Rise of Low-cost Airlines to Propel Demand for High-performance Alloys
High-performance alloys are metal alloys with various metals and nonmetals designed to improve the physical characteristics of the alloy. These alloys are designed with a particular purpose in mind, such as extending the maximum temperature and pressure the substance can tolerate, making it resistant to application-specific contaminants, and extending the amount of time the substance can operate at peak condition. High-performance alloys also need to be malleable and ductile. Most metals usually lack one or more of these characteristics, which necessitates the use of high-performance alloys.
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High-performance alloys are mainly used in the aerospace, oil and gas, and chemical industries. These and other application segments of the high-performance alloys industry are rising at a strong growth rate currently, propelling the high-performance alloys market at a handsome growth rate. According to leading market analysis firm Transparency Market Research, the global high-performance alloys market is expected to rise from a valuation of US$6.8 bn in 2013 to close to US$9.1 bn in 2020, exhibiting a steady CAGR of 4.2% from 2014 to 2020.
Aerospace Industry to Remain Leading End User of High-performance Alloys
The aerospace industry was the largest end user of high-performance alloys in 2013, with the burgeoning industry accounting for close to 57% of the global high-performance alloys market. This is due to the widespread use of high-performance alloys in jet engine turbines. Due to the extreme temperatures within jet engines, normal metals or even conventional alloys can’t be used in them. This leads to steady demand for high-performance alloys, which can deliver peak performance for sustained periods even in extremely high temperatures.
The rising demand for air travel in emerging regions of the world is a major driver for the global high-performance alloys market. Air travel is rapidly rising in regions such as the Middle East, Asia Pacific, Latin America, and Africa, due to the rising prosperity of customers in the region. This has driven the global high-performance alloys in recent years and will remain a highly influential factor propelling the market in the coming years. Low-cost airlines, in particular, are expected to rise in demand in the coming years.
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Among other application segments of the global high-performance alloys market, industrial gas turbines and other industrial uses of high-performance alloys collectively accounted for the second largest share in the market. Oil and gas, automotive, and electrical and electronics are the other major applications of high-performance alloys.
Nonferrous Alloys to Remain Dominant Product Segment of High-performance Alloys Market
Among the various product categories in the global high-performance alloys, nonferrous alloys such as aluminum and titanium alloys led the global market in 2013. This is due to the superior performance exhibited by titanium alloys, in particular, in aerospace applications. They perform at high levels consistently at the high temperatures generated in jet engines and are resistant to corrosion.
North America has been the conventional leader in the global high-performance alloys market, due to the easy assimilation of technological innovations in the region. However, in the coming years, the market is expected to be propelled by the rising demand from emerging regions.
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