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Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ High Performance Alloys Market
High Performance Alloys Market

High Performance Alloys Market

Published date: • Report Code: 17849
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  • Home ➤ Advanced Materials ➤

    High Performance Alloys Market

Global High Performance Alloys Market By Product (Non-ferrous metal, and Platinum group), By Material (Aluminum, Titanium, and Others), By Application (Aerospace, Industrial, Oil & Gas, Automotive, Electrical & Electronics, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

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  • Major Market Players
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    • 1 Report Overview
    • 2 Market Dynamics
      • 2.1 Drivers
      • 2.2 Challenges
    • 3 Global High Performance Alloys Market
      • 3.1 Product Analysis
      • 3.2 Material Analysis
      • 3.3 Application Analysis
      • 3.4 COVID-19 Analysis
    • 4 Key Market Segments
    • 5 Regional Analysis
    • 6 Key Regions and Countries covered іn thе rероrt:
    • 7 Market Share Analysis
    • 8 Key Market Players

    Report Overview

    The Global High Performance Alloys Market size is expected to be worth around USD 14.75 billion by 2032 from USD 9.68 billion in 2022, growing at a CAGR of 4.3% during the forecast period 2022 to 2032.

    The market is expected to grow due to the growing demand for light alloys in the aerospace industry and the high demand for new-generation aircraft.

    This is due to the increasing demand for alloys in critical areas such as oil and gas extraction, thermal process, and petroleum. Additionally, the industry is expected to grow due to the increased use of power generation for the production of industrial gas turbine components.

    High Performance Alloys Market Analysis By Region

    Market Dynamics

    The U.S. market is driven by the increasing development in magnesium and aluminum mining and the increased extraction of metals for alloying. Over the forecast period, the market is expected to benefit from technological advancements in processing techniques for high-performance alloys.

    Over the forecast period, the demand will be limited by high initial capital investment and increased costs for raw materials procurement. High energy consumption is required to produce such alloys, which further limits the market growth.

    The strict regulatory framework that governs raw material extraction, mining, and processing has also negatively impacted the industry. Recycled materials will also be a major trend driving industry growth rate in the forecast period.

    Drivers

    Technological advancements in high-performance alloy processing techniques, and the increasing preference for alloys for the thermal processing of gas and oil extraction are two examples. In the future, significant revenue growth is expected due to the growing use of power generation in manufacturing gas turbine components.

    Market growth is expected to be driven by several factors including the rising importance of high-quality materials in the automated, defense, and aerospace industries, increased consumption of goods and services in steam turbines, and technological advancements and economies of scale.

    Market revenue growth is expected to be limited by the high initial investment and higher raw material costs. The high energy consumption required for alloy manufacturing also limits market growth. High-performance alloys also face unique challenges during manufacturing. They produce heat and can cause severe damage or deformation. High-performance alloy parts can be difficult to machine because of their unique shapes.

    Challenges

    Market growth may be limited by fluctuating raw material prices

    High-performance alloys are made mainly of several metals, including aluminum, nickel and chromium as well as steel. The market may not grow if there are fluctuations in the price of these materials. According to the China Nonferrous Metals Industry Association (CNMIA), aluminum prices rose sharply by 50% to US$3,000 per tonne in September 2021. The report also states that prices for other metals, such as nickel and copper, are expected to rise significantly by 2022. In March 2022, steel prices in the United States jumped up to US$700 per tonne. This could limit the growth factors of high-performance alloy industries during the forecast period due to the instability and fluctuating costs of high-performance alloy materials.

    Global High Performance Alloys Market

    Product Analysis

    Due to their increasing use in the automotive sector, non-ferrous alloys will be the fastest-growing products. This product is used in automobiles to reduce weight and increase fuel efficiency. The alloys’ superior recycling abilities are likely to increase demand.

    Superalloys will be the second-largest segment due to its extensive use across many industries, including power generation, oil and gas, and chemical processing.

    Material Analysis

    Aluminum is predicted to experience the fastest growth with a CAGR of 5.4% in terms of revenue. This is due to increased use in the aerospace and automotive industry. To improve operational efficiency, aluminum is often combined with other metals. This is expected to increase the demand in the future.

    Because of the increasing use of titanium-based alloys in aerospace applications for building fuel nozzles for jet engines, there is a growing market. The demand will be driven by superior product properties such as toughness and high tensile strength, as well as lightweight.

    Application Analysis

    The market largest share for industrial gas turbines is 19.7%, according to volume. This is expected to increase the demand for high-temperature resistant products in gas industry turbines over the forecast. High demand is also a result of the increased performance lifespan of turbines that use alloys.

    The market is expected to grow due to the increased use of product launches in manufacturing critical industrial components. The market will also grow due to increased product usage in oil & gas, defense equipment manufacturing, and other industries.

