Global Aerospace High Performance Alloys Market To Augment at a CAGR of 7%; MRFR Unleashes Industry Insights Up To 2023
- In June 2018, AT&F announced the inclusion of its latest 5-axis water jet cutting system to meet the growing demands of the Aerospace
March, 2018 – Allegheny Technologies announced joint venture (JV) with an affiliate company of Tsingshan Group to produce 60-inch wide stainless sheet products for sale in North America.
- Aeromet International announced the development of its new A20X aluminum-copper family of alloy technologies for high strength airframe and aero engine components.
June, 2017 – Carpenter Technology Corporation and Samuel Son & Corporation announced a strategic alliance between the two companies to provide end-to-end supply chain solutions for the additive manufacturing marketplace.
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High performance alloys find novel use in the aerospace industry owing to their excellent mechanical strength, good surface stability, and corrosion resistance. The global aerospace alloys market is expected to capture a moderate CAGR of 7% over the forecast period of 2017-2023, reveals a study by Market Research Future (MRFR). Most aircrafts are equipped with high performance alloys, and the aerospace industry is among the early adopters of the emerging manufacturing technology. Aerospace HPAs are increasingly used in jet engines for their light-weight property which helps in reduction of aircraft weight. The growth of aircraft component market remains the primary driver of the market. Increased production of aircraft and the establishment of high performance alloys centers in numerous countries by aircraft manufacturers in the recent years has spurred the growth of the market. Expansion of existing aircraft fleets coupled with demand for new generation aircraft is expected to propel the market for aerospace HPAs. Aerospace high performance alloys are gaining popularity as an emerging material technology in the aerospace industry owing to the high corrosion resistance of HPAs, high-temperature resistance, low density, high strength properties, heat resistance, and superior mechanical strength. Growing investment in the aircraft industry and R&D activities are also expected to stimulate the growth for the aerospace HPAs. Additive Manufacturing of HPA Parts to Spur Growth Opportunities in the Global Aerospace HPA Market. However, steep costs of manufacturing and machining complexities are likely to hinder the market growth. Production of aerospace high performance alloys requires high energy consumption leading to increased cost of production which limits the market growth. Moreover, stringent regulations pertaining to extraction and mining of raw materials are also a hindrance to the market. Rising trend of additive manufacturing of aerospace HPA parts is likely to present potential growth opportunities in future.
The global aerospace high performance alloys market has been segmented on the basis of alloy type, product type, alloying element, and region. By alloy type, the market has been segmented into Wrought Iron and Cast Iron. Wrought iron segment captures the majority of the market owing to high resistance to corrosion and oxidation. By product type, the market has been segmented into iron base, cobalt base, and nickel base. By alloying element, the market has been segmented into aluminum, titanium, and magnesium. The aluminum segment is expected to expand at the highest rate due to its increasing usage in aerospace applications.
The key markets of the global aerospace high performance alloys market include America, Asia Pacific, Europe, Middle East & Africa, and South America. North America domineers the market due to high consumption of high performance alloys in the region and is expected to retain its position over the forecast period. Asia-Pacific region accounts for the second largest share of the market owing to increased production of aircraft in China and Indonesia.
The global aerospace high performance alloys market is characterized by the presence of established players and is hi9ghly competitive. The key players are incorporating various strategies such as mergers and partnerships in a bid to sustain their position in the market. The market participants are coming up with innovations regarding weight reduction and product precision for application in the aerospace industry which is expected to drive the demand. The key players operating in the global aerospace high performance alloys market include Allegheny Technologies (U.S.), Carpenter Technology (U.S.), VSMPO (U.S.), Haynes International (U.S.), NBM Metals (U.S.), ThyssenKrupp (Germany), Aperam (Germany), Precision Castparts (U.S.), Alcoa (U.S.), High Performance Alloys Inc. (U.S.), and Outokumpu (Finland).
The report for Global Aerospace High Performance Alloys Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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