The global aerospace high-performance alloys market size is projected to exhibit excellent growth prospects on account of the increasing demand for high-performance alloys from the aviation industry, observes Fortune Business Insights™ in its report, titled “Aerospace High-Performance Alloys Market, 2022-2029”.
With the growing number of commercial and defense aircrafts across the world, there has been an increasing demand for aerospace high-performance alloys from the aviation industry. These alloys prove beneficial in providing high surface stability, corrosion resistance, and the mechanical strength to the aircraft. Thus, this is an important factor driving the growth of this market. Further, the high-performance alloys also help to decrease the weight of the aircraft. Hence, there is a high demand for such alloys in the aerospace and defense industries across the world, which is projected to propel the growth of this market during the forecast period. However, the cost of installation of high-performance alloys is relatively high, which is anticipated to hinder the growth of this market.
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List of Key Players Covered in the Aerospace High-Performance Alloys Market Report:
Alcoa (The U.S.), Allegheny Technologies (The U.S.), Aperam (Germany), Carpenter Technology (The U.S.), Haynes International (The U.S.), High Performance Alloys Inc. (The U.S.), NBM Metals (The U.S.), Outokumpu (Finland), Precision Castparts (The U.S.), ThyssenKrupp (Germany), VSMPO (The U.S.).
With the increasing travel restrictions worldwide due to the outbreak of the COVID-19 pandemic, there has been a decline in the demand for aerospace high-performance alloys across several regions. Thus, this pandemic has had a negative impact on the growth of this market.
By alloy type, the market is classified into wrought iron and cast iron. Based on alloying element, this market is divided into aluminum, titanium, and magnesium. On the basis of product type, the market has been grouped into iron base, cobalt base, and nickel base. In terms of geography, the market has been segregated into North America, Europe, Asia Pacific, and the Rest of the World.
The report contains a rigorous study of all factors and trends driving and shaping the size, share, and revenue of the market. Further, the report supplies a microscopic examination of the hindrances obstructing the growth of the market, as well as provides a careful analysis of the market segments. Additionally, a detailed assessment of the competitive landscape and regional prospects of the market are also incorporated into the report.
Rising Demand for High-Performance Alloys from the Automotive Industry to Bolster Market Growth
The aerospace high-performance alloys are primarily used for the production of the industrial gas turbine, metal extraction production, oil and gas extraction, and petroleum and thermal processing. Hence, there is a surging demand for such alloys from numerous end-user industries such as automotive, aviation, and others. Thus, this is a crucial factor responsible for the growth of this market.
Rising Number of Aerospace Alloys Production Companies to Aid the North America Market
North America region is expected to dominate the aerospace high-performance alloys market share on account of the rising number of aerospace alloys manufacturing companies in the countries such as the US and Canada.
Asia Pacific region is projected to witness substantial growth in this market due to the rising usage of aerospace high-performance alloys in the countries such as India and China.
Strategic Partnerships between Key Players to Feed Competition
The key companies in the aerospace high-performance alloys market are focusing on strategic collaborations with the defense and military authorities for the manufacturing of aerospace alloys that are cost-effective and more fuel-efficient. These partnerships have led to an increased competition among key players which will help them to expand their product portfolio and broaden their market presence.
December 2020: VDM Metals International GmbH had launched high-performance nickel-chromium-aluminium alloy for additive manufacturing process. These alloys are used in the aerospace, automotive, chemical and oil & gas industries.
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