    COVID-19 Analysis

    The global market for high-performance alloys has been severely affected by the pandemic of COVID-19.

    Different governments have implemented tight regulations for national and international transportation to control the virus since the outbreak of the pandemic. The result has been a severe decline in the aviation industry. The result was a significant drop in demand for high-performance alloys for commercial aircraft engines manufacturing. The demand for high-performance alloys in vehicle production has declined.

    Key Market Segments

    • Product
      • Non-ferrous metal
      • Super alloys
      • Refractory
      • Platinum group
    • Material
      • Aluminum
      • Magnesium
      • Titanium
      • Others
    • Application
      • Aerospace
      • Industrial
      • Industrial Gas Turbine
      • Oil & Gas
      • Automotive
      • Electrical & Electronics
      • Others

    Regional Analysis

    Asia Pacific will be the fastest-growing region. The region is expected to grow at a rate of 5.9% CAGR in terms of revenue, due to an increase in automobile production and the growth of the aerospace industry. Over the forecast period, the demand will be driven by the expected growth in GDP and the increase in manufacturing within the region.

    North America is the dominated this market with a share of 37.8% in 2021 because of the large volume of U.S.-based aerospace companies. Additionally, the economic recovery will provide the needed impetus for the market’s growth during the forecast period.

    High Performance Alloys Market Regional Share

    Key Regions and Countries covered іn thе rероrt:

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Market Share Analysis

    International and regional industry players are active in strategic partnerships that aim to increase market share. In an attempt to increase their global footprint, the companies have opened manufacturing plants around the globe. This trend is expected to continue for the forecast period.

    In order to increase market share, industry key companies are committed to offering unique value propositions. A growing number of manufacturers are innovating their products, offering lightweight components and high precision for specific applications. This will help to drive demand.

    High Performance Alloys Market Company Share

    Key Market Players

    • ThyssenKrupp
    • Precision Castparts Corporation
    • Alcoa
    • Allegheny Technologies Limited
    • Sumitomo Metal Industries
    • Haynes International
    • Hitachi Metals
    • Eramet Group
    • Other Key Players

    For the High Performance Alloys Market research study, the following years have been considered to estimate the market size:

    Attribute Report Details

    Market Size in 2022

    USD 9.68 billion

    Growth Rate

    4.3%

    Forecast Value in 2032

    USD 14.75 billion

    Historical Years

    2016-2020

    Base Year

    2021

    Estimated Year

    2022

    Short Term Projection Year

    2028

    Projected Year

    2023

    Long Term Projection Year

    2032

    Report Coverage

    Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.

    Regional Scope

    North America, Europe, Asia-Pacific, South America, Middle East & Africa

    Country Scope

    United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa

    Frequently Asked Questions (FAQ)

    What is the size of the High Performance Alloys market in 2021?

    The High Performance Alloys market size was USD 9.68 billion in 2021.

    What is the projected CAGR at which the High Performance Alloys market is expected to grow at?

    The High Performance Alloys market is expected to grow at a CAGR of 4.3% (2023-2032).

    List the segments encompassed in this report on the High Performance Alloys market?

    Market.US has segmented the High Performance Alloys market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, market has been segmented into Non-ferrous metal, Super alloys, Refractory, and Platinum group. By Material, the market has been further divided into Aluminum, Magnesium, Titanium, and Others. By Application, market has been segmented into Aerospace, Industrial, Industrial Gas Turbine, Oil & Gas, Automotive, Electrical & Electronics, and Others.

    List the key industry players of the High Performance Alloys market?

    ThyssenKrupp, Precision Castparts Corporation, Alcoa, Allegheny Technologies Limited, Sumitomo Metal Industries, Hynes International, Hitachi Metals, Eramet Group, and Other Key Players engaged in the High Performance Alloys market.

    Which region is more appealing for vendors employed in the High Performance Alloys market?

    North America is accounted for the highest revenue share of 37.8%. Therefore, the High Performance Alloys industry in North America is expected to garner significant business opportunities over the forecast period.

    Name the key areas of business for High Performance Alloys?

    The US, Mexico, China, India, and Japan are key areas of operation for High Performance Alloys Market.

    Which segment accounts for the greatest market share in the High Performance Alloys industry?

    With respect to the High Performance Alloys industry, vendors can expect to leverage greater prospective business opportunities through the non-ferrous alloys segment, as this area of interest accounts for the largest market share.

    High Performance Alloys Market
    High Performance Alloys Market

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    • Precision Castparts Corporation
    • Alcoa
    • Allegheny Technologies Limited
    • Sumitomo Metal Industries
    • Haynes International
    • Hitachi Metals
    • Eramet Group
    • Other Key Players

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High Performance Alloys Market
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  • Mar 2022
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