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.
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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.
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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.
Who are the Key Manufacturers and Suppliers of the Market?
Some of the leading manufacturers and suppliers of High Temperature Alloys include
- Nuclead
- Alphacasting Inc.
- Virtucom Metals
- AGMET
- Haynes International
- Romac, Carpenter Technology
- Special Metals Company
- Altemp Alloys
- Monico Alloys
- NiWire Industries Co. Ltd
High Temperature Alloys Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumersz
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