NEW YORK, March 9, 2022 /PRNewswire/ -- The global high-performance alloys market size is expected to reach USD 15.64 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. A significant increase in the use of high-performance alloys in the defense sector to improve operational efficiency is the key factor expected to drive the market revenue growth during the forecast period. Moreover, there is an increase in the demand for next-generation aircraft and building fuel nozzles of jet engines in the aerospace industry. These alloys are also used in industrial gas turbines because they improve overall performance. Moreover, the growing use of high-performance alloys in the oil & gas industry for onshore and offshore exploration, drilling, and production activities is driving the market growth. Aside from that, there is a significant increase in demand for fuel-efficient vehicles as a result of rising environmental concerns and stringent regulations implemented by governing agencies in various countries. High-performance alloys are being used by top vehicle manufacturers to reduce overall vehicle weight. Other important drivers expected to drive the market growth include advancements in aluminum and magnesium mining, as well as increased extraction of metals utilized for alloying.
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Some Key Highlights From the Report
- Aluminum segment is expected to register a considerable revenue growth rate in the high-performance alloys market during the forecast period. Aluminum is lightweight, has advanced forming and alloying technology, and is relatively inexpensive. Automotive industry combined with increasing substitution of steel with aluminum-based high-performance alloys in the automotive industry to obtain the benefit of significant weight reduction.
- Superalloys are a group of nickel, iron-nickel, and cobalt alloys used in jet engines. These metals have outstanding heat resistant properties, retaining stiffness, strength, toughness, and dimensional stability at higher temperatures than other aerospace structural materials. Superalloys also have excellent corrosion and oxidation resistance when used at high temperatures in jet engines. The nickel-based material, which has a high concentration of chromium, iron, titanium, cobalt, and other alloying elements, is the most important type of superalloy.
- Market in North America is expected to expand at a rapid revenue CAGR in the global high-performance alloys market over the forecast period. Market revenue growth in this region is expected to be driven by rising demand in the automotive industry with the increasing production of passenger cars, increasing R&D investments, and favorable government regulations.
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- In December 2021, Desktop Metal and the Korea Institute of Industrial Technology (KITECH) announced a collaboration to accelerate additive manufacturing (AM) industrialization and acceptance in South Korea, beginning with installation of the Desktop Metal Shop System and Production System P-1 platforms. The Production System combines Desktop Metal's designed binders with an open material platform, enabling users to build high-performance components utilizing the same low-cost metal powders used in metal injection molding. An inert processing environment allows compatibility with a wide range of materials, including high-performance alloys and reactive metal powders like aluminum and titanium.
- Companies profiled in the market report are Allegheny Technologies Incorporated, Carpenter Technology Corporation, Haynes International, Inc., Hitachi Metals, Ltd., Outokumpu Oyj, Precision Castparts Corp., The Timken Company, VSMPO-AVISMA Corporation, Nippon Yakin Kogyo Co., Ltd., and Materion Corp.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/high-performance-alloys-market
For the purpose of this report, Reports and Data has segmented the global high-performance alloys market based on material type, product type, alloy type, application, and region:
- Material Type Outlook (Revenue, USD Billion; 2019-2030)
- Aluminum
- Titanium
- Magnesium
- Nickel
- Steel
- Others
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Non-Ferrous
- Platinum Group Metals
- Refractory
- Superalloys
- Alloy Type Outlook (Revenue, USD Billion; 2019-2030)
- Wrought Alloy
- Cast Alloy
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Aerospace
- Automotive
- Industrial
- Oil & Gas
- Electrical & Electronics
- Industrial Gas Turbine
- Others
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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