High Performance Alloys Market driven by Increased Demand for Copper-alloy in Aerospace Industry

Global High Performance Alloys Market: Demand Analysis and Growth Forecast

The aerospace industry isthe largest end-user of high-performance alloys,generatingnearly half of the worldwide demand. Consequently, the industry has a significant impact on the dynamics of the market for alloys. A high performance alloy may be a mixture of high end metals that exhibits vital characteristics in several advanced processes. Technology enhancements in these alloys have led to its application in various industries resulting in reduced production cost.

IndustryARC’s latest market research report projects that the high performance alloys market will gain additional traction from other end use industries including machinery, tools, turbine engines, and mechanical equipment to witness a profitable progression during the forecast period of 2018 to 2023.

Key Drivers:

·         Electroformed copper and nickel are used in structural applications for advanced propellant combustion chambers.

·         Application of high-performance alloys in automobiles results in a reduction in weight and thereby increase fuel efficiency.

· High-performance alloys are utilized by industries for increased operational performance like power generation and oil and gas.

·         Increasing investment in the defense industry, particularly among emerging economies, is anticipated to continue over the next decade and further benefit the high-performance alloy market.

·         The corrosion-resistant superalloys are widely used in extreme environments wherein tremendous heat and corrosion resistance is paramount to the integrity of the end product. Moreover, chemical and petrochemical processing, power plants, and oil and gas industries widely use these superalloys.

Leading Segments:

The high performance alloys market can be segmented based on product, applications and the end-use industry. Based on end-use industry, the market can be segmented into aerospace, marine industry, chemical and food plants, electronics and manufacturing. Product-wise, the market can be bifurcated into stainless steels, nickel and cobalt alloys, zirconium, magnesium alloys, aluminum alloys, and titanium alloys.

Geographically, Asia Pacific currently accounts for the most prominent chunk of demand for alloys which is owing to the increase in disposable income in the area which pushes the demand for vehicles, in the emerging economies of China and India.

Global High Performance Alloys Market: Competitive Landscape

Alcoa Corporation, Allegheny Technologies Incorporated, Aperam, Carpenter Technology Ltd, Haynes International, High-Performance Alloys, Hitachi Metals, Ltd, Materion Corporation and Outokumpu are some of the prominent players operating in the high performance alloys market. Among these, Allegheny Technologies Incorporated (ATI) produces nickel-based alloys, titanium alloys, specialty alloys, stainless steels, and zirconium to which find applicationin next-generation jet engines and 3D-printed products.

Conclusion

High performance alloy is a mixture of high-end metals that finds strong applications in aerospace industry, including the manufacturing of propellant combustion chambers.Major players of this market are also catering to various other end-use industries including marine industry, chemical, power generation, oil and gas, and food plants. Under these favorable scenarios, the market is expected to witness significant growth in the near future.