Zion Market Research has published a new report titled “High Performance Alloys (Platinum Group Metal Alloys, Refractory Alloys, Non-Ferrous Alloys and Superalloys) Market for Aerospace, Industrial Gas Turbines, Industrial, Automotives, Oil & Gas, Electronics & Electrical and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”. According to the report, the global high performance alloys market was valued at approximately USD 7.05 billion in 2014 and is expected to reach approximately USD 9.05 billion by 2020, growing at a CAGR of around 3.5% between 2015 and 2020. In terms of volume, global high performance alloys market stood at 1,150.0 kilo tons in 2014.
High performance alloys are heat resisting alloys based on nickel-iron which are designed to perform at extreme temperature and pressure. Nickel-based alloys can be either solid solution or precipitation strengthened. The wide range of applications for which superalloys are used has expanded to other sectors includes chemical, aircraft, petroleum plant, rocket engines. High performance alloys exhibit a combination of mechanical strength and resistance to surface degradation High performance alloys offer high strength and corrosion resistance with high surface stability and low temperature ductility.
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The high performance alloys market is segmented on the basis of different products platinum group metal alloys, refractory alloys, non-ferrous alloys and superalloys. Non-ferrous alloys dominated product segment of high performance alloys market with over 50% of the overall share in 2014. Non-ferrous are consumed in wide range of applications such as aerospace, gas turbines etc owing to its excellent mechanical property. This segment is likely to be fastest growing market in coming years. Superalloys possess excellent properties such as toughness, resistance to corrosive & oxidizing environment and high temperature strength. This segment is expected to exhibit significant growth in the years to come.
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Based on application, the high performance alloys market can be segmented into aerospace, industrial gas turbines, oil & gas, automotive, electronics & electrical and others. Aerospace was largest segment of high performance alloys market and accounted for over 55% market share in 2014. Globalization is a key driver factor in the Aerospace industry. Industrial gas turbine is estimated to exhibit fastest growth in the high performance alloys market during the forecast period. Oil & gas is another leading segment of high performance alloys market.
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In terms of region, the global high performance alloys market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the major share of high performance alloys market, followed by Europe in 2014. In terms of demand, Asia Pacific is projected to fastest growing market in the years to come. Europe is expected to exhibit significant growth over the forecast period. This growth can be attributed to increasing demand from automotive industry in this region. Latin America is another leading region for high performance alloys market.
Some of the major players in the high-performance alloys market include Carpenter Technology Corporation, Allegheny Technologies Inc, Aperam SA , Alcoa Inc., Precision Castparts Corp, Timken Company ThyssenKrupp AG, VSMPO, Haynes International, Inc. and RTI International Metals Inc.
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