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High Performance Alloys - Global Market Trajectory & Analytics

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    Report

  • 543 Pages
  • May 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 347935

Global High Performance Alloys Market to Reach $9.8 Billion by 2026


Superalloys, or high performance alloys (HPAs), typically refer to a complex metallurgical blend of usually three or more VIIA elements developed for performing at elevated temperatures and in harsh operating conditions where high surface stability and mechanical strength are required. Non-ferrous alloys comprising titanium and aluminum are used in a broad range of applications including gas turbines and aerospace due to their superior mechanical properties. The market has and will continue to be characterized by demand for more value-added products, continuous product innovation, and growing competition. Post pandemic growth in the market will be driven by demand momentum for lightweight, high performance materials in various applications in the aerospace, automotive, oil & gas, construction, energy generation, among others. Another important growth driver will be the substitution of metals including steel by aluminum- and titanium-based high-performance alloys supported by their increasing use in the manufacture of rocket and aircraft engines; in the automotive sector due to their contribution towards significant weight reduction; and in oil & gas exploration applications due to their capabilities to withstand high-pressure and high-temperature conditions. The market will also witness growth due to increasing activities of titanium extraction and magnesium mining leading to high availability of these elements, which are used as raw materials for the manufacture of high performance alloys. Increasing demand for chemically inert and corrosion-resistant products in chemical processing would drive growth during the post pandemic period.

Amid the COVID-19 crisis, the global market for High Performance Alloys estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$9.8 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Non-Ferrous Metal, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Super Alloys segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 30.9% share of the global High Performance Alloys market. Demand will be driven by industrial and aerospace applications due to the ability of non-ferrous alloys to withstand high pressure and temperature. The demand for super alloys is expected to be driven by their attractive properties such as strength at high temperature, toughness, and resistance to oxidizing and corrosive environments. Market demand for super alloys will be fueled by their increasing use in oil & gas industries, chemical/petrochemical processing, and power plants.

The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026


The High Performance Alloys market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 25.35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period. In the post-COVID-19 scenario, anticipated resurgence in core end-use sectors especially in the developing Asia-Pacific and Latin America nations, would renew the demand for machine tools in various end-use sectors, thus creating growth opportunities for high performance alloys. Europe is also anticipated to post steady growth in the post pandemic period due to the expected increase in the use of high performance materials in the automotive industry.

Refractory Segment to Reach $1.3 Billion by 2026


In the global Refractory segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$805.8 Million will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$124.7 Million by the year 2026.

Select Competitors (Total 121 Featured):

  • Allegheny Technologies Incorporated
  • AMG Advanced Metallurgical Group N.V.
  • Aperam S.A.
  • Carpenter Technology Corporation
  • Constellium SE
  • Doncasters Group Limited
  • ERAMET S.A.
  • Fort Wayne Metals Research Products Corp.
  • Glencore Plc
  • H.C. Starck GmbH
  • Haynes International, Inc.
  • High Performance Alloys, Inc.
  • Hitachi Metals, Ltd.
  • Howmet International Inc.
  • Metallurgical Plant Electrostal, JSC
  • Nippon Yakin Kogyo Co., Ltd.
  • Precision Castparts Corp.
  • Sandvik AB
  • Special Metals Corporation
  • TimkenSteel Corporation
  • Titanium Metals Corporation (TIMET)
  • Universal Stainless & Alloys Inc.
  • VDM Metals GmbH
  • VSMPO-AVISMA Corporation

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for High Performance Alloys

What is the estimated value of the Global Market for High Performance Alloys?

The Global Market for High Performance Alloys was estimated to be valued at $7.9 Billion in 2022.

What is the growth rate of the Global Market for High Performance Alloys?

The growth rate of the Global Market for High Performance Alloys is 5.5%, with an estimated value of $9.8 Billion by 2026.

What is the forecasted size of the Global Market for High Performance Alloys?

The Global Market for High Performance Alloys is estimated to be worth $9.8 Billion by 2026.

Who are the key companies in the Global Market for High Performance Alloys?

