High Performance Alloys Market Report by Product (Non-ferrous Metal, Platinum Group Metal, Refractory, Superalloys), Material (Aluminum, Titanium, Magnesium, and Others), Application (Aerospace, Industrial Gas Turbine, Industrial, Automotive, Oil and Gas, Electrical and Electronics, and Others), and Region 2024-2032
The global high performance alloys market size reached US$ 9.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 9.4 Billion
Market Forecast in 2032
US$ 13.3 Billion
Market Growth Rate 2024-2032
3.8%
Also known as superalloys, high performance alloys have an austenitic face-centered cubic crystal structure with cobalt, nickel, or nickel-iron as the base alloying element. They exhibit excellent mechanical strength, superior functionality, and high corrosion and heat resistance compared to stainless steel. As a result, they find applications in atomic power, semiconductors, desalination, and solar and fuel cells around the world.
High Performance Alloys Market Trends:
A considerable rise in the use of high performance alloys in the defense sector for enhancing operational efficiency represents one of the primary factors positively influencing the market. Moreover, there is an increase in the demand for next-generation aircraft and building fuel nozzles of jet engines in the aerospace industry. This, in turn, is positively driving the sales of high performance alloys across the globe. Additionally, these alloys are used in industrial gas turbines as they help increase the overall performance. Furthermore, the market is driven by the rising utilization of high performance alloys in the oil and gas industry for onshore and offshore exploration, drilling, and production activities. Besides this, due to the rising environmental concerns and stringent regulations implemented by governing agencies of numerous countries, there is a significant rise in the demand for fuel-efficient vehicles. Consequently, leading vehicle manufacturers are relying on high-performance alloys for reducing the overall weight of the vehicle. Other major factors anticipated to support the growth of the market include developments in aluminum and magnesium mining and increasing extraction of metals used for alloying.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global high performance alloys market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, material and application.
Breakup by Product:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Alcoa Corporation, Allegheny Technologies Incorporated, Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Hitachi Metals Ltd. (Hitachi Ltd.), Outokumpu Oyj, Precision Castparts Corp. (Berkshire Hathaway Inc.), The Timken Company, ThyssenKrupp AG and VSMPO-AVISMA Corporation.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Product, Material, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Alcoa Corporation, Allegheny Technologies Incorporated, Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Hitachi Metals Ltd. (Hitachi Ltd.), Outokumpu Oyj, Precision Castparts Corp. (Berkshire Hathaway Inc.), The Timken Company, ThyssenKrupp AG and VSMPO-AVISMA Corporation
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
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Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global high performance alloys market was valued at US$ 9.4 Billion in 2023.
We expect the global high performance alloys market to exhibit a CAGR of 3.8% during 2024-2032.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous end-use industries for high performance alloys.
The rising demand for fuel-efficient vehicles, along with the increasing dependency of vehicle manufacturers on high-performance alloys for reducing the overall weight of the vehicle, is primarily driving the global high performance alloys market.
Based on the product, the global high performance alloys market can be categorized into non-ferrous metal, platinum group metal, refractory, and superalloys. Currently, non-ferrous metal accounts for the majority of the total market share.
Based on the material, the global high performance alloys market has been segregated into aluminum, titanium, magnesium, and others. Among these, titanium currently holds the largest market share.
Based on the application, the global high performance alloys market can be bifurcated into aerospace, industrial gas turbine, industrial, automotive, oil and gas, electrical and electronics, and others. Currently, the aerospace industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global high performance alloys market include Alcoa Corporation, Allegheny Technologies Incorporated, Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Hitachi Metals Ltd. (Hitachi Ltd.), Outokumpu Oyj, Precision Castparts Corp. (Berkshire Hathaway Inc.), The Timken Company, ThyssenKrupp AG, and VSMPO-AVISMA Corporation.
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