until 2029. Increasing demand for high-performance materials in the aerospace, automotive raises the market growth. The Competitive rivalry intensifies with Outokumpu, Hitachi Metals Ltd., Aperam SA, Allegheny Technologies Incorporated, Carpenter Technology and others operating in the market
High-Performance Alloys Market - Strategic Insights
|
Metrics |
Details |
|
Market CAGR |
5.45% |
|
Segments Covered |
By Material Type, By Product, By Application, and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
North America |
To Get a Free Sample Click here
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, and cobalt, Corrosion-resistantment of High-performance alloys has primarily been driven by the aerospace and power industries.
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.
High-Performance Alloys Market Dynamics and Trends
The market is impacted by several factors such as increasing demand for high-performance materials in the 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.
High-Performance Alloys Market Segmentation Analysis
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 The automotive. Aluminum is lightweight right, technically advanced in terms of forming and alloying, and it's a relatively low cost. Automotive entry coupled with the increasing substitution of steel with aluminum-based high-performance alloys in the automotive industry fetches 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 airliners 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 weight of the materials. The alloy industries are quick adopters of initial engineering technology which has managed the growth of high-performance alloy 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.
High-Performance Alloys Market 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 YY billion in 2018 and is forecasted to reach USD YY billion by 2026, at a CAGR of YY% 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 alloy minet in the Asia Pacific. The growth in the GDPs of developing nan the Asia Pacific will likewise be a major facimproving development of the High-Performance Alloys industry.
Most governments are focusing on cost reduction and improving 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 YY billion in 2018 and is forecasted to reactotoh USD YY billion by 2026, at a CAGR of YY% during the forecast period. USA, Mexico, and Brazil are the major contributors to the North American 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 in alloys in North America establishes a huge expansion due to the presence of the airplane, marine, and automotive businesses.
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 US 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.
High-Performance Alloys Companies and 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-Avista 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.
Frequently Asked Questions
What is the High-Performance Alloys Market growth?
The market is growing at a high CAGR of 5.45%.
What is the High-Performance Alloys Market size in 2021?
The Market size was valued at USD YY million in 2021.
Who are the key players in High-Performance Alloys Market?
Alcoa Inc., Precision Castparts Corp., Outokumpu, Hitachi Metals Ltd., Aperam SA, Allegheny Technologies Incorporated, Carpenter Technology, Haynes International Inc., Timken Company, VSMPO-Avista Corporation, and, ThyssenKrupp AG.