High-Performance Alloys Market Overview
The global market for high performance alloys witnessed rapid growth in 2020, and is projected to grow at a CAGR of 4.40% during the forecast period, that is, from 2021 to 2028, to reach USD 50 Million by 2028.
The global High Performance Alloys Market Growth is witnessing a substantial rise, consecutively over the past few years. The market is primarily driven by the huge consumption of these materials in the burgeoning aerospace and defense and marine industries worldwide. Moreover, the increasing demand for high-performance alloys from the automotive industry escalates the market growth to furthered height.
Increasing demand for commercial and fighter jets around the world substantiates the market growth excellently. Additionally, the global electrical and electronics industry is likely to propel the growth of the market.
Moreover, the automotive sector is anticipated to fuel the demand for high-performance alloys due to the global norms and standards for emission reduction. Also, the rapid industrialization & urbanization and the improving economic conditions, foster the growth of the market. Furthermore, technological advances are accelerating the uptake of these alloys, improving their performance.
On the other hand, the need for large-scale capital investments, alongside the high cost and the complexities involved in the production of high-performance alloys, are estimated to impede the growth of the market over the next few years. Nevertheless, rising usages of high-performance alloys in almost all major end-use industries such as machinery, tools, turbine engines, and mechanical equipment would support the market growth over the assessment period.
Global High Performance Alloys Market – Segments
The analysis has been segmented into four main dynamics to widen the scope of understanding,
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
By Metal Type: Iron, Aluminum, Titanium, Magnesium, and others.
By Product: Non-Ferrous, Refractory, Superalloys, and others.
By End-Use Industry: Aerospace & Defense, Automotive, Industrial, Electrical & Electronics, Oil & Gas, and others.
High Performance Alloys Market – Geographical Analysis
The Asia Pacific region dominates the global high performance alloys market. The largest market share attributes to the strong presence of major end-use industries such as automotive and electrical & electronics. India, Japan, South Korea, and China are the major growth contributors to the regional market. Besides, rapid industrialization and constructional activities in the region drive large market demand.
Large advancements in technology, increasing uses of high-performance alloys in the automobile sector, increased funding support from the public & private sectors, and the presence of major players in the region boost the regional market demand. Besides, the rapidly improving economic conditions in the region are fostering market growth, increasing investments to drive innovations in the manufacturing techniques. Heading with the significant market demand, the APAC high performance alloys market is projected to retain its leading position throughout the review period.
North America stands second in the global high performance alloys market, witnessing a huge demand from the aerospace, defense, and marine industries in the US. Also, the rapidly developing industrialization and growing adoption rate across the leading industries drives a substantial share in the regional market. Additionally, innovations in technology to produce superior quality high-performance alloys are fostering growth in the regional market. The North American high performance alloys market is projected to grow at a significant CAGR during the review period.
Europe has emerged as a promising market for high performance alloys globally. The regional market is predominantly driven by the rising demand for quality alloys from the automotive industry due to the increasing production of passenger cars. Besides, excessive use of high-performance alloys in manufacturing lightweight automotive body parts substantiates the regional market growth.
Moreover, factors such as the strong funding support from the government, and increasing demand for quality, high-performance alloys in the building & construction sector is expected to increase the size of the regional market. The European high performance alloys market is predicted to witness moderate growth during the analysis period.
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Global High Performance Alloys Market – Competitive Analysis
Highly competitive, the high performance alloys market appears to be fragmented due to the presence of many well-established players. To gain a larger competitive advantage, strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch remain key trends of these players. They sense the changing requirements of customers and make substantial R&D investments in developing alloys using advanced technology that can push the product to new extremes of performance.
Players leading the global high performance alloys market include Hitachi Metals Ltd. (Japan), Alcoa Inc. (US), ThyssenKrupp AG (Germany), Carpenter Technology Corporation (US), Outokumpu (Finland), Precision Castparts Corp. (US), Aperam SA (Luxembourg), Timken Company (US), VSMPO-Avisma Corporation (Russia), and RTI International Metals (US), among others.
Industry/ Innovations/ Related News
March 20, 2020 ---- Acerinox, S.A. (Spain), a stainless steel manufacturing conglomerate group, announced the acquisition of a Germany-based metals supplier - VDM Metals GmbH for €532 MN. VDM Metals also offers a range of metal powders for Additive Manufacturing. The activities performed & products manufactured by Acerinox and VDM in their respective fields complement each other, and the acquisition would have clear manufacturing, sales, and distribution benefits for both companies. The new company is expected to be a global leader in the development & manufacture of special nickel alloys, high-performance stainless steel, and R&D & innovation benchmark in the industry.
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