High performance alloys market is expected
to reach USD 11.33 Billion by 2024, according to a new report by Grand View
Research, Inc. The market is expected to witness significant growth owing to
increasing substitution of steel and other alloys by titanium and aluminum
based high performance alloys. High strength coupled with superior oxidation
resistant properties exhibited by these materials is expected to drive demand
over the projected period.
Growing use
of the product in industrial gas turbines and other gas turbines used in power
generation is expected to drive growth over the forecast period. In addition,
increasing government expenditure particularly in developing economies to
restart gas based power plants is expected to have a positive impact growth.
Technological
advancements related to alloys manufactured using platinum group metals have
led to an increase in the demand for the aforementioned product. The
platinum-palladium-copper alloys are used in wrought products thereby resulting
in a substantial cost reduction. The ruthenium-platinum-palladium alloys are
being used increasingly in industrial applications owing to high oxidation
resistance and superior strength.
Europe
accounted for a significant market share of over 26.0% in 2015 and is expected
to witness significant growth over the next eight years. Increasing demand for
high performance alloys from the robust automotive and aerospace industry in
the region is expected to propel demand.
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Further key findings from the study suggest:
- Non-ferrous high performance alloys are expected to be the fastest growing segment, growing at a CAGR of over 3.0% from 2016 to 2024. Increasing application scope of the products in aerospace as well as industrial applications owing to its ability to withstand high temperature and pressure is expected to fuel demand.
- Electrical & electronics segment was valued at over USD 6.00 billion in 2015. High performance alloys used in electrical & electronics applications are added with conductive metals to optimize performance efficiency. Furthermore, growing use of these products in electrical & electronics applications owing to its superior thermal resistance is likely to fuel growth over the forecast period.
- Asia Pacific is expected to exhibit the highest growth owing to growing demand for these products particularly in emerging economies owing to rapid industrialization in Indonesia, India, and China. Furthermore, increasing government initiatives coupled with supportive regulations benefiting the manufacturing sector is expected to augment growth over the projected period.
- Superalloys segment is expected to register a market growth of CAGR of over 4.5% from 2016 to 2024. The corrosion-resistant superalloys are extensively used in extreme environments owing to its ability to offer superior heat and corrosion resistance. Growing use of these alloys in power plants, chemical and petrochemical processing, and oil and gas industries is expected to augment demand over the next eight years.
- Key market players include VSMPO, RTI International Metals, Carpenter Technology Corporation, Aperam, Haynes International, Outokumpu. Alcoa Inc., Timken Company, Precision Castparts Corp.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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