The
global high performance alloys market size is
expected to reach USD 11.34 billion by 2024, according to a new report by Grand
View Research, Inc. The industry is anticipated to grow, primarily on account
of rising substitution of materials such as steel and aluminum due to superior
performance and reduction in the price of such alloys.
Favorable
characteristics of the alloys which aid in improvement in performance
efficiency coupled with superior heat and insulation is expected to drive the
demand. The price of the products is generally high on account of higher
production cost, which is expected to emerge as one of the major factors
restraining growth.
The
increasing cost of the alloying metals coupled with monopolistic hold of the
industry players over the market is expected to hamper the demand over the
forecast period. However, the lack of alternatives to the metals and
commercialization of favorable technologies is anticipated to drive the demand
over the forecast period.
Presence
of a number of raw material suppliers is expected to decrease the bargaining
power. Furthermore, lower raw material prices offered by suppliers from Asia
Pacific is expected to propel demand. However, increasing demand for these raw
materials from other key end-use industries is expected to decline raw material
availability.
Browse full
research report on High Performance Alloys Market: www.grandviewresearch.com/industry-analysis/high-performance-alloys-market
Further
Key findings from the study suggest:
- Titanium based high performance alloys are
expected to register a CAGR of 5.1% by revenue over the forecast period on
account of heightened use in the production of turbine blades, aircraft
engines, and nuclear reactors
- Non-ferrous alloying material accounted for a
market share with 51.6%, in terms of revenue, on account of low cost of
the material coupled with extensive usage in the manufacture of electronic
& electrical devices.
- The use of the products in aerospace is
expected to cater to a market share of 55.4% in terms of revenue on
account of growing demand for lightweight materials for use in commercial
and defense aircrafts
- Asia Pacific region is estimated to register
fastest growth with a CAGR of 5.9%, in terms of revenue on account of
growing automotive industry in emerging economies such as China and India
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the high performance alloys market on
the basis of product, material, application and region.
High
Performance Alloys Product Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Non-ferrous
metals
- Platinum
group metals
- Refractory
- Super
alloys
High
Performance Alloys Material Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aluminum
- Titanium
- Magnesium
- Others
High
Performance Alloys Application Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aerospace
- Industrial
Gas Turbine
- Industrial
- Automotive
- Oil
& Gas
- E &
E
- Others
High
Performance Alloys Regional Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- The UK
- Russia
- France
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Argentina
- Middle
East & Africa
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-high-performance-alloys-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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