Growing demand for lightweight materials in the aerospace industry, as well as high demand for new generation aircraft, are key factors driving market revenue growth
North America High-Performance Alloys Market Size – USD 9.82 Billion in 2021, Growth – at a CAGR of 5.3%, Trends – Continous technological advancements by major players
The global North America 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 by Reports and Data. Rise in demand for lightweight, corrosion-resistant, advanced and renewable metals with strong strength are some factors that drive the market revenue growth. Growing demand for value-added goods has led to increased competition for alloys. Industry is expected to expand in critical applications, including oil gas extraction, thermal processing, and petroleum, due to increased demand for alloys. Growth in the use of commercial gas turbine components in power generation is also expected to fuel demand.
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Top Companies: Allegheny Technologies Incorporated, Carpenter Technology Corporation, Haynes International, Inc., Hitachi Metals, Ltd., Outokumpu Oyj, Precision Castparts Corp., The Timken Company, VSMPO-AVISMA Corporation, Nippon Yakin Kogyo Co., Ltd., and Materion Corp.
Further Key Finding from the Report Suggestion:
- Titanium segment is expected to register a rapid revenue growth rate over the forecast period. Titanium is one of the most important raw materials for the aircraft industry in terms of raw material’s weight. It has a low density, is long-lasting, corrosion-resistant in seawater and air at high temperatures, and is non-toxic even when in contact with human skin. Titanium alloys are utilized in the manufacture of aircraft engines, shafts, blades, and airframes (landing gear, fasteners, and wing beams).
- Non-ferrous segment is expected to account for the largest revenue share in the global North America High-Performance Alloys market over the forecast period, owing to its increased use in the automobile industry. The use of these materials in vehicles leads to weight reduction and improved fuel consumption. The superior ability to recycle the metals used in the alloys is expected to fuel the market revenue growth.
- Aerospace segment accounted for the largest revenue share in the global North America High-Performance Alloys market in 2020, owing to increased demand for high-performance materials in aircraft and rocket engines due to properties such as high strength, durability, and low weight. The aerospace industry has been quick to adopt initial engineering technology, resulting in the global proliferation of high-performance alloy markets.
- Market in Asia Pacific is expected to register the highest revenue share in the global North America High-Performance Alloys market during the forecast period. The Asia-Pacific is a hub for a variety of manufacturing activities, including aerospace and automotive manufacturing, infrastructure development, and so on. This necessitates the use of a significant amount of North America High-Performance Alloys in these activities. One of the major factors driving the market revenue growth is the high demand from the aerospace and automotive industries. Also, rising chemical industry in the region is driving up demand for North America High-Performance Alloys in the construction of infrastructure and some equipment.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America High-Performance Alloys market is segmented into:
Material Type Outlook (Revenue, USD Billion; 2019-2030)
- Aluminum
- Titanium
- Magnesium
- Nickel
- Steel
- Others
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Non-Ferrous
- Platinum Group Metals
- Refractory
- Superalloys
Alloy Type Outlook (Revenue, USD Billion; 2019-2030)
- Wrought Alloy
- Cast Alloy
Application Outlook (Revenue, USD Billion; 2019-2030)
- Aerospace
- Automotive
- Industrial
- Oil Gas
- Electrical Electronics
- Industrial Gas Turbine
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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