DUBLIN, Sept. 16, 2022 /PRNewswire/ -- The "High-Performance Alloys Market By Material Type, By Product Type, By Alloy Type, By Application, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global high-performance alloys market size is expected to reach USD 15.64 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report. The demand for high-performance alloys has been constantly on the rise owing to their increased adoption in various end-use industries, such as aerospace & defense, power generation, and oil & gas, among others. The aerospace industry is one of the major consumers of these alloys due to the need for materials with higher strength and resistance to heat and wear.
The increased demand for high-performance alloys from the power generation industry is also expected to boost market growth over the forecast period. These materials are used in power plants for boiler tubes, heat exchangers, and other components that are exposed to high temperatures and pressures. The oil & gas industry is another major consumer of these alloys due to the need for materials that can withstand the harsh operating conditions in this sector.
Rise in demand for lightweight, corrosion-resistant, and strong materials in the automotive and aerospace industries is anticipated to fuel the growth of the high-performance alloys market.
High-performance alloys are extensively used in jet engines, gas turbines and other critical applications in the aerospace industry. The rising demand for aircrafts from the commercial and military sectors is anticipated to fuel the market growth over the forecast period. Moreover, the lightweight and corrosion-resistant properties of high-performance alloys make them ideal for use in medical devices and implants. The rising demand for minimally invasive surgeries is projected to create significant opportunities for market players over the next few years.
Developing such alloys is heavily dependent on advancements in the field of materials science and engineering. As a result, high-performance alloys market is growing at a significant pace globally. High-performance alloys are those capable of withstanding extreme conditions such as high temperatures, corrosive environments, or mechanical stress. These alloys are often used in aerospace, chemical processing, and energy generation applications.
Some Key Highlights From the Report
Titanium segment is expected to register a rapid revenue growth rate over the forecast period due to the high specific strength and corrosion resistance of titanium alloys. Titanium alloys are widely used in defense, aerospace, medical, and oil & gas industry due to their excellent mechanical properties.
The aluminum segment is expected to grow at a significant rate over the forecast period owing to its growing demand from various end-use industries such as automotive, transportation, and aerospace. Aluminum alloys have high strength-to-weight ratio, which makes them suitable for various applications where weight reduction is required.
The nickel-based segment is expected to hold the largest market share over the forecast period due to its superior mechanical properties such as high tensile strength, creep resistance, and corrosion resistance. Nickel-based alloys are widely used in the aerospace and power generation industry.
The stainless steel segment is expected to grow at a rapid pace over the forecast period due to its superior corrosion resistance property. Stainless steels are widely used in the food & beverage, medical, and construction industry.
For the purpose of this report, the publisher has segmented the global high-performance alloys market based on material type, product type, alloy type, application, and region:
Material Type Outlook (Revenue, USD Billion; 2019-2030)
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Platinum Group Metals
Alloy Type Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Oil & Gas
Electrical & Electronics
Industrial Gas Turbine
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. High-Performance Alloys Market Segmentation & Impact Analysis
Chapter 5. High-Performance Alloys Market By Material Type Insights & Trends
Chapter 6. High-Performance Alloys Market By Product Type Insights & Trends
Chapter 7. High-Performance Alloys Market By Alloy Type Insights & Trends
Chapter 8. High-Performance Alloys Market By Application Insights & Trends
Chapter 9. High-Performance Alloys Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Allegheny Technologies Incorporated
Carpenter Technology Corporation
Haynes International Inc.
Hitachi Metals Ltd.
Precision Castparts Corp.
The Timken Company
Nippon Yakin Kogyo Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/613g3a
Research and Markets
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SOURCE Research and Markets