High Performance Alloys - the developing technology
According to a new report published by Reports Monitor titled, “ Global High Performance Alloys Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global high performance alloys market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
High performance alloys known as super alloys, comprises of superior chemical and physical properties comparing with the standard alloys. They include high mechanical strength and can resist high temperatures and pressures. These are primarily used by industries for improved operational performance like power generation, gas and oil and various others.
High performance alloys market is categorized by application and product. Factors that are driving the high performance alloys market includes increasing global population, changing consumer preferences, development in economy, consumer awareness, and urbanization. The industry is predicted to mature, largely on account of increasing substitution of materials like aluminium and steel owing to reduction in the price and superior performance of such alloys. The mounting cost of the alloying metals together with monopolistic hold of the industry players over the market is expected to hinder the demand over the forecast period. On the other hand, the lack of alternatives to the metals and commercialization of favorable technologies is predicted to drive the demand over the forecast period.
Advancement in light weight, high strength and high performance alloys is expected to benefit the growth of this market. Advancement in technology and an improved level of production leading to attaining economies of scale have enabled the use of high performance in a extensive range of applications.
The global high performance alloys market is segmented on the basis of product, material, application and region. Based on product, the market is segmented as non-ferrous metal, platinum group, refractory, super alloys. Based on material, the market is divided into aluminium, titanium, magnesium and others. On the basis of application, it is segmented into aerospace, industrial gas turbine, industrial, automotive, oil & gas, electrical & electronics and others. Moreover, based on region, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, Central & South America.
The market for high performance alloys is anticipated to be budding in economies such as North America and Europe. Growing demand for high performance alloys in emerging economies such as China is anticipated to drive the high performance alloys market. Brazil, China, India and countries in Southeast Asia are the emerging countries witnessing change in consumer preferences. The development of economies plays a major role in increasing the demand for high performance alloys in the global market. A key factor that determines the growth of high performance alloys in developing economies is the increase in consumption. The growing GDP in emerging markets such as Brazil, China and India is estimated to drive the demand in the market.
The key vendors in this market are:
Hitachi Metals Ltd., Neonickel Ltd., Haynes International Inc, Allegheny Technologies Limited, Precision Castparts Corp , High Performance Alloys, Inc., Materion Corp., Alcoa Inc. , Langley Alloys Ltd., ThyssenKrupp AG
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