The global high performance alloys market size was estimated at USD 7.85 billion in 2016, growing at a CAGR of 4.7% over the forecast period. The growing demand for light materials in the aerospace industry coupled with high demand for new generation aircrafts is expected to drive the market growth over the forecast period.
The industry is likely to grow on account of elevating demand for the alloys in critical applications including oil & gas extraction, thermal processing, and petroleum. In addition, increasing usage in power generation for the production of industrial gas turbine components is likely to boost the demand.
The industry in the U.S. is characterized by growing developments in magnesium and aluminum mining and increasing extraction of metals used for alloying, which is likely to drive the demand. In addition, technological enhancements in the processing techniques of high performance alloys is expected to positively impact the market over the forecast period.
High initial capital investment coupled with increased cost for the raw material procurement is anticipated to restraint the demand over the forecast period. In addition, the production of such alloys requires a high energy consumption which further elevates the manufacturing cost leading to limiting of the market growth.
The industry is also impacted by the presence of a stringent regulatory framework pertaining to the raw material extraction and mining. The use of recycled materials for the production of such alloys is also expected to be one of the major trends driving the industry growth over the forecast period.
Non-ferrous alloys are expected to emerge the fastest growing product, registering a CAGR of 4.0%, in terms of volume owing to their increased usage in automotive industry. The use of such products in automobiles results in a reduction in weight and increase in fuel efficiency. The superior recycling ability of the metals used in the alloys is likely to boost the demand.
Superalloys is estimated to be second largest product segment on account of extensive usage in industries including power generation, aerospace & oil & gas, In addition, the product finds extensive use in chemical processing & heat exchanging tubes due to the superior heat resistance exhibited by the products.
Aluminum is expected to witness the fastest growth, registering a CAGR of 5.4%, in terms of revenue owing to increasing usage in automotive and aerospace applications. It is used in combination with other metals so as to enhancing the operational efficiency, which is likely to boost the demand over the forecast period.
The market for titanium based alloys is expected to rise on account of increasing usage in aerospace applications in building the fuel nozzles of jet engines. In addition, superior product characteristics such as toughness, high tensile strength and light weight, it is expected to drive the demand.
Industrial gas turbine application is estimated to account for 19.7% of the market share, in terms of volume in 2016. Growth in the demand for such products in gas turbines on account of high temperature resistance is likely to drive the demand over the forecast period. In addition, use of the alloys in turbines increases the performance lifetime which results in a high demand.
The use of the product in the manufacture of critical industrial components is expected to drive the market growth over the forecast period. In addition, growing product usage in oil & gas and defense equipment manufacturing industry is expected to drive the market growth over the forecast period.
Asia Pacific region is expected to emerge as the fastest growing region, registering a CAGR of 5.9%, in terms of revenue owing to increased production of automobiles coupled with the rise of the aerospace industry. Growing GDP of the emerging economies coupled with increased indigenous manufacturing in the region is likely to drive the demand over the forecast period.
The market in largely dominated by North America on account of high consumption volume realized by the aerospace industry in the U.S. In addition, the rebuilding of the oil & gas industry in the economy is expected to provide the necessary impetus to the growth over the forecast period.
The market is characterized by the presence of international and regional industry players engaged in strategic partnerships for gaining higher market share. The companies have established the manufacturing facilities across the globe in a bid to increase footprint which is expected to remain the trend over the forecast period.
Industry players are engaged in offering unique value propositions to cater to a higher market share. In addition, growing number of manufacturers are innovating the product by offering high precision and light weight components for specific application industry which is anticipated to drive the demand.
This report forecasts revenue growth at regional and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2012 to 2024. For the purpose of this study, Grand View Research has segmented the high performance alloys market on the basis of product, material, application and regions:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2024)
Material Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2024)
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2024)
Industrial Gas Turbine
Oil & Gas
Electrical & Electronics
Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2024)
Central & South America
Middle East & Africa
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.