Albany, NY -- (SBWIRE) -- 10/04/2017 -- Transparency Market Research's new market report, titled 'High Performance Alloys Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', provides a detailed description of the high performance alloys market in terms of revenue (US$ million) and volume share (kilo tons) for the forecast period 2014-2020. According to the analysis stated in the report, the global high performance alloys market is expected to rise and reach US$9.09 billion by 2020, from a value of US$6.82 billion in 2013. The report analyzes the market with respect to various segments along with the growth opportunities expected in the next six years. In terms of volume, the market stood at 1,110.7 kilo tons in 2013. Overall, the market is expanding at a steady CAGR of 4.2% during the forecast period from 2014 to 2020.
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High performance alloys are metal alloys that provide good surface stability and corrosion resistance and are specifically deigned to perform under intense conditions such as elevated pressures and temperatures. Due to their ability to retain most of their strength despite prolonged exposure, these components are ideal for a wide range of industrial applications. Some of the typical applications of high performance alloys include the industrial gas turbines sector (IGTs) and the aerospace industry. The power industries and aerospace influence the growth of this market. Due to their excellent mechanical strength and creep resistance to high temperatures, the use of high performance alloys is substantially high in these fields.
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According to an analyst's study at TMR, around 60% of an aircraft is equipped with high performance alloys. Aerospace was the largest application segment of the market, accounting for 56.9% of the total high performance alloys market in 2013. By 2020, tremendous demand for high performance alloys is likely to be observed from the aerospace industry.Similarly, rising demand for high performance alloys will also be seen in power generation applications, as gas turbines require premium materials that can withstand elevated temperatures. Some of the other applications that high performance alloys find their use in are oil and gas rail engineering, automotive, electronics, military, marine, and others.
Within the key products of the high performance alloys market, the study enlists nonferrous alloys, refractory alloys, platinum group metal alloys, and superalloys as the main segments of this market. Of all, the nonferrous alloys, including aluminum and titanium, accounted for 51% of the total market in 2013. Nonferrous alloys exhibit favorable mechanical properties for industrial use. The demand for these alloys is expected to increase in the next few years due to the rising demand for titanium materials in the aerospace industry. Nonferrous alloys were the largest product segment in 2013, followed by superalloys.
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In terms of regional demand, North America was dominant in the high performance alloys market in 2013. However, increasing demand for high performance alloys from the automotive industry in Europe is also boosting the growth of this market. Asia Pacific and the Middle East are the next fastest growing regions anticipated to offer higher opportunities for the global high performance alloys market in the near future, reports TMR.
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