High Performance Alloys Global Market Report 2024

High-performance alloys refer to metal compounds that are created to provide improved properties such as stronger mechanical properties, improved resistance to oxidation and corrosion, and greater resistance to thermal creep. These alloys are used in various industries to improve strength, corrosion resistance, ductility, wear resistance, and fatigue resistance.

Wrought alloy and cast alloy are the two main types of high-performance alloys. Wrought alloys are non-ferrous metal alloys with a composition that makes them extremely ductile. The materials used are aluminum, titanium, magnesium, and other materials. The various applications involved aerospace, industrial gas turbines, industrial, automotive, oil and gas, electrical and electronics, and other applications.

The high-performance alloys market research report is one of a series of new reports that provides high-performance alloys market statistics, including high-performance alloys industry global market size, regional shares, competitors with a high-performance alloys market share, detailed high-performance alloys market segments, market trends and opportunities, and any further data you may need to thrive in the high-performance alloys industry. This high-performance alloys market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The high performance alloys market size has grown strongly in recent years. It will grow from $9.99 billion in 2023 to $10.51 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing demand from aerospace and defense sectors, increased demand for lightweight and fuel-efficient materials in the automotive industry, rapid industrialization, rise in infrastructure development in emerging economies, growing demand for end user’s industries .

The high performance alloys market size is expected to see strong growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to surge in demand for high-performance alloys in additive manufacturing, growth in the renewable energy sector, adoption of high-performance alloys in emerging technologies, expansion of the electronics industry, high demand for new-generation aircraft. Major trends in the forecast period include development of high-temperature alloys for extreme operating conditions, customization of high-performance alloys, integration of smart materials and sensors, emphasis on sustainable and eco-friendly alloy production methods, collaboration between alloy manufacturers and research institutions for innovative alloy formulations.

Increasing demand from the end-user industry is expected to propel the growth of the high-performance alloy market going forward. High-performance alloys are used for a variety of purposes such as higher mechanical strength, better corrosion and oxidation resistance, and greater thermal creep resistance in various end-user industries such as automotives, electrical and electronics. As a result, an increase in demand for high-performance alloys from end-user industries also increases the demand for the high-performance alloys market. For instance, in 2021, the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, said that 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Further, according to the Japan Electronics and Information Technology Industries Association, the net production of electronics in Japan increased from 103.6% in 2021 to 110.8%in 2022. Therefore, the increasing demand from the end-user industry is driving the high-performance alloy market.

The rising oil and gas industry will propel the growth of the high-performance alloys market. The oil and gas industry encompasses the exploration, extraction, refining, and distribution of petroleum and natural gas resources. High-performance alloys are used as essential in the oil and gas industry because they offer superior resistance to corrosion, high temperatures, and pressure, ensuring the safety, longevity, and cost-effectiveness of equipment and infrastructure in this challenging and critical sector. For instance, in December 2022, according to the HM Revenue and Custom a UK-based Statistics of Government Revenues, total government revenues from UK oil and gas production were $1.71 million (£1.4 billion) in the tax year 2021 to 2022, compared to $0.37 million (£0.3 billion) in the previous year, an increase of $1.34 million (£1.1 billion). Therefore, the rising oil and gas industry will contribute to the growth of the high-performance alloys market.

Technological advancements are a key trend gaining popularity in the high-performance alloy market. Major companies operating in the high-performance alloy market are focused on developing new technological solutions to strengthen their position. For instance, in January 2022, Alloy Wire International (AWI), a UK-based manufacturer of high-performance alloys, launched a high-performance alloy, INCONEL: 617, a Chromium-Cobalt-Molybdenum alloy aluminium for various applications. This new alloy has unique features such as a combination of increased strength and stability at elevated temperatures up to 1,100 while retaining the high-temperature corrosion resistance of INCONEL alloy 601. The high nickel and chromium content makes the alloy resistant to a variety of reducing and oxidising media.

Major companies operating in the high-performance alloys market focus on product innovation, such as aluminum cold plate components, to enhance thermal management and efficiency in various industries, including electronics and automotive. Aluminum cold plates are heat exchangers designed to efficiently dissipate heat by transferring it away from electronic components or systems, helping to maintain optimal operating temperatures. For instance, in January 2023, Alloy Enterprises, a US-based aluminum manufacturing company, launched the aluminum cold plate component. Alloy's cold plate components are engineered with superior material properties featuring a high strength-to-weight ratio, optimal thermal conductivity, channel complexity, integrated cooling, and conformal surfaces. Alloy's cold plates deliver higher functionality and better performance with durability, no porosity, and no de-powdering or additional assembly required. Benefits include customized design, quick turn iterations, and reduced assembly.

In December 2021, Aperam, a Luxembourg-based company and producer of stainless, electrical, and specialty steel, acquired ELG for an amount of EUR 357 million (USD 359.9 million). With this acquisition of ELG, Aperam places the circular economy at the core of its growth strategy. ELGLG is a Germany-based company operating in high-performance alloys.

Major companies operating in the in the high performance alloys market report are Allegheny Technologies Incorporated, Carpenter Technology Corporation, Haynes International Inc., Hitachi Metals Ltd., Outokumpu Oyj, Precision Castparts Corporation, The Timken Company, VSMPO-AVISMA Corporation, Nippon Yakin Kogyo Co Ltd, Materion Corporation, Wall Colmonoy Corporation, Stanford Advanced Materials, Arconic Corporation, Thyssenkrupp AG, RTI International Metals, Baowu Steel Group Corporation Ltd., Sandvik AB, Thyssenkrupp Materials NA Inc., Allegheny Ludlum, CRS Holdings Inc., Sumitomo Electric Industries Ltd., Daido Steel Co Ltd., Haynes International, TimkenSteel Corporation, Rolled Alloys, Langley Alloys Ltd., Special Steel Group, Aubert & Duval, Precision Castparts Corp, Fushun Special Steel Co Ltd.

Asia-Pacific was the largest region in the high performance alloys market in 2023. The regions covered in the high performance alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the high performance alloys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The high-performance alloys market consists of sales of fine wire, aluminum, composite-clad materials, copper, and refractory materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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