Yahoo Finance High Performance Alloys Global Market Report 2022: Ukraine-Russia War Impact
Major players in the high performance alloys market are Allegheny Technologies Incorporated, Carpenter Technology Corporation, Haynes International Inc. , Hitachi Metals Ltd, Outokumpu Oyj, Precision Castparts Corporation, The Timken Company, VSMPO-AVISMA Corporation, Nippon Yakin Kogyo Co Ltd, Materion Corporation, Wall Colmonoy Corporation, Stanford Advanced Materials, Arconic Corporation, Thyssenkrupp AG, RTI International Metals, and Baowu Steel Group CorporatioLtd.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Performance Alloys Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372057/?utm_source=GNW
The global high performance alloys market is expected to grow from $9.01 billion in 2021 to $9.51 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The market is expected to grow to $12.01 billion in 2026 at a CAGR of 6.0%.
The high-performance alloys market consists of entities (manufacturers, sole traders, and partnerships) selling high-performance alloy products and services that are used in various industries to improve strength, corrosion resistance, ductility, wear resistance, and fatigue resistance.High-performance alloys are metal compounds that are created to provide improved properties such as stronger mechanical properties, improved resistance to oxidation and corrosion, and greater resistance to thermal creep.
Wrought alloy and cast alloy are the two main types of high-performance alloys.Wrought alloys are non-ferrous metal alloys with a composition that makes them extremely ductile.
The materials used are aluminum, titanium, magnesium, and other materials. The various applications involved aerospace, industrial gas turbines, industrial, automotive, oil and gas, electrical and electronics, and other applications.
Asia-Pacific was the largest region in the high performance alloys market in 2021. The regions covered in this high performance alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing demand from the end-user industry is expected to propel the growth of the high-performance alloy market going forward.High-performance alloys are used for a variety of purposes such as higher mechanical strength, better corrosion and oxidation resistance, and greater thermal creep resistance in various end-user industries such as automotives, electrical and electronics.
As a result, an increase in demand for high-performance alloys from end-user industries also increases the demand for the high-performance alloys market. For instance, in 2021, the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, said that 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Further, according to the Japan Electronics and Information Technology Industries Association, the net production of electronics in Japan increased from 103.6% in 2021 to 110.8%in 2022. Therefore, the increasing demand from the end-user industry is driving the high-performance alloy market.
Technological advancements are a key trend gaining popularity in the high-performance alloy market.Major companies operating in the high-performance alloy market are focused on developing new technological solutions to strengthen their position.
For instance, in January 2022, Alloy Wire International (AWI), a UK-based manufacturer of high-performance alloys, launched a high-performance alloy, INCONEL: 617, a Chromium-Cobalt-Molybdenum alloy aluminium for various applications.This new alloy has unique features such as a combination of increased strength and stability at elevated temperatures up to 1,100 while retaining the high-temperature corrosion resistance of INCONEL alloy 601.
The high nickel and chromium content makes the alloy resistant to a variety of reducing and oxidising media.
In December 2021, Aperam, a Luxembourg-based company and producer of stainless, electrical, and specialty steel, acquired ELG for an amount of EUR 357 million (USD 359.9 million). With this acquisition of ELG, Aperam places the circular economy at the core of its growth strategy. ELGLG is a Germany-based company operating in high-performance alloys.
The countries covered in the high performance alloys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The high-performance alloys market research report is one of a series of new reports that provides high-performance alloys market statistics, including high-performance alloys industry global market size, regional shares, competitors with a high-performance alloys market share, detailed high-performance alloys market segments, market trends and opportunities, and any further data you may need to thrive in the high-performance alloys industry. This high-performance alloys market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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