The Global Market for High Performance Alloys is Projected to Exceed 700 Thousand Metric Tons by 2024
Focus on ‘Lightweighting’ in
Aerospace, Automotive, and Infrastructure Systems Drives Demand for High
Performance Alloys, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, size and demand forecasts on the global High
Performance Alloys (HPAs) market. The global market for High
Performance Alloys is projected to exceed 700 thousand metric tons by 2024, driven by relentless
improvements in metal manufacturing techniques to meet the growing demand for smarter,
lighter, and superior quality metals with outstanding strength in major end-use
sectors.
High performance alloys (HPAs) represent metal alloys or a blend of
specific materials intended to deliver excellent strength, corrosion
resistance, surface stability and performance along with low temperature
ductility at high pressure and temperature. Superior attributes of high performance
alloys over standard alloys that are driving their widespread adoption include
high strength and toughness, good weldability, long-lasting durability,
excellent corrosion and oxidation resistance, elevated temperature properties,
high strength-to-weight ratios, and fatigue properties, among others. The
aerospace end-use application is expected to witness the fastest growth
supported by strong defence and commercial aviation spending. Gas turbines
application is expected to witness relatively slower growth on account of the
weak spending by oil and gas companies on capital projects due to lower oil
prices. Driven by the persistent and rapid growth in advanced technologies,
overall standards of fabrication in the industry are undergoing substantial improvements
resulting in increased demand for finished products made from superalloys.
Future growth in the market will be driven by growing focus on
‘Lightweighting’ in aerospace, automotive, and infrastructure systems. The
rising trend in the transportation industry to make vehicles lighter in order
to improve fuel-efficiency is expected to offer significant growth
opportunities for lightweight alloys. Another important growth driver is the substitution
of many metals and alloys including steel by aluminum- and titanium-based
high-performance alloys supported by their increasing use in the manufacture of
rocket and aircraft engines; in the
automotive sector due to their contribution towards significant weight
reduction; and in oil & gas exploration applications due to their
capabilities to withstand high-pressure and high-temperature conditions.
Continued advancements in production and processing technologies in the industrial
sector are expected to contribute significantly to market adoption of high
performance alloys in the coming years. Other important factors that are poised
to benefit market prospects include increasing investments in R&D projects
to use innovative and efficient materials in the aerospace industry; stable
automobiles production; healthy commercial aviation outlook; untapped potential
offered by HPAs in medical devices, and increasing power generation activity.
As stated by the new market research report on High Performance Alloys, Europe represents
the largest market worldwide, followed by the United States. Well-developed
aerospace industries, growing prominence of industrial gas turbines in the
power generation sector, and increasing use of these alloys in various
automotive applications represent major growth drivers in the developed
markets. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.1%
over the analysis period. Rapid industrialization, phenomenal progress in
infrastructure projects, increasing numbers of production plants in China,
penetration of advanced technologies in China and India, and steady rise in
automotive production activity represent key factors benefiting growth
prospects in the region.
Key players in the market include Allegheny Technologies Incorporated,
AMG Advanced Metallurgical Group N.V., Aperam S.A., Arconic Inc., Carpenter
Technology Corporation, Constellium N.V., ERAMET S.A., Glencore Plc, H.C.
Starck GmbH, Haynes International, Inc., High Performance Alloys Inc., Hitachi
Metals, Ltd., Metallurgical Plant Electrostal, JSC, Nippon Yakin Kogyo Co.,
Ltd., Precision Castparts Corp., Sandvik AB, TimkenSteel Corporation, Universal
Stainless & Alloys Inc., VDM Metals GmbH, and VSMPO-AVISMA Corporation,
among others.
The research report titled “High
Performance Alloys: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive
review of market trends, growth drivers, issues, mergers, acquisitions, and
other strategic industry activities of major players worldwide. The report
provides market estimates and projections in metric tons for all major
geographic markets including the United States, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, and
Rest of Asia-Pacific), Latin America and Rest of World. Product segments
analyzed in the report include Nickel, Cobalt, and Titanium. End-use sectors
analyzed in the report include Gas Turbines (Electrical & Mechanical),
Industrial, Aerospace, and Others.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
To connect with us, visit our LinkedIn page.
Comments
Post a Comment