Global High Performance Alloys Market: Snapshot
The global high performance alloys market receives a high degree of impetus from the aerospace and power industries. Increasing global population, changing consumer preferences, development in economy, consumer awareness, and urbanization are some other factors that are driving the high performance alloys market. Technological advancement and an increased level of production leading to attaining economies of scale have enabled the use of high performance in a wide range of applications.
High performance alloys are characterized by excellent mechanical strength, superlative corrosion, good surface stability, and oxidation resistance. They are designed to be suitable for intense conditions such as elevated temperatures and pressures. These properties of high performance alloys make them ideal for a number of industrial applications. Besides their typical applications in the aerospace industry and in the industrial gas turbines sector, high performance alloys are used in automotive, military, oil and gas rail engineering, marine, electronics, and other industrial applications.
However, factors such as high costs involved in the manufacture of high performance alloys over conventional alloys is estimated to challenge the market’s growth. Nevertheless, development of light weight, high strength, and high performance alloys is expected to benefit the growth of this market.
The global market for high performance alloys is expected to rise to a valuation of US$9.09 bn by 2020 increasing from US$6.82 bn in 2013 at a CAGR of 4.2% between 2014 and 2020.
Aerospace to Stay as Leading Application Segment in Future
Non-ferrous alloys stood as the leading product segment holding 51.0% of the overall market in 2013. Due to the superior mechanical properties of non-ferrous alloys, they are suitable for a large number of applications. Superalloys are the second-leading product segment in this market. Superalloys are characterized by toughness, superior phase stability, high temperature strength, and resistance to corrosion and oxidation.
In 2013, aerospace stood as the leading application segment accounting for 56.9% of the overall market for high performance alloys. This is because almost 60% of an aircraft is constituted of high performance alloys. This application segment is expected to dominate in the forthcoming years as well. Power generation applications are expected to display substantial demand for high performance alloys as gas turbines require high quality materials that can withstand elevated temperatures.
Asia Pacific to Emerge as Significant Consumer of High Performance Alloys
North America stood as the leading regional market for high performance alloys in 2013. This was followed by Europe on account of increasing demand for high performance alloys from the automotive industry. The U.K. and Germany are the leading consumers of high performance alloys in the region. Asia Pacific and the Middle East in the Rest of the World are anticipated to be next fastest growing regional markets in terms of demand. Strong economic growth in these regions leading to the growth of aviation industry is displaying a high demand for high performance alloys for the manufacture of aircraft. This includes demand for high performance alloys for commercial as well as defense aircraft. The oil and gas industry is also expected to be a significant consumer of high performance alloys in the Middle East.
The Rest of the World region is expected to display significant demand for high performance alloys in the future. Latin America is one of the leading consumers of high performance alloys in this region. Strong economic growth in the region has benefitted leading airlines as well as low-cost carriers in terms of increased air traffic. This, in turn, has benefitted the growth of high performance alloys market.
Some of the leading companies in the global high performance alloys market are Allegheny Technologies Inc., Carpenter Technology Corporation, VSMPO, Aperam, and RTI International Metals Inc.
High performance alloys exhibit excellent mechanical strength, good surface stability and superlative corrosion and oxidation resistance. High performance alloys exhibit excellent mechanical strength and high resistance to creep at high temperatures. In addition, they provide good surface stability and corrosion and oxidation resistance. These alloy operate in complicated combination of force and temperature under the influence of corrosive media, high pressures and radiation. Moreover, titanium and nickel increase the life of the components. High performance alloys market is heavily driven by aerospace and power industries. Typical applications of the high performance alloys include the aerospace industry and in the industrial gas turbines sector (IGTs). Other applications include automotive, oil & gas rail engineering, military, electronics, marine and other industrial applications. There are four main categories of high performance alloys: non-ferrous alloys, platinum group metals, refractory metals and superalloys. These alloys are used at high temperature applications. Thus, properties of these alloys are tailored to a certain extent through the addition of other elements, including metals, metalloids and non-metals viz chromium, iron, molybdenum, niobium, yttrium, vanadium, carbon, boron or hafnium are some examples of the alloying additions used.
This report provides a detailed description of the high performance alloys market in terms of volume share (Kilo Tons) and revenue (USD Million) for the period from 2014 to 2020. It highlights the factors contributing to the growth of the market, and restraints that the market faces. Detailed forecast has been provided for the high performance alloys market from 2014 to 2020 for better understanding of the individual market scenario. The high performance alloys market is described with respect to various segments along with opportunities expected in the next six years.
In terms of geography, the market has been segmented into North America, Asia Pacific, Europe and Rest of the World (RoW). The market has been segmented on the basis of product types (non-ferrous alloys, platinum group metals, refractory metals and superalloys) and application types (aerospace, industrial gas turbines, industrial, automotives, oil & gas, electronics & electrical and others). The study segments the market in terms of products and applications and provides forecast and estimates for each application segment in terms of revenue and volume during the forecast period from 2014 to 2020.
For a comprehensive understanding of the market, we have given a thorough analysis of the value chain. Furthermore, we have included Porter’s five forces model, which provides a detailed understanding of the degree of competition in the market. Moreover, the study comprises a market attractiveness analysis, wherein the applications are benchmarked based on market scope, growth rate and general attractiveness.
Profiles of certain leading companies have been covered in this report along with a detailed analysis of their market share. The study profiles companies such as Allegheny Technologies Inc, Carpenter Technologies, VSMPO, ThyssenKrupp, Haynes International Inc and Aperam. The company profiles include attributes such as company overview, financial overview, SWOT analysis, business strategies and recent developments. A detailed description of the company overview, financial overview and SWOT analysis in addition to recent developments provides a thorough idea about the competitive positioning of players in the market.
For the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by an extensive secondary research. We reviewed key players’ product literature, annual reports, press releases and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations and agencies. This has proven to be the most reliable, effective and successful approach for obtaining precise market data, capturing industry participants’ insights and recognizing business opportunities.The report segments the global high performance alloys market as:
High Performance Alloys Market - Product Segment Analysis
- Non-ferrous alloys
- Platinum group metals
- Refractory metals
High Performance Alloys Market – Application Analysis
- Industrial gas turbines
- Oil & gas
- Electronics & electrical
- Others (Medical, chemical etc)
High Performance Alloys Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)