San Francisco, 24 October
2018: According to a report by Grand View Research, Inc., global high
performance alloys market is anticipated to value USD 11.34
billion by 2024. Growing requirement for metals offering superior properties
and performance at low cost is anticipated to propel demand for high
performance alloys. These alloys are likely to offer superior characteristics
making it better replacement for aluminum and steel.
High demand for light
materials in aerospace sector attributed to growing need for next generation
aircrafts can influence growth of market. Growing adoption of alloys in thermal
processing, petroleum sector, and oil & gas extraction can fuel market
growth over next few years. Increasing use of recycled materials for producing
alloys attributed to rising environmental concerns can drive growth of market.
Continual technological advancements in processing techniques of alloys can
positively impact market growth over the forecast period (2012 to 2024).
The high performance alloys
market can be segregated on the basis of material, application, product, and
region. Based on product, the market can be categorized into refractory,
platinum group metals, non-ferrous metals, and super alloys. In 2016,
non-ferrous segment dominated the market and accounted for 51.6% market share
in terms of revenue. Increasing use of non-ferrous alloying material in
manufacturing of electrical and electronic devices can spur demand. It is
likely to emerge as fastest growing product over the forecast period and
account for CAGR of 4% in terms of volume. Growing adoption of these alloys in
automotive sector can fuel growth.
Access
Research Report of High
Performance Alloys Market@ www.grandviewresearch.com/industry-analysis/high-performance-alloys-market
In addition, super alloys
segment is likely to grow well attributed to rising use of thee alloys in
aerospace, oil & gas, power generation sector. In addition, use of super
alloys in chemical processing & heat exchanging tubes attributed to high
heat resistance can fuel growth.
Based on material, market can
be classified into titanium, magnesium, aluminum, and others. Aluminum segment
is predicted to witness significant growth and account for CAGR of 5.4% in
terms of revenue. High demand for aluminum alloys in aerospace and automotive
application can fuel growth.
Similarly, titanium segment is
expected to grow well over the forecast period attributed to increasing usage
in building fuel nozzles of jet engines. In addition, superior properties such
as high tensile strength, toughness, and light weight can surge product demand
over next few years.
Based on application, the
market can be segmented into automotive, industrial, aerospace, industrial gas
turbine, oil & gas, E& E, and others. In 2016, industrial gas turbine
segment is expected to account for 19.7% during the forecast period. Rising
demand for high performance alloys attributed to high temperature resistance
can fuel growth of market over next few years. In addition, increasing use of
alloys in turbines to enhance performance lifetime can spur market growth.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Similarly, use of high
performance alloys in manufacturing of critical industrial components can
augment growth of market. Moreover, rising product demand in defense and oil
& gas segments sectors can drive market growth over the forecast period.
Moreover, aerospace segment is
likely to grow at CAGR of 55.4% owing to increasing use of lightweight
materials in defense and commercial aircrafts.
Regional segmentation includes
Europe, North America, Asia Pacific, Central & South America, and Middle
East & Africa. In Asia Pacific, the market is anticipated to grow fast and
account for CAGR of 5.9% during the forecast period. Rising production of
automobiles coupled with growth of aerospace sector can influence growth of
market in this region. In addition, surging gross domestic product (GDP) of emerging
economies coupled with growing adoption of indigenous manufacturing in the
region can fuel market growth.
On the contrary, North America
is likely to dominate the market attributed to high consumption volume realized
by aerospace industry in United States (U.S.). In addition, rebuilding of oil
& gas industry in the economy can contribute well for growth of market over
the forecast period.
Some of the leading companies
offering high performance alloys are Alcoa Inc.; Precision Castparts Corp.;
Hitachi Metals Ltd.; Allegheny Technologies; and Timken Company. This market
can be characterized by presence of regional and international players engaged
in strategic partnerships to gain traction among consumers. In addition, these
market players are likely to establish their manufacturing facilities across
the globe to enhance footprint.
Access
Press Release of High Performance Alloys Market@ www.grandviewresearch.com/press-release/global-high-performance-alloys-market
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.
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