Market Overview
A High-Performance Alloy is a mixture of high-end metal that exhibits several significant characteristic features to undergo various complex processes and operations. The primary features defining the high performance of such metals are resistance to thermal creep deformation, excellent mechanical strength and surface stability, and greater resistance to corrosion or oxidation. The important metals such as aluminum and chromium provide oxidation or corrosion resistance along with strength. High performance alloys are used in almost all major industrial applications such as machinery, tools, turbine engines, and mechanical equipment. Moreover, the aerospace and defense and marine industries are major consumers of High Performance Alloys as they provide better mechanical properties and greater resistance to corrosion than carbon steel.
Based on Metal Type, the aluminum segment is likely to grow at the highest CAGR during the forecast period. This is primarily due to the robust growth in demand for aluminum for the manufacturing of various automotive parts. Growing environmental concerns have led to the increased stringency of norms against vehicular pollution. This has triggered the demand for aluminum-based alloys that are light weight and capable of increasing fuel economy by reducing the overall weight of a vehicle.
On the Basis of Product, the market has been segmented into non-ferrous, refractory, superalloys, and others. The non-ferrous alloys segmented accounted for the largest share of the market in 2017, while the superalloys product segment is estimated to grow at the highest CAGR during the forecast period due to the expanding scope of its application in the marine and energy sectors.
By Application, the aerospace and defense industry is dominating the market. The characteristic features of High Performance Alloys such as greater durability, corrosion resistance, and, most importantly, light weight are fueling the growth of this segment. The robust growth of the aerospace sector in the emerging economies of Africa and Asia Pacific is likely to boost the demand for High Performance Alloys in the coming years.
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Market Segmentation
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 market has been segmented into iron, aluminum, titanium, magnesium, and others.
Based on Product, the market has been segmented into non-ferrous, refractory, superalloys, and others.
By End-Use Industry, the market has been segmented into aerospace and defense, automotive, industrial, electrical and electronics, oil and gas, marine, and others.
The market has segmented into five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Regional Analysis
The Global High Performance Alloys Market has been segmented, by region, into Asia-Pacific, Europe, North America, the Middle East and Africa, and Latin America. In 2017, Asia-Pacific accounted for over 40% of the Global High Performance Alloys Market on account of the growing demand from the electrical and electronics and automotive industries in the region. India, China, and Japan are the largest markets in the region due to the presence of major end-use industries in these countries. North America ranks second in terms of the market size in the Global High Performance Alloys Market, with the U.S. being the largest market. This is mainly due to the increasing demand for high performance alloys in the aerospace and defense industry as well as the growing marine industry. Europe is also a significant region in the Global High Performance Alloys Market, with Germany, the U.K., France, and Italy as the major markets. The Latin American market is expected to grow to compete with the leading regions in the Global High Performance Alloys Market. Lastly, the market in the Middle East and Africa is projected to grow at a considerable CAGR due to the increasing construction activities in the region.
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