ID: MRFR/CnM/4731-HCR | February 2021 | Region: Global | 100 pages
A high-performance alloy is a mixture of high-end metals that exhibits several significant characteristics in various complex processes and operations. The primary features defining the high performance of such metals are resistance to thermal creep deformation, excellent mechanical strength and surface stability, and greater resistance to corrosion or oxidation. The important alloying elements include nearly 2.0% manganese and small quantities of various metals such as nickel, copper, niobium, nitrogen, chromium, molybdenum, vanadium, calcium, rare earth elements, titanium, and zirconium. Of these, copper, niobium, vanadium, and titanium are added to provide strength. Some of the important alloys are Inconel, Hastelloy, Rene alloys, Waspaloy, MP98T, TMS alloys, Incoloy, and CMSX single crystal alloys. The development of such alloys is heavily reliant on chemical process innovations. Various chemical treatments such as solid solution strengthening confer high temperature strength to an alloy. In addition, one of the substantial strengthening mechanisms is the precipitation method which includes secondary precipitates such as gamma prime and carbides. Important metals such as aluminum and chromium provide oxidation or corrosion resistance along with strength. High performance alloys are used in almost all major end-use industries such as machinery, tools, turbine engines, and mechanical equipment. Moreover, the aerospace and defense and marine industries are major consumers of high performance alloys as they provide better mechanical properties or greater resistance to corrosion than carbon steel.
The global metal alloys market has been estimated to grow at a robust CAGR to reach over USD 50 billion by the end of 2023; this is anticipated to fuel the growth of the global high performance alloys market. The global aerospace and defense industry is expected to grow at a healthy CAGR on account of the increasing demand for both commercial and fighter jets around the world. This is projected to boost the demand for high performance alloys. Additionally, the global electrical and electronics industry is expected to attain a trillion dollar mark during the review period, which is likely to propel the growth of the global high performance alloys market. The automotive sector is rapidly adopting global norms and standards for emission reduction, wherein lightweight materials with high strength are prerequisite. This is anticipated to fuel the demand for high performance alloys in the automotive industry. However, the growth of the global high performance alloys market is likely to be restrained by the need for large-scale capital investments, the high cost of structure, and the complex processes involved in the production of such alloys.
Global High Performance Alloys Market Share, by End-Use Industry, 2017 (%)
Source: MRFR Analysis
The global high performance alloys market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia-Pacific is expected to be the largest and fastest-growing market during the forecast period. This region held a 40% share of the global high performance alloys market in 2017. The major contributors to the growth of this regional market are India, Japan, South Korea, and China. The healthy growth of this regional market can primarily be attributed to the significant presence of major end-use industries such as automotive and electrical and electronics. North America is expected to be the second-largest market, due to the growing demand for high performance alloys in the aerospace and defense and marine industries in the U.S. Europe is also a significant market, comprising Germany, the U.K., France, and Italy. The growth of the European market is expected to be mainly driven by the rising demand in the automotive industry with the increasing production of passenger cars. The markets in Latin America and the Middle East and Africa are expected to showcase significant growth during the forecast period due to the emergence of major end-use industries such as automotive and construction.
The global high performance alloys market has been segmented on the basis of metal type, product, end-use Industry, and region.
On the basis of metal type, the market has been segmented into iron, aluminum, titanium, magnesium, and others.
Based on product, the market has been segmented into non-ferrous, refractory, superalloys, and others.
By end-use industry, the market has been segmented into aerospace and defense, automotive, industrial, electrical and electronics, oil and gas, marine, and others.
The market has also been studied with regard to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The prominent players in the global high performance alloys market are Alcoa Inc. (U.S.), Hitachi Metals Ltd. (Japan), Carpenter Technology Corporation (U.S.), Precision Castparts Corp. (U.S.), Timken Company (U.S.), Aperam SA (Luxembourg), VSMPO-Avisma Corporation (Russia), ThyssenKrupp AG (Germany), RTI International Metals (U.S.), and Outokumpu (Finland), among others.
|Market Size||2030: Significant Value|
|CAGR||2030: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Metal Type, Product, End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alcoa Inc. (U.S.), Hitachi Metals Ltd. (Japan), Carpenter Technology Corporation (U.S.), Precision Castparts Corp. (U.S.), Timken Company (U.S.), Aperam SA (Luxembourg), VSMPO-Avisma Corporation (Russia), ThyssenKrupp AG (Germany), RTI International Metals (U.S.), and Outokumpu (Finland)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||growth of the aerospace & defense industry|
Frequently Asked Questions (FAQ) :
The global high performance alloys market can surpass a valuation of UDS 50 billion by 2023.
The growth of the aerospace & defense industry is the primary driver of the global high performance alloys market.
Complex production processes and need for large-scale investments are major factors which can impede the growth of the global high performance alloys market.
The APAC region is presumed to dominate the global high performance alloys market till 2027 due to presence of end-use industries of electronics, electrical, and automotive.
ThyssenKrupp AG, Alcoa Inc., Aperam SA, Carpenter Technology Corporation, RTI International Metals, Hitachi Metals Ltd., Timken Company, Outokumpu, Precision Castparts Corp., and VSMPO-Avisma Corporation are key players of the global high performance alloys market.