The global high-performance alloys market size was USD 10 Billion in 2022 and is expected to reach USD 16.89 Billion in 2032, and register a rapid revenue CAGR of 6 % during the forecast period. Increasing need for high-performance alloys across numerous end-use industries, including aerospace, automotive, defense, energy, and medical, is a major factor driving market revenue growth. These alloys are the best choice for use in harsh environments and applications that require outstanding mechanical and physical features, such as high strength, corrosion resistance, and high-temperature resistance.
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The increasing adoption of high-performance corrosion-resistant alloys is due to the renewable and creative smelting, refining, resource recovery, and recycling technologies that the industry is implementing into its production processes. However, the development of such alloys heavily depends on advancements in chemical processes. The manufacturing of such alloys needs considerable energy consumption, which further increases the manufacturing costs, leading to restricted market growth.
The report highlights that the titanium segment is expected to experience rapid revenue growth rate over the forecast period, primarily due to its use in the aircraft industry. The non-ferrous segment is expected to account for the largest revenue share in the global high-performance alloys market over the forecast period, owing to its increased use in the automobile industry. The aerospace segment accounted for the largest revenue share in the global high-performance alloys market in 2020, primarily due to the increased demand for high-performance materials in aircraft and rocket engines. The market in the Asia Pacific is expected to register the highest revenue share in the global high-performance alloys market during the forecast period, driven by high demand from the aerospace, automotive, and chemical industries.
The major companies profiled in the market report include
- Allegheny Technologies Incorporated
- Carpenter Technology Corporation
- Haynes International, Inc.
- Hitachi Metals, Ltd.
- Outokumpu Oyj
- Precision Castparts Corp.
- The Timken Company
- VSMPO-AVISMA Corporation
- Nippon Yakin Kogyo Co., Ltd.
- Materion Corp.
High-Performance Alloys Market: Drive Factors
The global high-performance alloys market is expected to reach USD 15.64 billion by 2032 with a revenue CAGR of 6% during the forecast period, as per the latest report by Reports and Data. The market growth is primarily driven by the increasing demand for advanced, lightweight, corrosion-resistant, and renewable metals with strong strength. The competition for alloys has increased due to the growing demand for value-added goods. The industry is expected to expand in critical applications, including oil & gas extraction, thermal processing, and petroleum, owing to the rising demand for alloys. The growth in the use of commercial gas turbine components in power generation is also expected to fuel demand.
The high-performance corrosion-resistant alloys are commonly used in harsh conditions where immense heat and corrosion resistance are paramount to the quality of the final product. The increasing adoption is also due to the renewable and creative smelting, refining, resource recovery, and recycling technologies that the industry is implementing into its production processes, which are expected to push this market.
Developing such alloys is heavily dependent on advancements in chemical processes. Numerous chemical treatments, such as strengthening the solid solution, give an alloy high thermal stability. However, the high initial capital investment, coupled with higher raw material procurement costs, will limit demand over the forecast period. The manufacturing of such alloys needs considerable energy consumption, which further increases the manufacturing costs, leading to restricted market growth.
According to the report, the titanium segment is expected to register a rapid revenue growth rate over the forecast period. The non-ferrous segment is expected to account for the largest revenue share in the global high-performance alloys market, owing to its increased use in the automobile industry. The aerospace segment accounted for the largest revenue share in the global high-performance alloys market in 2020, owing to the increased demand for high-performance materials in aircraft and rocket engines due to properties such as high strength, durability, and low weight. The market in the Asia Pacific region is expected to register the highest revenue share in the global high-performance alloys market during the forecast period.
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