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The high performance alloys market includes several types of alloying elements such as aluminum, titanium, magnesium, and others. The high performance alloys market has varied applications, such as aerospace, industrial, automotive, oil & gas, electronics & electrical, and others. High performance alloys offers a wide range of benefits such as lightweight, durability, corrosion resistance, and high tensile strength.
The market for high performance alloys is observed to be increasing. The North American region formed the largest market for high performance alloys, in terms of volume, having accounted for 472.02 KT in 2014. The Asia-Pacific region is projected to be the fastest-growing market for high performance alloys from 2015 to 2020. The global market for high performance alloys is projected to grow at a CAGR of 4.34% from 2015 to 2020, to reach USD 9,698.35 million by 2020.
The high performance alloys market will be driven by the demand from the end-user industry and technological advancements. High disposable income has enabled the end users to spend more on a range of new products offered to the aerospace, industrial, and automotive industries. Most importantly, the changing consumer preference has triggered the usage of high performance alloys in day-to-day life.
The high performance alloys market is dominated by several large players such as Aperam SA (Luxembourg), Alcoa Inc. (U.S.), Allegheny Technologies Incorporated (U.S.), Carpenter Technology (U.S.), Haynes International Inc. (U.S.), Hitachi Metals Ltd. (Japan), Outokumpu (Finland), Precision Castparts Corporation (U.S.), Timken Company (U.S.), and VSMPO-AVISMA Corporation (Russia).