Global High-Performance Alloys Market Size to Reach USD 16.22 Billion in 2032 | Emergen Research

Vancouver, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global high-performance alloys market size is expected to reach USD 16.22 Billion in 2032 and register a steady revenue CAGR of 4.7% over the forecast period, according to the latest analysis by Emergen Research. Technological advancements in high-performance alloys industry are expected to drive the market revenue growth. Increasing utilization of high-performance alloys in additive manufacturing, also known as Three-Dimensional (3D) printing, is on the rise due to the rising demand for lightweight and intricate components across a range of industries. For instance, on 1 May 2023, researchers from Sandia, in collaboration with teams from Ames National Laboratory, Iowa State University, and Bruker Corp., employed a 3D printer to craft a high-performance metal alloy, referred to as a superalloy. This superalloy boasts an unconventional composition that imparts greater strength and reduced weight compared to current state-of-the-art materials employed in gas turbine machinery. The implications of these findings span widely, encompassing energy sector, as well as aerospace and automotive industries. The novel superalloy, comprising 42% aluminum, 25% titanium, 13% niobium, 8% zirconium, 8% molybdenum, and 4% tantalum, demonstrated superior strength at 800 °C (1,472 °F) in comparison to numerous other high-performance alloys.

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However, high cost of materials compared to normal alloys is a major factor restraining market revenue growth. High-performance alloys, such as titanium alloys and superalloys, are only utilized in high-end applications such as aerospace and defense, when the performance advantages balance the extra cost, as these are more expensive per unit than normal alloys. Furthermore, restricted availability of raw materials and manufacturing facilities is also restraining revenue growth of the market. Since high-performance alloys require specific raw materials and manufacturing techniques, it can be difficult for firms to identify reliable sources of raw materials and production facilities. This could limit the use and availability of high-performance alloys in some regions and industries.

Scope of Research

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Major Companies and Competitive Landscape

The global high-performance alloys market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global high-performance alloys market report are:

• Alcoa Corporation
• Precision Castparts Corp
• Outokumpu
• Hitachi, Ltd.
• Aperam
• ATI
• CRS Holdings, LLC.
• HAYNES INTERNATIONAL.
• THE TIMKEN COMPANY
• Corporation VSMPO-AVISMA

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Strategic Development

On 11 July 2023, Velta LLC, a Ukrainian titanium company, revealed that it has created titanium aluminide (TiAl), a highly valued intermetallic compound, using its closed-cycle production technique. This accomplishment is a huge step forward for titanium technology, allowing for new and more robust uses of intermetallic compounds in the commercial and defense sectors at a fraction of the carbon footprint of existing approaches. The conventional manufacture of titanium metal and its alloys, such as titanium aluminide, requires a lot of energy and time. The novel Velta Ti method, which produces titanium alloy powders from ilmenite concentrate, yields a better product with a carbon footprint that is five to ten times lower than those produced by the classic Kroll method.

Some Key Highlights From the Report

• The superalloys segment is expected to account for largest revenue share in the global high-performance alloys market during the forecast period. This segment is further sub-segmented into single-crystal superalloys and directionally solidified superalloys. Superalloys are advanced metallic substances crafted from a minimum of two elements that are harnessed for their ability to endure high temperatures and chemical challenges, along with their impressive strength. These exceptional alloys discover diverse uses in demanding settings within industries such as medical, aerospace, and chemical processing. In addition, superalloys serve purposes as diverse as medical implants, turbine blades, and precision instruments. Predominantly, these alloys are fashioned from nickel, iron, or cobalt. The primary benefits derived from employing these materials encompass their exceptional heat resistance and robust strength attributes which are major factors driving revenue growth of this segment.
• The high-temperature segment is expected to account for a significantly large revenue share in the global high-performance alloys market over the forecast period. This segment is further sub-segmented into turbine blades, combustors, and furnace parts. High-performance alloys find application in scenarios with elevated temperatures, where attributes such as mechanical robustness, resistance against thermal creep deformation, surface integrity, and protection from corrosion and oxidation play a crucial role. These alloys are commonly employed in sectors such as aerospace and marine turbine engines, particularly in instances where the limiting factor for the lifespan of gas turbine blades is often attributed to creep, driving revenue growth of this segment.
• The North America market is expected to account for largest revenue share in the global high-performance alloys market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on July 2023, IperionX Limited and Aperam Recycling, via its American subsidiary ELG Utica Alloys, signed a deal to establish a low-carbon, 100% recycled titanium supply chain. IperionX will employ its unique titanium processing technology to generate low-carbon titanium metal for a more sustainable and fully circular supply chain, while ELG will offer clean titanium scrap metal. Titanium metal is currently supplied across great distances from high-carbon supply chains with questionable traceability. Domestic titanium component manufacture creates a significant amount of titanium waste metal in the form of cuts and turnings, which are normally downcycled to the ferrotitanium market.

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For the purpose of this report, Emergen Research has segmented the global high-performance alloys market based on type, alloy type, alloy element, application, and region:

• Type Outlook (Revenue, USD Billion; 2019–2032)
  • Superalloys
    • Single crystal superalloys
    • Directionally solidified superalloys
  • Non-Ferrous Alloys
    • Aerospace-grade alloys
    • Medical-grade alloys
    • Automotive-grade alloys
  • Refractory Alloys
    • High-temperature applications
  • Nuclear industry
• Alloy Type Outlook (Revenue, USD Billion; 2019–2032)
  • Wrought alloy.
  • Cast alloy

• Alloy Element Outlook (Revenue, USD Billion; 2019–2032)
  • Aluminum
  • Titanium
  • Magnesium
  • Others
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • High-Temperature
    • Turbine blades
    • Combustors
    • Furnace parts
  • Corrosion-Resistant
    • Chemical processing
    • Marine environments
  • Wear-Resistant
    • Cutting tools
    • Bearings
    • Industrial machinery
  • Electrical Applications
    • Conductive components
    • High-temperature electronics

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel

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