Key companies in the Global Market for High Performance Alloys include Allegheny Technologies Incorporated, AMG Advanced Metallurgical Group N.V., Aperam S.A., Carpenter Technology Corporation, Constellium SE, Doncasters Group Limited, ERAMET S.A., Fort Wayne Metals Research Products Corp. and H.C. Starck GmbH.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Why Investing in Materials Innovation is Vital for Countries & Their Economy
  • EXHIBIT 1: Growing R&D Spending on New Material Development & Innovation Provides a Platform for Growth & Expanding Use of High Performance Alloys: Global R&D Spending on Advanced Materials and Chemicals (In US$ Billion) for Years 2017 Through 2022
  • High Performance Alloys (HPAs): Here’s Why They Are the Advanced Materials of Choice
  • On the Pandemic & Economic Front, Here’s What’s Happening. Prognosis Every Business Needs to Know
  • After Omicron, Comes Stealth Omicron & Deltacron Fueling Fresh Waves of Infections Across the Globe
  • With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking Amid Waning Vaccine Immunity. But How Practical Is It to Implement Them?
  • EXHIBIT 2: With Vaccinated Population Showing Signs of Declining Clinical Protection, Booster Doses Are Emerging Into a Necessity to Restore Vaccine Effectiveness, but this Strategy is Not Within Reach for Most Countries: Number of Booster Doses Administered Per 100 People by Country as of March 2022
  • At the Dawn of 2022 After Numerous New Strains & Millions of Deaths, Challenges in Vaccine Production, Supply, Access & Technology Sharing Continue to Remain
  • EXHIBIT 3: How & When Will the World Be Vaccinated? Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
  • Split Scenarios Unfold: The Great Vaccine Divide Emerges
  • EXHIBIT 4: With Low Vaccination Rates in Africa Emerging Into a Global Security Issue, Vaccine Imbalances Will Stretch the Pandemic Further into 2022: Global Percentage (%) of Population Administered With Vaccines by Region as of March 2022
  • The Great Vaccine Controversy & Growing Anti-Vaccination Movement Aggravates the Divide Between the Vaccinated & the Unvaccinated
  • EXHIBIT 5: Top Reasons for Unwillingness & Uncertainty Towards COVID-19 Vaccines Among the By-Choice Unvaccinated People: % Share of Various Reasons as of the Year 2022
  • The Verdict’s Out - The Pandemic Cannot Be Ended But Can be Maneuvered to Become Endemic and More Manageable
  • Amid this Prolonged Pandemic, Why Should Businesses Care About Progress on Vaccinations?
  • Dragging Pandemic, New Virus Strains, Fresh Societal Risks, War & Renewed Economic Disruptions Bring Weaker Growth in 2022 as Compared to 2021
  • Fresh Shocks for the Global Economy in 2022 as New Bursts of Food & Energy Inflation Comes into Play Triggered by the Russia-Ukraine War
  • EXHIBIT 6: A World Divided Over the War in Russia & Ukraine Fuels Oil Production Stand-Off, Aggravating Global Price Rise & Making Putin More Bolder & Willing to Invade its Neighbors: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2022
  • EXHIBIT 7: Uncertain, Uneven & Bumpy Recovery Shaped by New Variants Coupled With Inflation Triggered by the Russia-Ukraine War Lowers Growth Expectations for 2022: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020, 2021, 2022 and 2023
  • EXHIBIT 8: Persistently High Unemployment Indicates Long-Term Scarring from the COVID-19 Pandemic, Wage Inequality & Uneven Economic Recovery. Tough Times to Continue for Industries Reliant on Consumer Discretionary Incomes Until 2023: Global Number of Unemployed People (In Million) for Years 2019 Through 2023
  • Supply Chains Tighten Once Gain, Bracing for the Widening Economic Storm Being Brewed by the Russia-Ukraine War
  • The Military & Defense Industry Emerges as the Sole Beneficiary of the War
  • Competition
  • EXHIBIT 9: High Performance Alloys - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for 121 Players Worldwide in 2022 (E)
  • High Performance Alloys: A Review of Types, Benefits & End-Use Applications
  • Recent Market Activity
  • Innovations
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • HPA Witnesses Price Rise in 2022 Amid Volatility in the Metal Commodities Market Triggered by the Russia-Ukraine War
