high performance alloys market was valued at USD 6.82 billion in 2013 and is anticipated to reach USD 9.09 billion by 2020, expanding at a CAGR of 4.2%
Online PR News – 03-April-2015 – Albany – High performance alloys refer to metal alloys that are made to perform under extreme conditions like high pressures, and high temperatures. High performance alloys are basically made up of several alloying elements. These are applied extensively in petroleum and chemical plants, aircraft, rocket engines, and gas turbines that are land-based. High performance alloys can be applied effectively in these heavy duty applications because these exhibit high resilience to prolonged exposure.
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They exhibit excellent surface stability, and high degree of low-temperature ductility. High performance alloys are also resistant to corrosion and oxidation. The global high performance alloys market is mainly fueled by industries like power, gas turbines, and aerospace. High performance alloys are also applied in other industrial segments that include marine, oil and gas, electronics, rail engineering, and also the military.
Global High Performance Alloys Market led by the Non-ferrous Alloys Segment
The global high performance alloys market is segmented on the basis of product, application, and geography. The four main types of high performance alloys include refractory alloys, non-ferrous alloys, superalloys, and platinum group metal alloys. The largest product segment in the global high performance alloys market is that of non-ferrous alloys. The non-ferrous alloys segment is then followed by the market for superalloys in the high performance alloys market.
Superalloys and non-ferrous alloys are used extensively in numerous applications. Due to excellent mechanical properties, non-ferrous alloys are applied frequently in industries like oil and gas, aerospace, and gas turbines. This trend is expected to drive the non-ferrous alloys market in the years to come. Superalloys exhibit high phase stability, high resistance to high corrosion and high temperatures, and toughness.
Based on application, the global high performance alloys market is segmented into electronic and electrical, aerospace, oil and gas, industrial, automotives, and others. The aerospace application segment holds the largest share in the global high performance alloys market. And this is followed by the other application segments of oil and gas, and industrial gas and turbines.
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Geographically, the global high performance alloys market is led by North America, which is followed by Europe.
Asia Pacific and the Middle East to Lead the Global High Performance Market in the Forthcoming Years
In terms of the regional market, it is expected that the Asia Pacific will witness high growth in the high performance alloys market in the years to come. The high performance alloys market in the developing countries is expected to witness high rates of growth because the market for low cost carriers are also experiencing high rate of growth. The main contributing factor in the Aerospace and Defense industry is globalization.
As per industry forecasts, the Middle Eastern defense markets, and the commercial markets of the Asia Pacific will open up newer avenues for the market for high performance alloys. The largest consumers operating in the global high performance alloys market are the UK and Germany. In the Rest of the World segment, the largest market for high performance alloys is Latin America.
The main factors that drive the global high performance alloys market include growth in aerospace and automotive industries, and rising demand for industrial gas turbines in the area of power generation. Rising demand from industries like medical, electrical, electronics, oil and gas, and chemical is also a major factor that contributes significantly to the global high performance alloys market.
It is also expected that the market for lightweight, high strength high performance alloys will create several growth opportunities for the global high performance alloys market. Complex manufacturing processes, and high infrastructure cost related capital-intensive production are the two main challenges facing the global high performance alloys market.
Some of the key players operating in the global high performance alloys market are Verkhnesaldinskoye Metallurgicheskoe Proizvodstvennoe Obyedinenie, ThyssenKrupp AG, RTI International Metals Inc, Outokumpu Oyj, Haynes International, Inc., Carpenter Technology Corporation, Aperam S.A., and Allegheny Technologies Limited.
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