High-Performance Alloys Market Forecast and Trends
The global High-Performance
Alloys market has reached USD 9.23 Billion in 2019 and estimated to reach USD
12.59 Billion in 2026 and anticipated to grow by CAGR of 4.60% during the
forecast period 2020-2026. The factors driving the global High-Performance
Alloys market are rising the government’s investments in the construction
sector. The low cost of raw materials and the growing industrialization and
urbanization in developing countries are some other factors that will stimulate
market growth. The market for high-performance alloys will be driven by demand
from the end-user industry as well as technological advances. Economic
development plays an essential role in fueling the global market demand for
high-performance alloys. The main criteria evaluating high-performance alloy
growth in developing economies are increased usage and demand for value-added
and sustainable goods.
The increasing demand in the
aerospace industry for light materials coupled with high demand for new generation
aircraft is anticipated to propel the market growth during the forecast
horizon. The industry is likely to augment owing to the rising demand for the
alloys in complex applications, including thermal processing, oil & gas
extraction, and petroleum. Moreover, the increasing usage in power generation
for the production of industrial gas turbine components is estimated to fuel
the demand for high-performance alloys in the forthcoming years.
High-Performance Alloys Market Overview:
High-performance alloys are
those alloys that exhibit high physical characteristics such as high mechanical
strength, making them more resistant to any deformation and higher corrosion
and heat damage resistance. Such advantages caused widespread use of such
alloys. The production of these alloys is mostly demonstrated by advances in
the processes of chemical and manufacturing. Industries primarily use
high-performance alloys for improved operational efficiencies such as
electricity generation, oil and gas, and many others.
The Increasing Aerospace
& Defense Industry Demands
The aerospace industry is
the largest end-user market for high-performance alloys, accounting for almost
half of global demand. The military aerospace industry consumes the bulk of vital
strategic materials used in commercial aerospace. Moreover, most aircraft
engines represent high-performance alloys. High-performance alloy consumption
has grown not only in aerospace but also in vertical defense.
Rapid Growth in the Demand
of High-Performance Alloys in the Oil & Gas Industry
The share of total offshore
oil & gas production has increased significantly, and the rapid growth of
the ultra-deepwater output is anticipated in the future. The oil & gas
production was more challenging, which require improved equipment, advanced
technologies, and high-performance alloy materials to ensure the smooth and
safe manufacture of oil & gas. This has created an enormous opportunity for
the Corrosion Resistant Alloys (CRAs) to enter the market, as they are better
suited to meet the increasing exploration and production requirements.
Emissions of Greenhouse
Gasses in the manufacturing High-Performance Alloys
The emissions of greenhouse
gases in the manufacturing process of high-performances alloys are likely to
hamper the growth of the High-Performance Alloys market. Besides, the spendings
of large capitals in the manufacturing of these high-performance alloys, owing
to the variance in the prices of raw materials, is restraining the market growth
of high-performance alloys. The industry is also impacted by the existence of a
stringent regulatory framework concerning the production and processing of raw
High-Performance Alloys Market: Product Type
Based on Product Type, the
High-Performance Alloys market segmented into Non-ferrous alloys, Refractory
alloys, and Others (Hastelloy, Inconel, waspaloy, Rene alloys, Haynes alloys,
Incoloy, MP98T, TMS alloys, CMSX single crystal alloys, platinum alloys).
Non-ferrous alloys segment is expected to grow at a very high CAGR over the
forecast horizon, owing to their surged applications in the automotive
industry. The use of such products in automobiles reduced the weight and
increased fuel efficiency. The superior recycling capability of the metals
utilized in the alloys is liable to boost the demand for high-performance
High-Performance Alloys Market: Alloy Type
Based on Alloy Type, the
High-Performance Alloys market bifurcated into Wrought alloy and Cast alloy.
The wrought alloy segment dominated the global high-performance alloys market
in 2018 and is expected to remain dominant in the forecast years owing to its
properties such as malleability, high ductility, high stiffness, and superior
corrosion resistance. The Wrought alloys
contain low percentages of elements. However, the cast alloy is predicted to be
the fastest-growing alloy type through the forecast horizon. Casting alloys
possess the same elements as wrought but in higher amounts.
High-Performance Alloys Market: Alloying Element
Based on Alloying Element,
the High-Performance Alloys market segmented into Aluminum, Titanium,
Magnesium, and Others (nickel, cobalt, molybdenum). The Aluminum segment is
anticipated to have the fastest growth during the estimated period, due to its
rising application in the aerospace and automotive industries. Aluminum is
applied in combination with other metals to enhance operational efficiency,
which is likely to propel the demand during the forecast horizon.
High-Performance Alloys Market: Application
Based on Application, the
High-Performance Alloys market segmented into Aerospace, Industrial,
Automotive, Oil & Gas, Electronics & electrical, and Others (military
and marine). The aerospace segment had the lion's share in 2018 and is likely
to hold its position during the forecast horizon, owing to the worldwide growth
of the aviation sector and growing demand for fuel-efficient aircraft.
Lightweight and corrosion resistance properties provided by the
high-performance alloys is the primary factor for the rise in the market share
of the aerospace industry.
High-Performance Alloys Market: Regional insights
By geography, the global
High-Performance Alloys Market segregated into North America, Europe, Asia
Pacific, Middle East & Africa, and Latin America. The Asia-Pacific is
anticipated to dominate the global high-performance alloys market during the
forecast period, owing to the surging demand from several industries, such as
aerospace & defense, automotive, and energy & power. North American
region held the lion's share in 2018, owing to the high consumption of these
alloys by the oil & gas and aerospace industries.
Alloys Market: Competitive Landscape
The major market players in
the Global High-Performance Alloys are Alcoa Inc., Aperam SA, Allegheny
Technologies Incorporated, Carpenter Technology, Haynes International Inc.,
Hitachi Metals Ltd., Outokumpu, Precision Castparts Corporation, Timken
Company, VSMPO-AVISMA Corporation, and other Prominent Players are expanding
their presence in the market by implementing various innovations and
objective of the Study:
To analyze and forecast the
global High-Performance Alloys market size of the market in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global High-Performance Alloys market into five
regions, namely, North America, Europe, Asia Pacific, Latin America, and the
Middle East & Africa and their leading countries.
To outline, categorized, and
forecast the global High-Performance Alloys market based on Product Type, Alloy
Type, Alloying Element, and Application.
To examine competitive
developments like technological advancement, services, and regulative framework
within the global High-Performance Alloys Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
of the Report:
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Million/Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico,
Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Product Type, Alloy Type, Alloying Element,
Aperam SA, Alcoa Inc., Allegheny Technologies Incorporated, Carpenter
Technology, Haynes International Inc., Hitachi Metals Ltd., Outokumpu, Precision
Castparts Corporation, Timken Company, VSMPO-AVISMA Corporation, and Other
By Product Type
By Alloy Type
By Alloying Element
Oil & gas
Electronics & electrical
Middle East & Africa
Questions answered by the report
How will the market drivers,
restraints, and opportunities affect the market dynamics?
What will be the market size
in terms of value and volume and market statistics with a detailed
Which segment dominates the
market or region, and one will be the fastest-growing, and why?
A comprehensive survey of
the competitive landscape and the market participant players
Analysis of strategy adopted
by the key player and their impact on other players.
Scope for the Client
Client satisfaction is our
first and last priority, and that is why BlueWeave Consulting offers
customization according to Company’s specific needs. The following
customization options are available for the report:
With five additional company
Additional country analysis
Detailed segment analysis