  • Rise of Lightweighting as a Part of the Long-Term Manufacturing Strategy to Benefit HPA Demand
  • EXHIBIT 10: HPAs Find Expanded Opportunity in the Robustly Growing Lightweight Materials Market: Global Market for Lightweight Materials (In US$ Billion) for Years 2021, 2023, 2025, and 2027
  • Production Volatility Amid Chip Shortages Aggravated by the Russia Ukraine War Downgrades Demand Growth for Automotive Alloys in 2022
  • EXHIBIT 11: As Automobile Production Recovery Slips On the Original Forecasts, Hit By Chip Shortage Woes & Supply Chain Disruptions Caused by the Russia-Ukraine War, Uncertainty Rips Through Upstream Suppliers: Global Light Vehicle Production (In Million Units) for Years 2019 Through 2025
  • Beyond These Challenges, Stringent Regulations & Competitive Pressures Will Remain Long-Term Drivers of Demand for Specialty Automotive Alloys
  • Expanding Industrial Applications for Titanium Based Alloys to Continue Post Pandemic
  • EXHIBIT 12: Global Titanium Market by End-use Sector (2022): Percentage Breakdown of Volume Consumption for Aerospace, Defense, Industrial, and Others
  • Here’s Why Nickel Alloys Hold a Stronger Potential for Long-Term Growth
  • Robust Demand for Medical Devices Spurs Parallel Opportunities for HPAs in Medical Devices Manufacturing
  • Demand Outlook for Medical Devices Remains Robust
  • EXHIBIT 13: Robust Outlook for Medical Devices Expands the Addressable Market Opportunity for HPAs in Medical Device Manufacturing: Global Market for Medical Devices (In US$ Billion) for Years 2021, 2023, 2025 and 2027
  • Here’s How Valuable HPAs are in Medical Device Manufacturing
  • Newer Applications to Drive Gains Over the Long-Term
  • Forced Investments in Upgrading the Creaking Energy Infrastructure, Post Pandemic to Drive Demand for HPAs in Industrial Gas Turbines (IGT)
  • Use of AI in the Design of High Performance Alloys Gains Momentum
  • Increase in Oil Production Prompted by Russia-Ukraine War to Positively Impact Demand for HPAs
  • EXHIBIT 14: A Peek Into Oil Supply Dynamics: Global Crude Oil Production by Country (In 000 Barrels Per Day):
  • EXHIBIT 15: Biggest Importers of Russian Oil Are Now Lucrative Customer Targets for Non-Russian Oil Companies Investing in Production Expansions Amid Growing Anti-Russia Sentiments & Political Policy Shifts: Leading Importers of Russian Oil (In US$ Billion) as of the Year 2022
  • Shape Memory Alloys Grow in Popularity
  • High Entropy Alloys Rise In Significance & Find New & Advanced Applications
  • In Focus- “Titanium-Aluminides Alloys”
  • Innovation in High Performance Alloys Remains Crucial to Sustained Growth
  • Recycling Storms Into the Spotlight at a Time When Sustainability is Gaining Importance Now More Than Ever
  • EXHIBIT 16: The Time to Get Our Act Together & Move Towards a Circular Bioeconomy Has Come: Global CO2 Emissions (In Billion Metric Tons) for Years 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000, 2010, 2020, & 2021
  • Current State of Recycling HPAs
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • High Performance Alloys Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Analytics
CANADAJAPANCHINA
EUROPE
  • High Performance Alloys Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Analytics
FRANCEGERMANYITALYUNITED KINGDOMSPAINRUSSIAREST OF EUROPEASIA-PACIFICLATIN AMERICAREST OF WORLD
IV. COMPETITION
  • Total Companies Profiled: 121

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Allegheny Technologies Incorporated
  • AMG Advanced Metallurgical Group N.V.
  • Aperam S.A.
  • Carpenter Technology Corporation
  • Constellium SE
  • Doncasters Group Limited
  • ERAMET S.A.
  • Fort Wayne Metals Research Products Corp.
  • Glencore Plc
  • H.C. Starck GmbH
  • Haynes International, Inc.
  • High Performance Alloys, Inc.
  • Hitachi Metals, Ltd.
  • Howmet International Inc.
  • Metallurgical Plant Electrostal, JSC
  • Nippon Yakin Kogyo Co., Ltd.
  • Precision Castparts Corp.
  • Sandvik AB
  • Special Metals Corporation
  • TimkenSteel Corporation
  • Titanium Metals Corporation (TIMET)
  • Universal Stainless & Alloys Inc.
  • VDM Metals GmbH
  • VSMPO-AVISMA Corporation