The global High-Performance Alloys Market projecting a CAGR of 4.60% during the forecast period, 2020-2026.
Published | March 2020
According to BlueWeave Consulting, 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 market is growing owing to various factors. The investments made by the government in the construction sector, inexpensive raw materials, growing industrialization, and urbanization in the developing countries are the factors that are expected to drive the global High-Performance Alloys market.
The requirement from the end-user industries, coupled with technological advancement, are contributing to the growth of high-performance alloys market. The surging need for light materials along with the high demand for new generation aircraft in the aerospace industry most likely to fuel the high-performance alloys market during the forecast horizon. The industry is most likely to augment owing to the rising demand for the alloys in complex applications, including thermal processing, oil & gas extraction, and petroleum. 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. The main criteria evaluating high-performance alloy growth in developing economies are increased usage and demand for value-added and sustainable goods. Furthermore, the growing 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.
The emissions of greenhouse gases in the manufacturing process of high-performances alloys are most likely to slow down market growth. Besides, the investments of large capitals in the manufacturing of high-performance composites, owing to the fluctuations 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 materials.
The Non-ferrous alloys segment in Product Type is expected to grow at a very high CAGR during the forecast horizon
Based on Product Type, 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 high-performance alloys in automobiles reduced the weight and augmented fuel efficiency. The superior recycling capability of the metals utilized in the alloys is liable to fuel the demand for high-performance alloys.
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.
Asia-Pacific is expected to grow at a rapid rate of the global High-Performance Alloys market during the anticipated period.
By geography, the High-Performance global 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 rising 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.
Browse Detailed Table of Contents, “High-Performance Alloys Market Size, By Product Type (Non-ferrous alloys, Refractory alloys, and Others (Hastelloy, Inconel, waspaloy, Rene alloys, Haynes alloys, Incoloy, MP98T, TMS alloys, CMSX single crystal alloys, platinum alloys)), By Alloy Type (Wrought alloy and Cast alloy), By Alloying Element (Aluminum, Titanium, Magnesium, and Others (nickel, cobalt, molybdenum)), By Application (Aerospace, Industrial, Automotive, Oil & Gas, Electronics & electrical, and Others (military and marine)), and By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26”
High-Performance 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 technologies.