The latest report by IMARC, titled “High Performance Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global high performance alloys market size reached US$ 8.6 Billion in 2021. High performance alloys, also known as superalloys, refer to metal materials that are produced to offer enhanced characteristics, such as higher mechanical strength, better corrosion and oxidation resistance, and greater thermal creep resistance. These alloys possess an authentic face-centered cubic crystal structure with cobalt, nickel-iron, or nickel as the base alloying element. They portray super functionality, excellent mechanical strength, high corrosion, and heat resistance compared to stainless steel. In recent years, high performance alloys have gained momentum as they are extensively employed for numerous applications in semiconductors, atomic power, desalination, and solar fuel cells.
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Global High-Performance Alloys Market Trends:
One of the primary factors driving the market is the widespread utilization of high-performance alloys in the defense sector for improving operational efficiency. Additionally, the surging demand for next-generation aircraft and building fuel nozzles of jet engines in the aerospace industry are creating a positive market outlook. Other than this, high performance alloys are also extensively used in the power generation industry. Besides this, the rising demand for corrosion-resistant, lightweight, and strong materials in the automotive industries is positively influencing the market growth. Moreover, the employment of these alloys in industrial gas turbines to increase the overall performance is boosting the product demand. Along with this, high performance alloys are used in the oil and gas industry for offshore and onshore drilling, exploration, and production activities, thereby propelling the market growth. Furthermore, on account of the rising environmental consciousness and stringent government regulations, the demand for fuel-efficient vehicles is constantly rising. This has further encouraged leading vehicle manufacturers to rely on high-performance alloys to reduce the overall weight of the vehicle. Other growth-inducing factors include improvements in magnesium and aluminum mining and increasing extraction of metals used for alloying. Looking forward, IMARC Group expects the market value to reach US$ 11.5 Billion by 2027, expanding at a CAGR of 5.2% during the forecast period (2022-2027).
- The market has been segregated based on the product into non-ferrous metal, platinum group metal, refractory and superalloys.
- Based on the material, the market has been divided into aluminum, titanium, magnesium, and others.
- On the basis of the application, the market has been segmented into aerospace, industrial gas turbine, industrial, automotive, oil and gas, electrical and electronics, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Alcoa Corporation, Allegheny Technologies Incorporated, Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Hitachi Metals Ltd. (Hitachi Ltd.), Outokumpu Oyj, Precision Castparts Corp. (Berkshire Hathaway Inc.), The Timken Company, ThyssenKrupp AG and VSMPO-AVISMA Corporation.
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