New Jersey, NJ, Jan. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global high performance alloys market is expected to grow from USD 8.54 Billion in 2018 to USD 12.57 Billion by 2026, at a CAGR of 4.95% during the forecast period from 2019-2026. The technological advancements in the processing techniques along with increasing investment in the research and development activities are anticipated to drive the global high-performance alloys market over the forecast period.
High-performance alloys are mixture of high-end metals that demonstrate several special characteristics in various complex processes and operations. The characteristic features defining the high-performance alloys are resistance to thermal creep deformation, excellent mechanical strength and surface stability, and greater resistance to corrosion or oxidation.
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Global High Performance Alloys Market Key Findings:
- Factors such as rising utilization of high performance alloys in the automotive industry as well as the growth of aerospace industry are driving the global high performance alloys market. The volatility in the raw material prices coupled with the high initial capital requirement is expected to restrain the market growth.
- Technological advancements in the processing techniques, growing demand from the developing economies, and increasing investment on the research and development activities is expected to create new opportunities for the market in upcoming years.
- The alloy type segment includes wrought and cast. Based on the factors such as high ductility, malleability, high stiffness as well as superior corrosion resistance properties of high performance properties, the wrought alloy segment dominated to the global high performance alloys market with a revenue of USD 5.49 billion in 2018. Wrought alloys contain low percentages of elements; that is, alloying elements total less than about 4 pct. However, cast alloy is anticipated to be the fastest-growing alloy type during the forecast period. Casting alloys contain the same elements as wrought, but in greater amounts; for example, the silicon content in cast alloys can range up to 22 pct.
- Product type segment is divided into non-ferrous alloys, refractory alloys and others. Growing utilization of non-ferrous high performance alloys such as aluminum in the aerospace industry led the non-ferrous segment to grow at an accelerated CAGR of 7.02% over the forecast period. The non-ferrous alloys offers resistant to corrosion than ferrous metals and do not contain Iron, hence are not magnetic in nature.
- The alloying element segment is categorized into aluminum, titanium, magnesium, and others. Aluminum alloys have emerged as the alloy of choice due to their excellent lightweight, cost effective and mechanical properties. Thus growing demand for the lightweight fuel efficient cars and aircrafts led the aluminum alloying element segment to lead the global market with USD 3.66 billion revenue in 2018. Aluminium alloys are alloys in which aluminium is the predominant metal. The typical alloying elements are copper, magnesium, manganese, silicon, tin and zinc. Aluminium is widely used for wrought products, for example rolled plate, foils, and extrusions.
- The application segment is split into aerospace, industrial, automotive, oil & gas, electronics & electrical, and others. Due to the worldwide growth of aviation sector and rising demand for the fuel efficient aircrafts, the aerospace segment emerged as the leader in the global high performance alloys market with USD 4.78 billion revenue in 2018. Light weight and corrosion resistance properties offered by the high performance alloys is the major reason for the increase in the market share of the aerospace application segment.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the High Performance Alloys with a 41.93% share of market revenue in 2018.
- Burgeoning demand from the well-developed aerospace and automobile industry coupled with the presence well-established research institutes led the North America region to dominate the global high performance alloys market in 2018.
- The Asia Pacific region is projected to grow at the highest CAGR of 7.10% over the forecast period. Factors such as rapid growth of aerospace industry and ever increasing demand for the fuel efficient cars in the region, are expected to drive this increased growth rate over the forecast period.
- For instance GE Additives in 2018, announced the launch of Arcam EBM Spectra H metal additive manufacturing system. This new equipment is specifically built for processing and printing typically challenging metal materials such as titanium aluminide (TiAl).
- For instance scientists at the Rice University USA, in 2016, announced the discovery of titanium-gold alloy that is four times harder than most steels. This new alloy is anticipated to attain a very high application value in the medical implants field.
- Major players in the global high performance alloys market are Aperam SA, Alcoa Inc., Allegheny Technologies Incorporated, Carpenter Technology, Haynes International Inc., Hitachi Metals Ltd., Outokumpu, Precision Castparts Corporation, Timken Company, VSMPO-AVISMA Corporation, ThyssenKrupp AG, and RTI International Metals among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global high performance alloys market on the basis of below mentioned segments:
Global High Performance Alloys Market by Alloy Type:
- Wrought Alloy
- Cast Alloy
Global High Performance Alloys Market by Product Type:
- Non-Ferrous Alloys
- Refractory Alloys
- Others
Global High Performance Alloys Market by Alloying Elements:
- Aluminum
- Titanium
- Magnesium
- Others
Global High Performance Alloys Market by Application:
- Aerospace
- Industrial
- Automotive
- Oil & Gas
- Electronics & Electrical
- Others
Global High Performance Alloys Market by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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