Global HighPerformance Alloys Market is expected to reach USD 11.34 billion by 2024. High performance alloys is also termed as super alloy that are resistant to thermal creep deformation, excellent mechanical energy, resistance to oxidation or corrosion, and suitable floor stability. These alloys have chemical and superior physical properties as compared to standard alloys. Industries for enhanced operational performance such as power generation, oil and gas and many others mainly use high performance alloys. The high performance alloys market is estimated to grow at a significant CAGR of 4.7% over the future period as the scope and its applications are rising enormously across the globe.
High
resistance to heat and corrosion, raising demand from end-use manufacturers in
emerging countries, growing industrialization, and increasing technological
enhancement are documented as major factors of high performance alloys industry
that are estimated to enhance the growth in the years to come. High performance
alloys industry is segmented based on type, product type, material type,
application, and region. Cast alloy and wrought alloy are the major types that
could be explored in high performance alloys in the forecast period.
Super
alloys, non-ferrous metal, refractory, platinum group, and other product types
could be explored in high performance alloys in the forecast period. The
non-ferrous sector estimated to lead the overall market with largest share. As,
recycling capabilities and high consumption of non-ferrous scrap in industrial
activities. In terms of volume, the high performance alloys market is estimated
to grow at highest CAGR of 4.0% in the future period. Brass, nickel, lead,
zinc, copper, aluminum, and tin are the non-ferrous alloys. The alloys of these
metals have outstanding thermal stability, lighter in weight, resistant to
corrosion, malleable, and gives eminent strength at high temperature. Material
required for high performance alloys are magnesium, aluminum, titanium, and
others that could be explored in the foremost period. Others segment includes
molybdenum, nickel, and cobalt.
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The
high performance alloys industry may be categorized based on applications like
electrical & electronics, aerospace, oil & gas, industrial gas turbine,
automotive, industrial, and others. Aerospace sector accounted for the largest
market share. This may be because of high demand for materials that can resist
high temperature and have a projecting strength-to-weight ratio. These alloys
are used to manufacture aircraft components like rings and airframe parts, blades,
engine cases, disc, and others.
Globally,
North America accounted for the largest market share of high performance alloys
market and is estimated to lead the overall market in the coming years. The
reason behind the overall market growth could be high demand from aerospace
& defense industry and rebuilding of the oil & gas industry. In
addition, elevating fuel efficiency and reducing emissions and presence of
component manufacturers and significant aircraft will positively affect in the
overall market growth. The United States is a major consumer of high
performance alloys in this region.
Instead,
Europe and the Asia Pacific are also estimated to have a positive influence on
the future growth. Europe is the second largest region with significant market
share. However, in terms of revenue, Asia Pacific is estimated to grow at
fastest pace with the highest CAGR of 5.9% in the foremost period. The aspects
that may be ascribed to the growth comprise expanding aerospace industry,
raising production of automobiles, and increasing gross domestic product (GDP)
of the developing countries. The developing countries like India and China are
the major consumers of high performance alloys in this region.
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The
key players of high performance alloys industry are SMPO-AVISMA Corporation,
Ape ram SA, Timken Company, Alcoa Inc., Precision Castparts Corporation,
Allegheny Technologies Incorporated, Out okumpu, Carpenter Technology, Hitachi
Metals Ltd., and Haynes International Inc. These players are concentrating on
inorganic growth to sustain themselves amongst fierce competition. As such,
mergers, acquisitions, and joint ventures are the need of the hour.
Market
Segment:
High
Performance Alloys Product Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
• Non-ferrous metals
• Platinum group metals
• Refractory
• Super alloys
High
Performance Alloys Material Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
• Aluminum
• Titanium
• Magnesium
• Others
High
Performance Alloys Application Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
• Aerospace
• Industrial Gas Turbine
• Industrial
• Automotive
• Oil & Gas
• E & E
• Others
High
Performance Alloys Regional Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• The UK
• Russia
• France
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• South Africa
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