Global High Performance Alloys Market – Industry Trends and Forecast to 2030

Global High Performance Alloys Market, By Material Type (Non-Ferrous Metal, Composite-Clad Materials, Precious Metals, Refractory Materials, Stainless Steel, Others), Base Metal Type (Aluminum, Nickel, Steel, Magnesium, Titanium, and Other Base Metal Types), Product Type (Heat Resistant Alloys, Corrosion Resistant Alloys, Wear Resistant Alloys, and Other Product Types), End-user Industry (Aerospace, Power, Oil and Gas, Electrical and Electronics, Automotive, and Other End-user Industries) - Industry Trends and Forecast to 2030.

High Performance Alloys Market Analysis and Size

The industry is expected to grow due to increasing demand for alloys in important applications such as oil & gas extraction, petroleum, and thermal processing. 'Aluminum" is expected to be the fastest-growing base metal type segment due to growing usage in aerospace and automotive applications. It is widely used in combination with other metals to improve operational efficiency, which is expected to enhance the demand for high-performance alloys over the forecast period.

Data Bridge Market Research analyses that the high performance alloys market is expected to undergo a CAGR of 5.80% from 2023 to 2030. This indicates that the market value, USD 9.96 billion in 2022, would rocket to USD 15.64 billion by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.    

High Performance Alloys Market Scope and Segmentation

Market Definition

High-performance alloys (HPAs) are often referred to as superalloys. High-performance alloys are those materials that exhibit certain major characteristics which make them suitable for use in highly demanding applications. These might be one or a combination of good mechanical strength, resistance to high temperatures, resistance to creep, and resistance to oxidation or corrosion. High-performance alloys comprise numerous materials, including non-ferrous metals such as nickel and aluminum, refractory materials, composite-clad materials, precious metals, and more. Some examples of high-performance alloys include Haynes, Monel, Hastelloy, Inconel, and more.

Global High Performance Alloys Market Dynamics

Drivers

• Growing demand for high-performance alloys from the oil and gas industry

High performance alloys are generally used in the tanks, pump shafts, pump impellers, valve stems, flex shafts, rock bit bearings, piping systems, wear plates, and other components of an oil and gas plant, due to their ability to provide high performance under extreme temperatures and mechanical stress. It also provides superior corrosion resistance against seawater and other chemicals, making them perfect for use in oil and gas plants. Thus, the growing demand for high-performance alloys from the oil and gas industry is anticipated to drive market growth.

• An increase in automobile production

High-performance alloys such as Haynes alloy, Hastelloy alloy, and more are mainly used in the automotive industry in sensors, electrical systems, control units, tubes, heater cores, radiators, and tanks of an automobile. Its properties, such as conductivity, high strength, and excellent resistance to heat, wear, and corrosion, make them more perfect for such automotive applications. Growing automotive industry manufacturing is anticipated to increase the demand for high-performance alloys for use in automobile electrical systems, control units, sensors, and more. This is expected to drive the market's growth during the forecast period.

Opportunities

• Technological advancements and increasing demand for high-performance alloys from the end-use industry

Technological enhancements in the processing methods of high-performance alloys and increasing demand for the alloys in important applications, including oil & gas extraction, thermal processing, and petroleum. Furthermore, the growing usage of high-performance alloys in power generation for the production of industrial gas turbine components is expected to create immense opportunities for market revenue growth to a significant extent in the upcoming years.

• Surging demand for non-ferrous metal

The demand for non-ferrous metal increases due to its benefits over other types of materials. For instance, non-ferrous metals such as nickel and aluminum are more durable and provide excellent tensile strength compared to refractory materials, precious metals, and other materials. It also provides excellent resistance to corrosion along with higher flexibility and reflectivity as compared to other materials. Hence, all of these benefits are likely to drive its demand over other types of materials, which is anticipated to generate ample and new opportunities for market growth during the forecast period.

 Restraints/ Challenges

• The fluctuating price of raw material

High-performance alloys are mainly made of metals such as steel, aluminum, nickel, chromium, and other materials. As a result, fluctuations in the costs of such materials may surge the price of high-performance alloys, hamper the market's growth. For instance, according to the analysis of China Nonferrous Metals Association's, aluminum prices augmented sharply by 50 percent up to US$3,000 per ton in September 2021. It further states that the costs of other metals, including nickel and copper, are also anticipated to rise considerably in 2022. Thus, fluctuating prices of materials used to manufacture high-performance alloys may restrain the market's growth during the forecast period.

