The demand for lightweight materials from the automotive and aerospace industries will be a major factor in influencing market growth.
Market Size – USD 9.37 Billion in 2018, Market Growth - CAGR of 3.3%, Market Trends – Low cost of raw materials.
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- The global high-performance alloys market is expected to reach USD 12.23 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing demand for lightweight materials from the automotive and aerospace industries, due to the factor that usage of alloysm increases the fuel efficiency of aircraft and automobiles.
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The aerospace industry is the largest end-user industry of high-performance alloys, generating 39% of the global revenue in the year 2018. Technology advancements and innovations in the market, coupled with the rising competition, has led to utilization of high-performance alloys in various sectors, thereby reducing the production cost.
The initial expenses regarding the manufacturing of high-performance alloys will be a hindrance to the growth of the market.
Further key findings from the report suggest
- The market is segmented on the basis of product type into non-ferrous alloys, platinum group alloys, refractory metal alloys, and super-alloys.
- Non-ferrous alloys dominated the market in 2018 and are forecasted to witness a CAGR of 1.8% during the forecast period, owing to their increased usage in electrical & electronics as well as in the automotive industry.
- Moreover, non-ferrous alloys are lightweight, have lower material cost as well as better recycling ability, which also fuels the growth of the segment.
- The market is segmented on the basis of metal type into titanium, aluminum, magnesium, and others.
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- Titanium metal accounted for the largest market share of ~45% 2018 and is forecasted to have a CAGR of 2.5% during the forecast period.
- Titanium is used extensively for the production of turbine blades, aircraft engines, and nuclear reactors, owing to its high tensile strength, toughness, and lightweight.
- The market is segmented on the basis of alloy type into wrought and cast.
- Wrought alloy accounted for the largest share of 55% of the market in 2018.
- The market is segmented on the basis of industry verticals into aerospace, automotive, industrial gas turbines, oil & gas, electrical & electronics (E&E) and others.
- Aerospace accounted for the largest market share of ~39% in 2018 and is forecasted to have a CAGR of 1.8% during the forecast period, closely followed by the automotive industry.
- The demand for lightweight aircraft for commercial and military application will drive the market in the aerospace industry sector.
- The market is segmented on the basis of geography into North America, Europe, Asia Pacific, Latin America, and MEA.
- North America accounted for ~31% of the market share in 2018, due to the high consumption of these alloys by the aerospace and oil & gas industries.
- Europe accounted for over ~26% of market share in 2018. The European market growth is fuelled by a mature automotive sector.
- Key participants include ATI, Alcoa, Special Metals, Haynes, Aperam, VSMPO-AVISMA, Beijing CISRI-GAONA Materials & Technology, Baosteel, CDM, Carpenter Technology, Fushun Special Steel Shares, Danyang Kaixin Alloy Materials, Kobe Steel, Hangzhou King Titanium, and Jiangsu Well Titanium, among others.
- The companies have adopted various strategies including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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For the purpose of this report, Reports and Data have segmented global high-performance alloys market on the basis of product type, metal type, alloy type, industry vertical, and region:
Product type Outlook (Volume, Kilo tons; 2018-2026 and Revenue, USD Billion; 2018-2026)
- Non-Ferrous Alloys
- Platinum Group Alloys
- Refractory Metal Alloys
- Super alloys
Metal type Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
- Titanium
- Aluminum
- Magnesium
- Others
Alloy type Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
- Wrought
- Cast
Industry verticals Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
- Aerospace
- Automotive
- Industrial Gas Turbines
- Oil & Gas
- Electrical & Electronics (E&E)
- Others
Regional Outlook (Volume, Kilo tons; 2018-2026 and Revenue, USD Billion; 2018-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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