Metal Alloys Global Market Report 2024

The metal alloys market size has grown strongly in recent years. It will grow from $301.74 billion in 2023 to $320.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth during the historical period can be attributed to the expansion of the automotive industry, infrastructure development, applications in military technology, the demand from the aerospace industry, and the evolving needs of the energy sector.

The metal alloys market size is expected to see strong growth in the next few years. It will grow to $404.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The projected growth in the forecast period is driven by several factors: the ongoing digital transformation across industries, changes in consumer preferences, urbanization trends, efforts towards climate change mitigation, and an increasing demand for medical devices. Major trends expected during this period encompass the development and use of nanostructured alloys, the adoption of digital twin technology within the alloy industry, the implementation of smart alloys for various applications, the exploration of biodegradable alloys, and a heightened focus on material traceability across the alloy production and usage lifecycle.

The anticipated growth in the automotive industry is expected to drive the expansion of the metal alloys market in the future. The automotive industry encompasses various sectors involved in the manufacturing, retailing, wholesaling, and maintenance of motor vehicles. Metal alloys, including aluminum alloys, are widely utilized in the automotive industry due to their favorable properties such as high durability, excellent corrosion resistance, and improved maintenance requirements. For example, a report published by the European Automobile Manufacturers Association in April 2022 indicated that 79.1 million motor vehicles were produced globally, marking a 1.3% increase from 2020. Consequently, the market for metal alloys is influenced by the growth and expansion of the automotive sector.

The rapid urbanization trend is expected to drive the growth of the metal alloys market in the future. Urbanization refers to the process of increasing population concentration in urban areas or the proportion of a country's population living in urban areas compared to rural areas. Metal alloys play a crucial role in supporting urbanization by contributing to the development of strong, durable, and efficient infrastructure that meets the growing needs of urban populations. For example, in 2023, according to The Central Intelligence Agency-The World Fact Book, a US-based government agency, 86.6% of Australians live in urban areas, with urbanization changing at an estimated annual rate of 1.27% from 2020 to 2025. Therefore, rapid urbanization is a key driver of the growth of the metal alloys market.

In the metal alloy market, product innovation emerges as a prominent trend that is rapidly gaining ground. Major industry players are actively introducing novel products to fortify their standing within this sector. Notably, in April 2022, The National Aeronautics and Space Administration (NASA), an independent US federal agency, engineered a groundbreaking metal alloy surpassing existing standards by being 1,000 times more durable than the components currently utilized in aircraft and spacecraft. Termed GRX-810, this alloy possesses the potential to revolutionize space travel due to its exceptional capacity to endure exceedingly harsh conditions compared to prevailing materials used in rocket engines. GRX-810 belongs to the category of oxide dispersion-strengthened alloys (ODS), integrating nanoscale oxides distributed throughout the alloy to augment its durability and resistance to high temperatures. Achieving the ideal composition for this innovative alloy involved leveraging computational models to simulate the material's thermodynamic performance, subsequently employing 3D printing technology to materialize the alloy.

Key companies in the metal alloy market are introducing new products such as alloy powder to bolster their profitability within the industry. Metal alloy powder consists of finely divided particles resulting from the combination of two or more metallic elements, typically produced through processes such as atomization, mechanical alloying, or chemical methods. For instance, in October 2023, TANAKA Precious Metals, a Japan-based manufacturer specializing in precious metals, launched high-entropy alloy powder. This powder comprises high-crystallinity precious metal alloy particles, each 10µm or smaller, uniquely blending platinum, palladium, iridium, ruthenium, and rhodium with exceptional composition uniformity. The stability of these alloys arises from their significant crystallite size, ensuring heightened mechanical strength, corrosion resistance, and controlled thermal expansion. Available in powder form, these alloys facilitate versatile applications, including 3D printing and rod forming. Moreover, they can be utilized in paste form for circuitry and sensor applications. The robust properties of high-entropy alloys make them ideal for durable catalysts and heat-resistant conductive films.

In December 2021, Vedanta, a multinational mining company based in India, acquired Nicomet for an undisclosed sum. This acquisition positions Vedanta as the sole nickel producer within the country. The incorporation of Nicomet into Vedanta's operations is in line with the company's Environmental, Social, and Governance (ESG) mission, furthering India's objectives towards achieving carbon neutrality. Nicomet, based in India, specializes in producing high-quality metal alloys.

Major companies operating in the metal alloys market report are Pohang Iron and Steel Company, Thyssen Krupp AG, Tsingshan Holding Group Co. Ltd., Johnson Matthey PLC, Stryker Medical Inc., Shanxi Taigang Stainless Steel Co. Ltd., United Company RUSAL PLC, IHI Master Metal Co. Ltd., Koninklijke DSM N.V., Aperam S.A., Acerinox S.A., Zimmer Biomet Holdings Inc., Baosteel Stainless Steel Co. Ltd., Guangxi Beibu Gulf New Materials Co. Ltd., ATI Specialty Alloys & Components, Jindal Stainless Limited, Carpenter Technology Corporation, Materion Corporation, VSMPO-AVISMA Corporation, Aubert & Duva SA, Haynes International Inc., Western Metal Materials Co. Ltd., California Metal & Supply Inc., Aero-Vac Alloys & Forge Inc., High Performance Alloys inc., QuesTek Innovations LLC, Bioplate Inc., Continental Steel & Tube Co., Metal Associates Inc., KLS Martin Group, MetalTek International Inc., Nippon Yakin Kogyo Co. Ltd., Precision Castparts Corp.

North America was the largest region in the metal alloys market in 2023. The regions covered in the metal alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal alloys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the field of metal alloys, stainless steel alloys, aluminum alloys, bronze alloys, nickel alloys, and other materials are commonly used. Stainless steel, for example, is an alloy of iron, chromium, nickel, and other metals known for its corrosion resistance. These alloys undergo various processes such as casting, hot and cold rolling, and are utilized in transportation, construction, packaging, machinery, electrical, and other applications.

The metal alloys market research report is one of a series of new reports that provides metal alloys market statistics, including metal alloys industry global market size, regional shares, competitors with a metal alloys market share, detailed metal alloys market segments, market trends and opportunities, and any further data you may need to thrive in the metal alloys industry. This metal 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 metal alloys market consists of sales of magnesium alloys, superalloys, and other types. 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.