High Performance Alloys Market Global Insights 2019, Industry Growth Status, Demand Overview, Key Trend Developments and Business Forecast until 2023

“High Performance Alloys Market is projected to grow at a high CAGR on account of the growing demand from the aerospace and defense industry”
Global High Performance Alloys Market, by Metal Type (Iron, Aluminum, Titanium, Magnesium), Product (Non-Ferrous, Refractory, Superalloys), End-Use Industry (Aerospace & Defense, Automotive, Industrial, Electrical & Electronics, Oil & Gas), and Region till 2023

Synopsis of High Performance Alloys Market:

The Global Metal Alloys Market has been estimated to grow at a robust CAGR to reach over USD 50 billion by the end of 2023; this is anticipated to fuel the growth of the Global High Performance Alloys Market. The Global Aerospace and Defense Industry is expected to grow at a healthy CAGR on account of the increasing demand for both commercial and fighter jets around the world. This is projected to boost the demand for high performance alloys. Additionally, the global electrical and electronics industry is expected to attain a trillion dollar mark during the review period, which is likely to propel the growth of the Global High Performance Alloys Market. The automotive sector is rapidly adopting global norms and standards for emission reduction, wherein lightweight materials with high strength are prerequisite. This is anticipated to fuel the demand for High Performance Alloys in the automotive industry. However, the growth of the global high performance alloys market is likely to be restrained by the need for large-scale capital investments, the high cost of structure, and the complex processes involved in the production of such alloys.

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A high-performance alloy is a mixture of high-end metal that exhibits several significant characteristic features to undergo various complex processes and operations. The primary features defining the high performance of such metals are resistance to thermal creep deformation, excellent mechanical strength and surface stability, and greater resistance to corrosion or oxidation. The important metals such as aluminum and chromium provide oxidation or corrosion resistance along with strength. High Performance Alloys are used in almost all major industrial applications such as machinery, tools, turbine engines, and mechanical equipment. Moreover, the aerospace and defense and marine industries are major consumers of High Performance Alloys as they provide better mechanical properties and greater resistance to corrosion than carbon steel.

Competitive Analysis:

The key players in the Global High Performance Alloys Market are Alcoa Inc. (U.S.), Hitachi Metals Ltd. (Japan), Carpenter Technology Corporation (U.S.), Precision Castparts Corp. (U.S.), Timken Company (U.S.), Aperam SA (Luxembourg), VSMPO-Avisma Corporation (Russia), ThyssenKrupp AG (Germany), RTI International Metals (U.S.), and Outokumpu (Finland), among others.

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Segmentation:

The Global High Performance Alloys Market has been segmented on the basis of Metal Type, Product, End-Use Industry and Region.

On the Basis of Metal Type, the market has been segmented into iron, aluminum, titanium, magnesium, and others.

Based on Product, the market has been segmented into non-ferrous, refractory, superalloys, and others.

By End-Use Industry, the market has been segmented into aerospace and defense, automotive, industrial, electrical and electronics, oil and gas, marine, and others.

The market has also been studied with regard to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.

Regional Analysis:

The Global High Performance Alloys Market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia-Pacific is expected to be the largest and fastest-growing market during the forecast period. This region held a 40% share of the Global High Performance Alloys Market in 2017. The major contributors to the growth of this regional market are India, Japan, South Korea, and China. The healthy growth of this regional market can primarily be attributed to the significant presence of major end-use industries such as automotive and electrical and electronics. North America is expected to be the second-largest market, due to the growing demand for high performance alloys in the aerospace and defense and marine industries in the U.S. Europe is also a significant market, comprising Germany, the U.K., France, and Italy. The growth of the European market is expected to be mainly driven by the rising demand in the automotive industry with the increasing production of passenger cars. The markets in Latin America and the Middle East and Africa are expected to showcase significant growth during the forecast period due to the emergence of major end-use industries such as automotive and construction.

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