High performance alloys market has been witnessing strong growth over the last few years on account of increasing application in major end-use industries including aerospace, gas turbines, electronics and oil & gas. High performance alloys have ability to sustain high temperature. Increasing high thermal resistant materials demand in aerospace industry is anticipated to fuel the market growth over the next six years. High performance alloys demand is growing on account of its superior mechanical and chemical properties including high tensile strength, inertness towards alkaline and resistance to heat & corrosion. Increasing application scope of high performance alloys in gas turbines is anticipated to complement the market growth in near future. In addition, high performance alloys are used in wind turbines owing to their high strength and design flexibility. Growing wind energy industry owing to meet the required energy demand is likely to drive the global high performance alloy market over the foreseeable period.
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Product Insights
Non ferrous alloys have been witnessing strong growth over the last few years on account of increasing demand from aerospace and gas turbines industry. Titanium and nickel which come under non-ferrous alloys are used in the main gear box assembly of helicopter due to their high tensile strength and modulus. However, volatile price of titanium alloys is expected to hamper the market growth in near future. Refractory alloys are mainly used in applications where material with high thermal stability is required. Increasing demand for high thermal stability materials in major end-use industries including oil & gas and power generation is anticipated to boost the demand for high performance alloys over the forecast period. Platinum group metal (PGM) alloys such as Ruthenium, Rhodium, Palladium, Osmium, Iridium and Platinum have multitude applications in automotive, jewelers, catalysis process, glass fiber production and laboratory crucibles. These applications of PGM alloys are expected to fuel the market growth over the forecast period.
Application Insights
Aerospace industry has been the dominating application segment of high performance alloys over the last few years, and the trend is expected to continue over the forecast period. Growing aviation industry coupled with increasing R&D activities is likely to impact the market growth positively over the next few years. Gas turbines industry is the second major application segment of high performance alloys followed by automotive. Power generation and oil & gas industry has been witnessing significant growth over the last few years.
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Regional Insights
North America has been the largest regional market segment of high performance alloys over the past few years, and the trend is expected to continue over the forecast period. Owing to rapid growth in aerospace industry in this region, demand for high performance alloys is expected to witness significant growth over the next six years. Europe was the second largest market followed by Asia Pacific. Increasing gas turbines demand coupled with growing power generation sector in Europe is anticipated to complement the market growth over the forecast period. Furthermore, growing automobiles market in Europe is likely to boost the high performance market demand over the foreseeable period. In Asia Pacific, growing energy demand coupled with rapid industrialization is expected to fuel the market growth over the next six years.
Competitive Insights
Increasing application scope of high performance alloys in various end-use industries including automotive, gas turbines, aerospace and niche application like chemical and medical sector is anticipated to open opportunities for new entrants as well as existing market players. Key players in this market include Carpenter Technology Corporation, Allegheny Technologies Inc, Aperam S.A. and RTI international metals.
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