High Performance Alloys Market Is Likely To Reach USD 11.34 Billion By 2024: Grand View Research, Inc.

 

The global high performance alloys market size is expected to reach USD 11.34 billion by 2024, according to a new report by Grand View Research, Inc. The industry is anticipated to grow, primarily on account of rising substitution of materials such as steel and aluminum due to superior performance and reduction in the price of such alloys.

Favorable characteristics of the alloys which aid in improvement in performance efficiency coupled with superior heat and insulation is expected to drive the demand. The price of the products is generally high on account of higher production cost, which is expected to emerge as one of the major factors restraining growth.

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The increasing cost of the alloying metals coupled with monopolistic hold of the industry players over the market is expected to hamper the demand over the forecast period. However, the lack of alternatives to the metals and commercialization of favorable technologies is anticipated to drive the demand over the forecast period.

Presence of a number of raw material suppliers is expected to decrease the bargaining power. Furthermore, lower raw material prices offered by suppliers from Asia Pacific is expected to propel demand. However, increasing demand for these raw materials from other key end-use industries is expected to decline raw material availability.

Browse full research report on High Performance Alloys Market: www.grandviewresearch.com/industry-analysis/high-performance-alloys-market

Further Key findings from the study suggest:

  • Titanium based high performance alloys are expected to register a CAGR of 5.1% by revenue over the forecast period on account of heightened use in the production of turbine blades, aircraft engines, and nuclear reactors
  • Non-ferrous alloying material accounted for a market share with 51.6%, in terms of revenue, on account of low cost of the material coupled with extensive usage in the manufacture of electronic & electrical devices.
  • The use of the products in aerospace is expected to cater to a market share of 55.4% in terms of revenue on account of growing demand for lightweight materials for use in commercial and defense aircrafts
  • Asia Pacific region is estimated to register fastest growth with a CAGR of 5.9%, in terms of revenue on account of growing automotive industry in emerging economies such as China and India

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials                                                                                                                                         

Grand View Research has segmented the high performance alloys market on the basis of product, material, application and region.

High Performance Alloys Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 – 2024)

  • Non-ferrous metals
  • Platinum group metals
  • Refractory
  • Super alloys

High Performance Alloys Material Outlook (Volume, Kilotons; Revenue, USD Million; 2013 – 2024)

  • Aluminum
  • Titanium
  • Magnesium
  • Others

High Performance Alloys Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013 – 2024)

  • Aerospace
  • Industrial Gas Turbine
  • Industrial
  • Automotive
  • Oil & Gas
  • E & E
  • Others

High Performance Alloys Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 – 2024)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • The UK
    • Russia
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • South Africa

Access Press Release By Grand View Research: 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.

For more information: www.grandviewresearch.com

 

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High Performance Alloys Market Is Anticipated To Grow Due To Increased Demand For Gas Turbines Used In Power Generation Till 2024: Grand View Research, Inc.

High performance alloys market is expected to reach USD 11.33 Billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to increasing substitution of steel and other alloys by titanium and aluminum based high performance alloys. High strength coupled with superior oxidation resistant properties exhibited by these materials is expected to drive demand over the projected period.

Growing use of the product in industrial gas turbines and other gas turbines used in power generation is expected to drive growth over the forecast period. In addition, increasing government expenditure particularly in developing economies to restart gas based power plants is expected to have a positive impact growth.

Technological advancements related to alloys manufactured using platinum group metals have led to an increase in the demand for the aforementioned product. The platinum-palladium-copper alloys are used in wrought products thereby resulting in a substantial cost reduction. The ruthenium-platinum-palladium alloys are being used increasingly in industrial applications owing to high oxidation resistance and superior strength.

Europe accounted for a significant market share of over 26.0% in 2015 and is expected to witness significant growth over the next eight years. Increasing demand for high performance alloys from the robust automotive and aerospace industry in the region is expected to propel demand.

U.S. high performance alloys market revenue, by application, 2013 – 2024 (USD Million)

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Browse full research report on High Performance Alloys Market

Further key findings from the report suggest:

  • Non-ferrous high performance alloys are expected to be the fastest growing segment, growing at a CAGR of over 3.0% from 2016 to 2024. Increasing application scope of the products in aerospace as well as industrial applications owing to its ability to withstand high temperature and pressure is expected to fuel demand.
  • Electrical & electronics segment was valued at over USD 6.00 billion in 2015. High performance alloys used in electrical & electronics applications are added with conductive metals to optimize performance efficiency. Furthermore, growing use of these products in electrical & electronics applications owing to its superior thermal resistance is likely to fuel growth over the forecast period.
  • Asia Pacific is expected to exhibit the highest growth owing to growing demand for these products particularly in emerging economies owing to rapid industrialization in Indonesia, India, and China. Furthermore, increasing government initiatives coupled with supportive regulations benefiting the manufacturing sector is expected to augment growth over the projected period.
  • Superalloys segment is expected to register a market growth of CAGR of over 4.5% from 2016 to 2024. The corrosion-resistant superalloys are extensively used in extreme environments owing to its ability to offer superior heat and corrosion resistance. Growing use of these alloys in power plants, chemical and petrochemical processing, and oil and gas industries is expected to augment demand over the next eight years.
  • Key market players include VSMPO, RTI International Metals, Carpenter Technology Corporation, Aperam, Haynes International, Outokumpu. Alcoa Inc., Timken Company, Precision Castparts Corp.

 For more information: http://www.grandviewresearch.com