High Performance Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

High Performance Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global high performance alloys market size reached US$ 9.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2022-2028.

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.

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 2023-2028. Our report has categorized the market based on product, material and application.

Breakup by Product:

Non-ferrous Metal

Platinum Group Metal

Refractory

Superalloys

Breakup by Material:

Aluminum

Titanium

Magnesium

Others

Breakup by Application:

Aerospace

Industrial Gas Turbine

Industrial

Automotive

Oil and Gas

Electrical and Electronics

Others

Breakup by Region:

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.

Key Questions Answered in This Report

1. What was the size of the global high performance alloys market in 2022?

2. What is the expected growth rate of the global high performance alloys market during 2023-2028?

3. What has been the impact of COVID-19 on the global high performance alloys market?

4. What are the key factors driving the global high performance alloys market?

5. What is the breakup of the global high performance alloys market based on the product?

6. What is the breakup of the global high performance alloys market based on the material?

7. What is the breakup of the global high performance alloys market based on the application?

8. What are the key regions in the global high performance alloys market?

9. Who are the key players/companies in the global high performance alloys market?