High performance alloys market is likely to undergo high growth on owing to properties like good thermal stability, excellent mechanical strength and corrosion &oxidation resistance. These characteristics reduce breakdowns, increase service life and also play a vital role in lowering the total cost in rail engineering, industrial and automotive applications. Decrease in service life of machinery due to growing need for low maintenance costs coupled with corrosion are factors estimated to boom high performance alloys market growth over the coming years.
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Superior properties involving heat, corrosion resistance and fatigue load resistance are major factors driving the industry. This market is projected to be primarily driven by augmented demand in aerospace market. Moreover, Requirement for high firing temperature in gas turbines is projected to boost the market demand further. Rising power generation in developing markets like India, Brazil and China due to increased consumption of alloys in household and industrial segment has boosted gas turbines demand and is expected to drive the total market further.
Non-ferrous alloys like titanium and nickel are anticipated to undergo moderate growth on account of augmented use of these alloys in aerospace coupled with high mechanical growth over the forecast period. Refractory alloys are increasingly used as construction materials in heating devices as they have ability to withstand high temperature. Platinum group metals like osmium, ruthenium, platinum and rhodium are mostly used as catalytic convertors in internal combustion engines for industrial and automotives applications. Although, high price associated with platinum group alloys is anticipated to hinder the market growth over the coming years.
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High performance alloys are mostly used in aerospace industry owing to its fatigue load resistance properties .These products also find applications in production of pistons, shafts and connecting rods used in automotives. Rising automobile industry in China, Brazil, Mexico and Malaysia is anticipated to play a vital role in boosting the industry growth. North America is the major high performance alloys market and is expected to lead the industry further. Furthermore, positive outlook in U.S for promoting investment in aerospace industry is anticipated to boost the market growth. Asia Pacific is expected to undergo high growth owing to increased power generation through gas turbines in the region coupled with expanding aviation industry in India and China.
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