High performance alloys market is expected to
reach USD 11.33 Billion by 2024, according to a new report by Grand View
Research, Inc. The market is expected to witness significant growth owing to
increasing substitution of steel and other alloys by titanium and aluminum
based high performance alloys. High strength coupled with superior oxidation
resistant properties exhibited by these materials is expected to drive demand
over the projected period.
Growing use of the product in
industrial gas turbines and other gas turbines used in power generation is
expected to drive growth over the forecast period. In addition, increasing
government expenditure particularly in developing economies to restart gas
based power plants is expected to have a positive impact growth.
Technological advancements
related to alloys manufactured using platinum group metals have led to an
increase in the demand for the aforementioned product. The
platinum-palladium-copper alloys are used in wrought products thereby resulting
in a substantial cost reduction. The ruthenium-platinum-palladium alloys are
being used increasingly in industrial applications owing to high oxidation
resistance and superior strength.
Europe accounted for a
significant market share of over 26.0% in 2015 and is expected to witness
significant growth over the next eight years. Increasing demand for high
performance alloys from the robust automotive and aerospace industry in the
region is expected to propel demand.
U.S. high performance alloys
market revenue, by application, 2013 - 2024 (USD Million)
Browse full research report on
High
Performance Alloys Market
Further key findings from
the report suggest:
- Non-ferrous
high performance alloys are expected to be the fastest growing segment,
growing at a CAGR of over 3.0% from 2016 to 2024. Increasing application
scope of the products in aerospace as well as industrial applications
owing to its ability to withstand high temperature and pressure is
expected to fuel demand.
- Electrical
& electronics segment was valued at over USD 6.00 billion in 2015.
High performance alloys used in electrical & electronics applications
are added with conductive metals to optimize performance efficiency.
Furthermore, growing use of these products in electrical & electronics
applications owing to its superior thermal resistance is likely to fuel
growth over the forecast period.
- Asia Pacific
is expected to exhibit the highest growth owing to growing demand for
these products particularly in emerging economies owing to rapid
industrialization in Indonesia, India, and China. Furthermore, increasing
government initiatives coupled with supportive regulations benefiting the
manufacturing sector is expected to augment growth over the projected
period.
- Superalloys
segment is expected to register a market growth of CAGR of over 4.5% from
2016 to 2024. The corrosion-resistant superalloys are extensively used in
extreme environments owing to its ability to offer superior heat and
corrosion resistance. Growing use of these alloys in power plants,
chemical and petrochemical processing, and oil and gas industries is
expected to augment demand over the next eight years.
- Key market
players include VSMPO, RTI International Metals, Carpenter Technology
Corporation, Aperam, Haynes International, Outokumpu. Alcoa Inc., Timken
Company, Precision Castparts Corp.
For
more information: http://www.grandviewresearch.com
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