Global High Performance Alloys Market, by Metal Type (Iron, Aluminum, Titanium, Magnesium), Product (Non-Ferrous, Refractory, Superalloys), End-Use Industry (Aerospace & Defense, Automotive, Industrial, Electrical & Electronics, Oil & Gas), and Region till 2023
High Performance Alloys Market is expected to reach a valuation of more than USD 50 billion by the end of the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The Global High Performance Alloys Market is mainly driven by the demand for stronger, lighter and more corrosion-resistance materials from various end-use industries.— The Global
The aerospace and defense sector is the major end user of the High Performance Alloys Market and is likely to remain in the position over the forecast period. The growing demand to acquire technologically advanced solutions to improve the army is likely to drive the Global High Performance Alloys Market over the forecast period. The growing demand for stronger metal alloys in defense vehicles and airplanes is likely to be the major driver for the Global High Performance Alloys Market over the forecast period. The mechanical strength of metal alloys is crucial in the aerospace and defense sector, as it determines the level of protection the respective vehicle would get from the construction materials alone. The growing demand for gaining a technological edge in military matters is likely to be a major driver for the Global High Performance Alloys Market over the forecast period.
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The automotive industry is also likely to play a key role in the growth of the Global High Performance Alloys Market over the forecast period, even though the targets of the automotive industry are a bit different than those of the aerospace and defense sector. While making the substances as strong as possible is the priority in the latter, innovation in the automotive industry has mainly focused on creating High Performance Alloys that are as light as possible, while retaining a significant part of their strength. The importance of lightness in terms of the emission volume reduced as a result is likely to drive the demand for High Performance Alloys in the automotive industry over the forecast period. The growing government support to environmental measures in the automotive industry is likely to be a major driver for the Global High Performance Alloys Market over the forecast period.
Leading players in the Global High Performance Alloys Market include Alcoa Inc., Carpenter Technology Corporation, Timken Company, VSMPO-Avisma Corporation, RTI International Metals, Outokumpu, ThyssenKrupp AG, Aperam SA, Precision Castparts Corp., and Hitachi Metals Ltd.
In January 2018, Fort Wayne Metals acquired G&S Titanium, a titanium and specialty alloy wire and bar drawing specialist.
The Global High Performance Alloys Market has been segmented on the basis of metal Type, Product, End-Use Industry and Region.
On the Basis of Metal Type, the High Performance Alloys Market has been segmented into iron, aluminum, titanium, magnesium, and others.
Based on Product, the High Performance Alloys Market has been segmented into non-ferrous, refractory, superalloys, and others.
By End-Use Industry, the High Performance Alloys Market has been segmented into aerospace and defense, automotive, industrial, electrical and electronics, oil and gas, marine, and others.
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Asia Pacific is expected to remain the leading regional segment of the Global High Performance Alloys Market over the forecast period, followed by North America. Asia Pacific accounted for around 40% of the Global High Performance Alloys Market in 2017 and is likely to retain a similar level of dominance throughout the forecast period due to the growing metalworking industry in India, China, South Kore, and Japan, and the strong presence of the automotive and electronics industries in the region, which are likely to drive steady growth of the High Performance Alloys Market over the forecast period.
North America’s share in the Global High Performance Alloys Market is primarily predicated on the presence of the automotive, aerospace and defense, and marine industries in the region. The growing demand for smarter solutions to modernize the military is likely to lead to extensive innovation in the High Performance Alloys Market in North America over the forecast period.
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