High performance alloys are expected to grow at a CAGR of above 4% over the next eight years. It is mainly influenced by the increase in population, consumer awareness, changing consumer preference and development in the economy.
Technology improvements in high performance alloys have led to its application in numerous industries and reduced production cost. Growing GDP in countries such as China, India and Brazil is expected to drive the demand for high performance alloys.
High performance composites are anticipated to foresee growth due to properties such as thermal good stability, resistance to oxidation & corrosion and excellent mechanical strength. These resources have relied heavily upon chemical and process innovations. These metals find applications in turbine engines, aerospace, and marine as they help in lowering cost, reduce breakdown and increase service life.
Rising regulations against corrosion in building materials will compel market players to use high performance alloys due to its corrosion resistant characteristics. Corrosion is leading to a huge loss due to replacement costs hence demand corrosion resistant materials is expected to increase over the forecast period.
Currently reduced machine life due to corrosion and rising need for lower costs associated with maintenance are supposed to be the primary drivers for the market. High-temperature conditions in industries are expected to surge demand for high performance alloys due to its thermal stability characteristics.
Increasing demand for power in developing markets such as India and China has propelled the market for gas turbines which will drive the demand for high performance alloys over the next eight years. They are of use in different industrial applications due to their ability to retain most of their strength despite prolonged exposure. Power generations applications will be on the rise due to the increasing population which is expected to fuel the growth of energy.
Volatile price of earth metals used for making high performance alloys leads to price variation and acts as a hindrance to the market. Fluctuating prices of raw materials such as cobalt which comprises a major fraction of high performance alloys will affect the price of the end material and hence challenge industry growth.
The product is segmented based on type which includes non-ferrous alloys, superalloys, refractory metal alloys and platinum-group metal alloys. Refractory alloys can withstand high temperatures and hence are used in heating devices as materials for construction along with power generation applications and installation in oil & gas.
Due to certain restrictions by governments on gas emissions by automotive, there will be a rise in demand for platinum group metals used in combustion engines as catalytic converters.
The product can be segmented based on an application which includes oil & gas, electronic, industrial, automotive and aerospace. Aerospace is the biggest application segment of the market as the aircraft is equipped with high performance alloys.
In automotive high performance alloys are majorly used for the production of pistons, shafts, and connecting rods. The growing auto industry in China, India and Brazil will be a major driver over the next eight years. Electronic industry demand is also on the rise and due to characteristics such as thermal stability and electrical conductivity of high performance alloys, they will be used in lids, battery casings, and fuel cells.
North America is expected to stay as the largest composites market due to growth in the aerospace industry. Initiatives taken by the government of U.S, the National Space Policy give a positive outlook for the aerospace sector.
The Asia Pacific region is expected to experience high growth over the forecast period due to the increase in disposable income in the area which pushes the demand for vehicles, especially in countries including China and India that have a rapidly rising middle-class population. Moreover, growing industrialization in the region is also anticipated to boost the growth of this market over the next eight years.
The demand for power is also bound to increase in the Asia Pacific which will propel the demand for gas turbines and the rise of the request for high performance alloys. Although the global industry is a niche market, it is highly fragmented in nature. Key players in the sector include Aperam S.A, ThyssenKrupp AG, Carpenter Technology Corporation, RTI International, Haynes International Inc., Outokumpu Oyj, Verkhnesaldinskoye Metallurgicheskoe Proizvodstvennoe Obyedinenie, RTI International Metals Inc., VSMPO-AVISMA Corporation, Timken Company and Allegheny Technologies Limited.
Companies are significantly investing in research and development to further enhance the characteristics of high performance alloys so that they can have an even wider range of applications in more extreme conditions such as high temperature, pressure, radiation and corrosive areas.
With Governments allowing FDI in China and India in metal sectors to promote the production of high performance alloys together with rising demand in different areas, the market is expected to foresee considerable growth over the forecast period.
Access news release of research report on global high performance alloys market: https://www.grandviewresearch.com/press-release/global-high-performance-alloys-market
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