This high performance alloys market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the high performance alloys market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Global High Performance Alloys market

The outbreak of COVID-19 has affected several operations of the global market. Numerous factors affect the growth of the market in the forecast period. Supply disruptions, low production, and less demand have affected the market growth. The high-performance alloys are made in those factories, which are labor-intensive. However, in the COVID-19 period, fewer market workers exist.

Moreover, the usage of high-performance alloys was reduced. The end-users of the market were facing a decline in demand trends. Demand from the oil and gas industry has also affected affecting the growth of the high-performance alloys market.

Also, the aerospace market accounted for a decline in demand. All these factors affected the growth of high-performance alloys in the forecast period. In the upcoming years, all these factors will get better. The supply chain disruptions of the market are anticipated to recover, and the high-performance alloys market outlook will change positively.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In April 2022, Alloy Wire International launched Inconel 617. This is a high-performance alloy composed of molybdenum, nickel, chromium, cobalt, and aluminum. This new alloy is specially designed for usage in components associated with medical, aerospace, and other sectors.
• In July 2021, the Defence Research and Development Organisation (DRDO) has declared the development of a high-performance beta titanium alloy which will be produced on an large scale for use in the aerospace sector.
• In June 2021, Rio Tinto has launched a new high-performance aluminum alloy mainly for automotive sector. It is specially designed to make lighter car wheels while providing a cost-efficient and easy solution for automobile manufacturers.

Global High Performance Alloys Market Scope

The high performance alloys market is segmented on the basis of material type, base metal type, product type and end-user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Material Type

• Non Ferrous Metal
• Aluminum
• Copper
• Nickel
• Others
• Composite-Clad Materials
• Precious Metals
• Gold
•  Silver
• Titanium
• Refractory Materials
• Molybdenum
• Niobium
• Tantalum
• Tungsten
• Rhenium
• Stainless Steel
• Others

Base Metal Type

• Aluminum
• Nickel
• Steel
• Magnesium
• Titanium
• Other Base Metal Types

 Product Type

• Heat Resistant Alloys
• Hastelloy Alloy
•  Inconel Alloy
•  Haynes Alloy
• Corrosion Resistant Alloys
• Nickel
•  Monel Alloy
• Ferralium Alloy
• Wear Resistant Alloys
• HPA Cobalt Alloy
•  Nitronic Alloy
• Other Product Types

End-user Industry

• Aerospace
• Power
• Oil and Gas
• Electrical and Electronics
• Automotive
• Other End-user Industries

High Performance Alloys Market Regional Analysis/Insights

The high performance alloys market is analyzed and market size insights and trends are provided by country, material type, base metal type, product type and end-user industry as referenced above.

The countries covered in the high performance alloys market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the high performance alloys market in terms of market share revenue because of the high consumption of these realized by the aerospace sector in the U.S. within this region. Moreover, the increasing GDP of the emerging markets coupled with augmented indigenous manufacturing in this region is expected to drive the demand during the forecast period.

Asia-Pacific will expect to be the fastest growing region during the forecast period of 2023-2030, owing to the high production of automobiles and the rise of the aerospace industry within this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and High Performance Alloys Market Share Analysis

The high performance alloys market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to high performance alloys market.

Some of the major players operating in the high performance alloys market are:

• Hitachi Metals, Ltd, (Japan)
• Alcoa Corporation (U.S.)
• Corporation VSMPO-AVISMA (Russia)
• Aperam (Luxembourg)
• AMG (Netherland)
• Sandvik AB; (publ) (Sweden)
• ATI (U.S.)
• CRS Holdings, LLC. (U.S.)
• ThyssenKrupp AG (Germany)
• HAYNES INTERNATIONAL. (U.S.)
• Precision Castparts Corp (U.S.)
• Voestalpine AG (Austria)
• High Performance Alloys, Inc. (U.S.)
• Rolled Alloys Inc. (U.S.)
• Hindalco Industries Limited (India)
• Teijin Limited (Japan)
• Mitsubishi Chemical Holdings Corporation (Japan)
• Magna International Inc. (Canada)
• IBC Advanced Alloys Corp (U.S.)
• VDM Metals (Germany)