Transparency Market Research has published a new report "High Performance Alloys Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 08/16/2016 -- The global high performance alloys market is consolidated with the top four manufacturers accounting for 48.5% of the market in 2013. Key players operating in the global high performance alloys market are Carpenter Technologies Corporation, Allegheny Technologies Inc, RTI Metals Inc, and VSMPO. Major companies in the market have patented technologies to manufacture high performance alloys, leaving very less scope for new entrants, states a new report by Transparency Market Research (TMR). The high infrastructure and manufacturing cost owing to complex manufacturing process will restrict new entrants from venturing into the market. Thus, the threat of new entrants in the market is expected to be low.
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The degree of competition is expected to be high in the market. Manufacturers have entered into long term agreements with end use industries. In order to maintain their market shares, players are engaging in innovation and technological advancements. The threat of substitutes is expected to rise from medium to high. This is because composites pose a considerable threat to high performance alloys in applications involving high temperature.
Increased Demand from Aerospace and Automobile Industries Drives Market
The demand for high performance alloys is expected to be high in the aerospace industry. This is because, manufacturing aircrafts require materials that operate at elevated temperatures. High performance alloys provide resistance against fatigue load, creep, heat, crack, and corrosion. They also offer superior mechanical strength.
High performance alloys are also used in the manufacturing of gas turbines, which find applications in marine propulsion, commercial and military aircraft, and power generation. This is because gas turbines need materials that offer high tensile strength and excellent fatigue and corrosion resistance, which high performance alloys provide. Moreover, the demand for alloys is also high from the automotive industry. Engine components such as pistons, brake calipers, valve guides, and chassis are made from high performance alloys.
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Manufacturing Challenges of High Performance Alloys to Hamper Growth of Market
High performance alloys face challenges in the manufacturing process. They generate heat during machining and this accumulated high temperature interferes with the cutting process of the alloys, causing them to be damaged or deformed. Additionally, the shapes of parts of high performance alloys make them difficult to be held securely for machining.
The finishing operations and the floor space required for machining, add to the cost of these alloys, states a TMR analyst. The increased cost of high performance alloys is leading to a higher preference for conventional alloys.
Demand for Lightweight High Performance Alloys from Automotive Industry Opens New Growth Avenues
The growing economic and political pressure to reduce fuel consumption and emissions are causing manufacturers to design lightweight automobiles. This is expected to increase the demand for structural materials that are lightweight and strong at the same time. Researchers are focusing on magnesium alloys as they are light in weight. However, since magnesium alloys are not strong, parallel nanospaced stacking fault-lines are introduced to enhance the strength of the alloy by 200%. Thus, the rising demand for lightweight alloys in aerospace and automotive sectors will open new opportunities of growth in the high performance alloys market.
According to the report, the global market opportunity in high performance alloys is expected to rise from US$7.37 bn in 2015 to US$9.10 bn by 2020. On the basis of product, the non-ferrous alloys segment is anticipated to lead and account for 52% of the global market by 2020. By application, the aerospace segment led in the past and is expected to retain its leading position in the coming years. North America is expected to lead and account for 45.1% of the global high performance alloys market by 2020.
The global high performance alloys market is segmented as follows:
Platinum group metal alloys
Refractory metal alloys
Industrial gas turbines
Oil & gas
Electronics & electrical
Others (Medical, chemical, etc)
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