High Temperature Alloys Market Overview
According to latest research by Future Market Insights, High Temperature Alloys market is projected to show stable expansion, growing at a CAGR of 5-6% during forecast period 2021-2031. The demand for High Temperature Alloys would observe gradual recovery in short-term, with positive growth prognosis in the long-run.
Muted demand from the auto & aviation industry is expected to result in short term growth slowdown during 2020-21, but sales of High Temperature Alloys in the long term are projected to remain on upward trajectory.
What is Driving Demand for High Temperature Alloys?
The global aerospace and defense industry is expected to grow at a healthy pace on account of the increasing demand for commercial, cargo and military aircraft across the globe. These high performance alloys are used in various key end-use industries with several applications such as machinery, tools, turbine engines, and mechanical equipment.
The aerospace and defense and marine industries are major consumers of such high performance alloys as they provide better mechanical properties or greater resistance to corrosion than carbon steel. Henceforth, these factors are projected to boost the market demand for high performance alloys in nearer future.
The high temperature resistance provided by these metals is essential in many applications. Some of the key components manufactured using these alloys include gas turbines blades, fuel nozzles, heat treating fixtures, and furnace muffles.
These materials must stand up to high heat, extreme oxidation potential and cycling. Particularly, the global electrical equipment industry is expected to attain a trillion dollar mark during the assessment period, which is likely to propel the growth of the global high performance alloys market.
Furthermore, nickel-based alloy is the leading base material segment, as these alloys possess high-temperature mechanical properties and oxidation resistance. Hence, this segment is expected to provide lucrative opportunity to the market during the forecast period.
Demand Recovery in Automotive Sector Projected to Reinvigorate market Sales
The automotive industry plays a determinant role in the economy of many countries. In this industry, various types of metals & alloys are required for the fabrication of high performance components in engine, suspensions and power train sections.
There is pertinent need for high temperature alloys consisting of high strength and high durability. Hence, the market is expected to gain to gain traction of momentum in automotive industry in the forecast period.
Also, the automotive sector is rapidly adopting global norms and standards for emission reduction, wherein lightweight materials with high strength are prerequisite. This is anticipated to drive the market sales for high performance alloys in the automotive industry.
Automotive sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on automotive component and material sales. However as economies come back on track with lifting of travel restrictions, key manufacturers are likely to witness sustained opportunities in the future.
China and India High Temperature Alloys Market Outlook
China is expected to be a prominent and one of the fastest-growing market during the forecast period. The country held a significant market share of the global high performance alloys market in 2020. The major contributors to the growth of the Asia Pacific regional market are India, Japan, South Korea, and China.
The healthy growth of this regional market can primarily be attributed to the significant presence of major end-use industries such as automotive and electrical and electronics and Aerospace which foster the demand for high temperature alloy.
The key players of China and India are adopting various strategies such as joint venture, innovation in product, business expansion to sustain the market competition across the globe.
Europe Demand Outlook for High Temperature Alloys
In the past few years, the growth of the European industrial sector has been driven in part by the rising demand in the automotive industry with the increasing production of passenger cars but owing to the negative impact of COVID-19, many countries in EU have been severely impacted, which has led to a decline in economic activities. However, defense spending in EU continues to drive the market demand.
Despite the COVID-19 challenges, most European countries have maintained a steady defense expenditure in 2020. According to NATO Secretary General’s Annual Report, non-US NATO members increased their defense spending in 2020. The UK announced in November 2020 that it will be increasing its defense spending by US$ 22 billion in next four years.
Germany, Italy, and France too will increase their defense spending in 2021, creating opportunities for component and material suppliers.
Who are the Key Manufacturers and Suppliers of the Market?
Some of the leading manufacturers and suppliers of High Temperature Alloys include
- Alphacasting Inc.
- Virtucom Metals
- Haynes International
- Romac, Carpenter Technology
- Special Metals Company
- Altemp Alloys
- Monico Alloys
- NiWire Industries Co. Ltd
- Prochem Pipeline Products.
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply High Temperature Alloys. Further, many nickel manufacturers are maintaining a two-pronged approach which allows them to produce High Temperature Alloys.
High Temperature Alloys is mostly used for industrial applications such as Gas turbines, fuel nozzles, heat treating fixtures, and furnace muffles in automotive as well as in machinery manufacturing.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of High Temperature Alloys Market
By Product Type:
- Other alloys
By End Use:
- Aerospace and defence
- Machinery Manufacturing
- Power Industry
- North America
- Latin America
- Asia Pacific
- Australia and New Zealand (ANZ)
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa