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
- Published Date: March 2020
- Report ID: BWC19435
- Available Format: PDF
- Page: 180
Global 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.
Global 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 materials.
Global 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 alloys.
Global 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.
Global 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.
Global 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.
Global 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.
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.
The 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.
Scope 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, and Application
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 Prominent Players.
By Product Type
· Non-ferrous alloys
· Refractory alloys
By Alloy Type
· Wrought alloy
· Cast alloy
By Alloying Element
· Oil & gas
· Electronics & electrical
· Asia Pacific
· North America
· Latin America
· Middle East & Africa
Business 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 classification?
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.
Customization 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:
Additional Company Information
With five additional company detail analysis
Additional country analysis
Detailed segment analysis
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