Global High Performance 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.
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.
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.
High Performance Alloys Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Non-ferrous metals
• Platinum group metals
• Super alloys
High Performance Alloys Material Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
High Performance Alloys Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Industrial Gas Turbine
• Oil & Gas
• E & E
High Performance Alloys Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• North America
• The UK
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA