Global High Performance Alloys Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for high performance alloys is expected to register a moderate growth during the forecast period, 2018 to 2023.This moderate growth is the consequence of the increasing demand from the aerospace & defense industry.
Increasing Demand from the Aerospace & Defense Industry
The aerospace industry is the largest end-user segment for high-performance alloys, which is nearly half of the total global demand. The military aerospace industry consumes the largest part of the important strategic materials that are used in commercial aerospace (the fastest growing segment). Inconel 718 (Nickel-based) superalloy is the most widely used high-performance alloy (used extensively in aerospace applications). Nickel-based superalloys currently constitutes over 50% of the weight of advanced amount of high-performance alloys. In addition, high performance alloys represents the most aircraft engines. The consumption of high-performance alloys has increased not only in aerospace but also in defense verticals. Since the trend gaining momentum in the global scenario is increasing the investments in the defense sector, this trend is expected to continue for the next 10 years.
Oil & Gas End-user Segment to Drive the Market Growth
The oil & gas industry represents one of the major end-user industries for the high-performance alloys market, with a significant market share. The share of total oil & gas production from offshore areas has augmented prominently from the recent years, and the rapid growth of ultra-deep water production is anticipated in the future. Lately, the oil & gas production is more challenging as the site conditions have become increasingly severe, for example, higher temperatures, higher pressures, and sour fields (high H2S content) with high CO2 levels. All these challenges require advanced technologies, improved equipment, and high-performance alloy materials in order to ensure the smooth and safe production of oil & gas. This created a huge opportunity for the Corrosion Resistant Alloys (CRAs) to penetrate the market, as they are better suited to meet the increasing requirements in exploration and production. Thus, the demand for special alloy steels, stainless steels, and overall high performance alloys for upstream oil & gas applications has grown substantially, which is projected to continue.
Asia-Pacific to Dominate the Market
The Asia-Pacific region is expected to dominate the global high performance alloys market over the forecast period, due to the increasing demand from the end-user industries, such as automotive, aerospace & defense, and energy & power. China, Japan, India, and South Korea are the major contributors in the Asia-Pacific region. Recently, AUSTRALIA-INDIA strategic research fund has supported a major collaboration into high performance alloys, which will position India and Australia to be more active in the high performance alloy market.
Key Developments in the Market
March 2018: Materion Corporation announced a distribution agreement with EDRO GmbH in Europe. In addition, EDRO Specialty Steels Inc. will join ThyssenKrupp Copper and Brass Sales as exclusive distributors of MoldMAX alloy products in North America.
Major Players: ATI, VDM Metals, Precision Castparts Corporation, Carpenter Technology Corporation, and Haynes International, among others.
Reasons to Purchase this Report
Current and future global high-performance alloys market in the developed and emerging markets.
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The segment that is expected to dominate the market.
The region that is expected to witness fastest growth during the forecast period.
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