Global Market for High Performance Alloys
Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The "High Performance Alloys - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global High Performance Alloys Market to Reach $9.8 Billion by 2026
Superalloys, or high performance alloys (HPAs), typically refer to a complex metallurgical blend of usually three or more VIIA elements developed for performing at elevated temperatures and in harsh operating conditions where high surface stability and mechanical strength are required. Non-ferrous alloys comprising titanium and aluminum are used in a broad range of applications including gas turbines and aerospace due to their superior mechanical properties.
The market has and will continue to be characterized by demand for more value-added products, continuous product innovation, and growing competition. Post pandemic growth in the market will be driven by demand momentum for lightweight, high performance materials in various applications in the aerospace, automotive, oil & gas, construction, energy generation, among others.
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.
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. Increasing demand for chemically inert and corrosion-resistant products in chemical processing would drive growth during the post pandemic period.
Amid the COVID-19 crisis, the global market for High Performance Alloys estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$9.8 Billion by 2026, growing at a CAGR of 4.9% over the analysis period.
The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026
The High Performance Alloys market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 25.35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 3.9% respectively over the analysis period.
Select Competitors (Total 121 Featured):
Allegheny Technologies Incorporated
AMG Advanced Metallurgical Group N.V.
Carpenter Technology Corporation
Doncasters Group Limited
Fort Wayne Metals Research Products Corp.
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.
Special Metals Corporation
Titanium Metals Corporation (TIMET)
Universal Stainless & Alloys Inc.
VDM Metals GmbH
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
HPA Witnesses Price Rise in 2022 Amid Volatility in the Metal Commodities Market Triggered by the Russia-Ukraine War
Rise of Lightweighting as a Part of the Long-Term Manufacturing Strategy to Benefit HPA Demand
Production Volatility Amid Chip Shortages Aggravated by the Russia Ukraine War Downgrades Demand Growth for Automotive Alloys in 2022
Beyond These Challenges, Stringent Regulations & Competitive Pressures Will Remain Long-Term Drivers of Demand for Specialty Automotive Alloys
Expanding Industrial Applications for Titanium Based Alloys to Continue Post Pandemic
Here's Why Nickel Alloys Hold a Stronger Potential for Long-Term Growth
Robust Demand for Medical Devices Spurs Parallel Opportunities for HPAs in Medical Devices Manufacturing
Demand Outlook for Medical Devices Remains Robust
Here's How Valuable HPAs are in Medical Device Manufacturing
Newer Applications to Drive Gains Over the Long-Term
Forced Investments in Upgrading the Creaking Energy Infrastructure, Post Pandemic to Drive Demand for HPAs in Industrial Gas Turbines (IGT)
Use of AI in the Design of High Performance Alloys Gains Momentum
Increase in Oil Production Prompted by Russia-Ukraine War to Positively Impact Demand for HPAs
Shape Memory Alloys Grow in Popularity
High Entropy Alloys Rise In Significance & Find New & Advanced Applications
Innovation in High Performance Alloys Remains Crucial to Sustained Growth
Recycling Storms Into the Spotlight at a Time When Sustainability is Gaining Importance Now More Than Ever
Current State of Recycling HPAs
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
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