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High Performance Alloys Market Poised to Expand at a Robust Pace Over 2020
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High performance alloys are metal alloys that provide good surface stability and corrosion resistance and are specifically deigned to perform under intense conditions such as elevated pressures and temperatures. Due to their ability to retain most of their strength despite prolonged exposure, these components are ideal for a wide range of industrial applications. Some of the typical applications of high performance alloys include the industrial gas turbines sector (IGTs) and the aerospace industry. The power industries and aerospace influence the growth of this market. Due to their excellent mechanical strength and creep resistance to high temperatures, the use of high performance alloys is substantially high in these fields.
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According to an analyst’s study at TMR, around 60% of an aircraft is equipped with high performance alloys. Aerospace was the largest application segment of the market, accounting for 56.9% of the total high performance alloys market in 2013. By 2020, tremendous demand for high performance alloys is likely to be observed from the aerospace industry.Similarly, rising demand for high performance alloys will also be seen in power generation applications, as gas turbines require premium materials that can withstand elevated temperatures. Some of the other applications that high performance alloys find their use in are oil and gas rail engineering, automotive, electronics, military, marine, and others.
Within the key products of the high performance alloys market, the study enlists nonferrous alloys, refractory alloys, platinum group metal alloys, and superalloys as the main segments of this market. Of all, the nonferrous alloys, including aluminum and titanium, accounted for 51% of the total market in 2013. Nonferrous alloys exhibit favorable mechanical properties for industrial use. The demand for these alloys is expected to increase in the next few years due to the rising demand for titanium materials in the aerospace industry. Nonferrous alloys were the largest product segment in 2013, followed by superalloys.
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In terms of regional demand, North America was dominant in the high performance alloys market in 2013. However, increasing demand for high performance alloys from the automotive industry in Europe is also boosting the growth of this market. Asia Pacific and the Middle East are the next fastest growing regions anticipated to offer higher opportunities for the global high performance alloys market in the near future, reports TMR.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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