Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Master Alloys Market.
The Global Master Alloys Market is predicted to touch USD 441.2 million at a 6.51% CAGR over the forecast period (2018-2024), as per the latest Market Research Future (MRFR) report. A master alloy, simply put, is a base metal including nickel, copper or aluminium with a comparatively percentage of one or two other elements. These alloys are made in various shapes such as rod in coils, waffle plate, and ingot. They are mostly found in plants where metals are melted, alloyed with different elements as well as cast into shapes. It can be steel, iron, aluminium or precious metals such as gold. Master alloys are also known as a modifier, grain refiner, and hardener resting on its application.
Various factors are propelling the master alloys market growth. These factors, as stated by the MRFR report, include burgeoning demand for master alloys from the titanium industry, and growing demand in the automotive sector. Additional factors pushing market growth include growing demand for superalloys that can withstand extreme temperatures and collaboration between consumers and manufacturers.
On the contrary, declining profit margins, coupled with the dull growth of the steel industry are factors that may impede the master alloys market growth over the forecast period.
The Market Research Future report provides a wide segmental analysis of the master alloys market based on application and type.
Based on type, the master alloys market is segmented into copper-based master alloys, chromium alloys, vanadium alloys, molybdenum alloys, aluminium-based master alloys, and others. Of these, the aluminium-based master alloys segment will have the largest share in the market over the forecast period. This is owing to the fact that aluminium is lightweight, highly compatible with other base materials, and works as a hardening agent.
By application, the master alloys market is segmented into the aluminium industry, metal anhydride alloys, iron, titanium production, powder metallurgical, stainless steel, superalloys, and others. Of these, the titanium production segment will dominate the market over the forecast period. This is owing to its wide use in aircraft engines as well as components. The titanium production segment will be followed by the superalloys segment.
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Based on the region, the master alloys market report covers growth opportunities and the latest trends across North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will remain the frontrunner in the market over the forecast period. It is predicted to grow at an 8.3% CAGR. This is owing to the burgeoning demand from various end industries such as aluminum, consumer goods, automotive, and aircraft components. The presence of automotive giants such as Mitsubishi and Toyota are investing largely in production facilities, especially in Malaysia, the Philippines, and Indonesia are also boosting the market growth in this region.
The master alloys market in North America is predicted to have the second-largest share in the market during the forecast period and is predicted to touch USD 91.4 million. This is owing to the growth in the aerospace industry and the presence of leading aircraft manufacturers in the region.
The master alloys market in Europe is predicted to have moderate growth over the forecast period. Germany is the key contributor in this region owing to the growing demand for titanium alloys in the automotive as well as aerospace industries.
Leading players profiled in the master alloys market report include KBM Affilips (Netherlands), Advanced Metallurgical Group N.V. (Netherlands), Asturiana de Aleaciones SA (Spain), Reading Alloys (AMETEK Inc.) (US), and Milward Alloys Inc. (US), among others.