Market Research Future (MRFR) reports the Global Master Alloys Market is expected to touch USD 441.2 million at a staggering CAGR of 6.51 % over the forecasted period (2018–2024). With the increasing adoption of titanium alloys in aircraft manufacturing, the market is expected a surge during the assessment period.
Titanium alloy is gaining more attraction in the aerospace industry owing to its superior mechanical properties. Consumption of titanium alloys is increasing at a rapid pace due to the changing designs of civil aircraft. Moreover, superalloys are used in aerospace for the manufacturing of aircraft components, automotive, chemical process, marine, and pipelines in offshore drilling. With the increasing demand for superalloys, the market for Master Alloys is sure to enjoy a strong demand over the forecasted period.
But declining profit margins and sluggish growth of the steel industry might act as a hindrance to the growth of the global market for Master Alloys.
The global market for Master Alloys can be segmented on the basis of Type, Application and Region.
By Type, the market has been segmented into chromium alloys, vanadium alloys, molybdenum alloys, copper master alloys, aluminum master alloys, and others. Among these, aluminum master alloys have been projected to hold the largest market share and anticipated to touch a valuation of USD 205.9 million by 2024. Aluminum master alloys are extensively used in automobiles and consumer goods owing to its compatibility with other base metals and low cost. These factors, along with properties such as corrosion resistance and lightweight nature of aluminum can be a plus for the segment demand during the forecast period.
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The market has been segmented into stainless steel, iron, titanium production, superalloys, aluminum industry, powder metallurgical, metal anhydride alloys, and others based on application. Among these, the titanium production segment has been projected to hold the largest market share and touted to touch a revenue of USD 205.6 million by 2024 owing to the rising demand for titanium alloys in automotive, aerospace, sports, and leisure industries.
Regionally, the market for Master Alloys has been segmented into five regions namely Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
The Asia Pacific has accounted for the largest market share in 2017. It is anticipated to expand at 8.3 % CAGR over the review period. Due to the increasing demand from industries like aircraft components, automotive, consumer goods, and aluminum, the Asia Pacific market is expected to expand at a significant growth rate. Regions such as Philippines, Malaysia, Indonesia, and Thailand has witnessed a decline in automotive production, owing to the increasing unemployment, slow economic growth rate, and depreciating currency. But the presence of automotive giants such as Toyota and Mitsubishi investing in production facilities in Indonesia, Philippines, and Malaysia can boost these markets. Along with revised tax policies and reduced vehicles price, the market is foreseen to enjoy a phenomenal run in these regions.
North America has emerged as the second-largest market in Master Alloys and likely to touch a capitalization of USD 91.4 million by the end of 2024 majorly due to the growth witnessed in the aerospace industry coupled with the presence of the largest aircraft manufacturers in this region.
The European market is anticipated to showcase a moderate growth rate over the assessment period. Germany has been accounted to hold the largest market share owing to the rising demand for titanium alloys in the aerospace and automotive industries.
The market is extensively fragmented, and several players are establishing themselves as market influencers. Milward Alloys Inc. (U.S.), Reading Alloys (AMETEK Inc.) (U.S.), Asturiana de Aleaciones S.A. (Spain), Advanced Metallurgical Group N.V. (Netherlands), KBM Affilips (Netherlands), and others are some of the prominent players operating the global market for Master Alloys.
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