Global High Performance Alloys Market to Reach $9.8 Billion by 2026

SAN FRANCISCO, March 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "High Performance Alloys - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 19; Released: February 2022
Executive Pool: 6899
Companies: 110 - Players covered include Allegheny Technologies Incorporated; AMG Advanced Metallurgical Group N.V.; Aperam S.A.; Carpenter Technology Corporation; Constellium SE; Doncasters Group Limited; ERAMET S.A.; Fort Wayne Metals Research Products Corp.; Glencore Plc; H.C. Starck GmbH; Haynes International, Inc.; High Performance Alloys, Inc.; Hitachi Metals, Ltd.; Howmet International Inc.; Metallurgical Plant Electrostal, JSC; Nippon Yakin Kogyo Co., Ltd.; Precision Castparts Corp.; Sandvik AB; Special Metals Corporation; TimkenSteel Corporation; Titanium Metals Corporation (TIMET); Universal Stainless & Alloys Inc.; VDM Metals GmbH; VSMPO-AVISMA Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Non-Ferrous Metal, Super Alloys, Refractory, Platinum Group); Alloy Type (Wrought Alloy, Cast Alloy); Application (Aerospace, Industrial Gas Turbine, Automotive, Oil & Gas, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.

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ABSTRACT-

Global High Performance Alloys Market to Reach $9.8 Billion by 2026
Superalloys, or high performance alloys (HPAs), typically refer to a complex metallurgical blend of usually three or more VIIA elements developed for performing at elevated temperatures and in harsh operating conditions where high surface stability and mechanical strength are required. Non-ferrous alloys comprising titanium and aluminum are used in a broad range of applications including gas turbines and aerospace due to their superior mechanical properties. The market has and will continue to be characterized by demand for more value-added products, continuous product innovation, and growing competition. Post pandemic growth in the market will be driven by demand momentum for lightweight, high performance materials in various applications in the aerospace, automotive, oil & gas, construction, energy generation, among others. Another important growth driver will be the substitution of metals including steel by aluminum- and titanium-based high-performance alloys supported by their increasing use in the manufacture of rocket and aircraft engines; in the automotive sector due to their contribution towards significant weight reduction; and in oil & gas exploration applications due to their capabilities to withstand high-pressure and high-temperature conditions. The market will also witness growth due to increasing activities of titanium extraction and magnesium mining leading to high availability of these elements, which are used as raw materials for the manufacture of high performance alloys. Increasing demand for chemically inert and corrosion-resistant products in chemical processing would drive growth during the post pandemic period.

Amid the COVID-19 crisis, the global market for High Performance Alloys estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$9.8 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Non-Ferrous Metal, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Super Alloys segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 30.9% share of the global High Performance Alloys market. Demand will be driven by industrial and aerospace applications due to the ability of non-ferrous alloys to withstand high pressure and temperature. The demand for super alloys is expected to be driven by their attractive properties such as strength at high temperature, toughness, and resistance to oxidizing and corrosive environments. Market demand for super alloys will be fueled by their increasing use in oil & gas industries, chemical/petrochemical processing, and power plants.

The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026
The High Performance Alloys market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 25.35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period. In the post-COVID-19 scenario, anticipated resurgence in core end-use sectors especially in the developing Asia-Pacific and Latin America nations, would renew the demand for machine tools in various end-use sectors, thus creating growth opportunities for high performance alloys. Europe is also anticipated to post steady growth in the post pandemic period due to the expected increase in the use of high performance materials in the automotive industry. 

Refractory Segment to Reach $1.3 Billion by 2026
In the global Refractory segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$805.8 Million will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$124.7 Million by the year 2026. More

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