Global High Performance Alloys Market is Expected to Reach USD 9.09 billion by 2020: Transparency Market Research
Albany, New York (PRWEB) August 28, 2014
Transparency Market Research has published a new market report titled "High Performance Alloys Market (Non-ferrous Alloys, Platinum Group Metal Alloys, Refractory Metal Alloys and Superalloys) for Aerospace, Industrial Gas Turbines, Industrial, Automotives, Oil & Gas, Electronic & Electrical and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to the report, the global 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% during the forecast period from 2014 to 2020. In terms of volume, the global high performance alloys market stood at 1,110.7 kilo tons in 2013.
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High performance alloys exhibit excellent mechanical strength and high resistance to creep at high temperatures. About 60% of an aircraft is incorporated with high performance alloys. Thus, increasing demand for high performance alloys from the aerospace industry is estimated to boost the high performance alloys market during the forecast period. Furthermore, rising demand for gas turbines in power generation applications is projected to drive demand for high performance alloys, as gas turbines require materials that withstand elevated temperatures. However, capital-intensive manufacturing of high performance alloys may hamper the market in the next few years. Furthermore, development of high strength and lightweight high performance alloys may open up new avenues for market growth.
Non-ferrous alloys including titanium and aluminum accounted for 51% of the total market in 2013. Demand for non-ferrous alloys is likely to increase in the next few years due to rising demand for titanium from the aerospace industry. Growth in the aviation industry in emerging economies such as India, China, Brazil, South Africa and Russia is expected to boost demand for high performance alloys in these regions in the near future. Aerospace application dominated the high performance alloys market, accounting for over 54% share of the market in 2013. Rapid growth in the aerospace industry is anticipated to significantly drive demand for high performance alloys during the forecast period. Increasing demand for power generation and oil & gas is also estimated to boost demand for high performance alloys during the forecast period.
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In terms of demand, North America was the leading region in the high performance alloys market in 2013. This was followed by Europe. North America and Europe accounted for around 72% share of the total high performance alloys market in 2013. Asia Pacific is likely to be the fastest growing regional market in terms of demand during the forecast period. Key players in the high performance alloys market include Allegheny Technologies Inc, Aperam, Carpenter Technology Corporation, RTI Metals, and VSMPO. The report segments the global high performance alloys market as:
High Performance Alloys Market - Product Segment Analysis
Platinum group metal alloys
Refractory metal alloys
High Performance Alloys - Application Analysis
Industrial gas turbines
Oil & gas
Electronics & electrical
Others (Medical, chemical, etc)
High Performance Alloys - Regional Analysis
Rest of the World (RoW)
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