Valued to be $9.6 Billion by 2026, High Performance Alloys Slated for Robust Growth Worldwide

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May 31, 2022, 07:00 ET

SAN FRANCISCO, May 31, 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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Valued to be $9.6 Billion by 2026, High Performance Alloys Slated for Robust Growth Worldwide

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Edition: 20; Released: May 2022
Executive Pool: 6899
Companies: 121 - 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-

Amid the COVID-19 crisis, the global market for High Performance Alloys estimated at US$8 Billion in the year 2022, is projected to reach a revised size of US$9.6 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Non-Ferrous Metal, one of the segments analyzed in the report, is projected to grow at a 5.1% CAGR, while growth is readjusted to a revised 4.1% CAGR for the Super Alloys segment. Post pandemic growth in the HPA market will be driven by recovering demand for new, efficient, and innovative materials, metals and value-added products that are sustainable and feature light weight, good strength, and corrosion resistance. In other words, gaining demand momentum for lightweight, high performance materials in various applications in the aerospace, automotive, oil & gas, construction, energy generation, among others will drive growth in the market.

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. High performance alloys constitute nearly 60% of an aircraft's structure. In addition, the market would also be benefited from the always present demand for materials that are highly durable and suitable for applications involving high temperatures. 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. The market has and will continue to be characterized by demand for more value-added products, continuous product innovation, and growing competition. Increasing demand for chemically inert and corrosion-resistant products in chemical processing would drive growth during the post pandemic period.

Continued advancements in production and processing technologies in the industrial sector will contribute significantly to market adoption of high performance alloys. Other important factors poised to benefit market prospects will include increasing investments in R&D projects to use innovative materials in the aerospace industry; recovery in aircraft deliveries; improvement in commercial aviation outlook; expanding applications in desalination projects, nuclear power plant and shipbuilding; growing prominence of lighter, cooler, and stronger automobiles; and increasing power generation activity. While the industrial gas turbine segment is expected to register healthy growth, oil & gas will also make a noteworthy contribution to market growth as oil prices recover. In addition, the requirement of premium alloys that can remain stable at higher temperatures to make gas turbines will create the need for high performance alloys in the power generation sector. The overall consumption of non-ferrous alloys will increase in the coming years as a result of growing demand for titanium- and nickel-based alloys within the aerospace and automotive industries. Super alloys are expected to find increasing penetration in end-use segments owing to availability of advanced recycling and material recovery technologies. Future growth will be propelled by the need to reduce maintenance cost of equipment. However, high upfront costs will likely remain a major barrier to market expansion. Geographically, Asia-Pacific, the Middle East & Africa, and Latin America will witness fastest growth rates and offer new opportunities to providers of high-performance alloys. The healthy demand for high performance materials in the Asia-Pacific region will be result of rising penetration of advanced technologies in China and India.

With growing awareness about the impact of manufacturing processes on environment, the market is expected to adopt advanced technologies to develop environment-friendly, sustainable production processes. In addition, technologies such as sustainable mining, smelting, recycling, and mineral recovery that are instilled in the manufacturing processes will be key factors that will contribute to the growth of high-performance alloys market. Manufacture of alloys using platinum group of metals and the related technological advancements will lead to increase in the product demand. Palladium-platinum-copper alloys will be increasingly used in wrought alloy products, thus substantially reducing manufacturing cost. Platinum-palladium-ruthenium alloys will continue to be preferred in industrial applications due to their superior strength and high oxidation resistance. Among the high-performance alloys, non-ferrous alloys are predicted to become the fastest growing segment. Demand will be driven by industrial and aerospace applications due to the ability of non-ferrous alloys to withstand high pressure and temperature. High-performance alloys will continue to be preferred in the rapidly growing electrical & electronics sector due to their extraordinary thermal resistance. Performance efficiency is further enhanced when conductive metals are added to high-performance alloys. More

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