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.
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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.
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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.