Global High-Performance Alloy Market by Material (Aluminum, Titanium, Magnesium, and Others,), By Products (Non-ferrous, Platinum group metals, and Refractory), and by Application (Aerospace, Automotive, Oil & Gas, Electronic Industry, and Others), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2030

Industry Perspective

The global High-Performance Alloy Market size was worth around USD 9.96 Billion in 2021 and is predicted to grow to around USD 16.23 Billion by 2030 with a compound annual growth rate of roughly 4.9% between 2022 and 2030. The growing demand for lightweight materials in the aerospace industry, combined with the high demand for next-generation aircraft, is expected to drive market growth over the forecast period.

The industry is expected to expand due to rising demand for alloys in critical applications such as thermal processing, oil and gas extraction, and petroleum. Furthermore, increased use in power generation for the production of industrial gas turbine components is expected to drive up demand.

Market Overview

Non-ferrous metals like aluminum and nickel, as well as composite-clad materials, refractory materials, precious metals, and others are included in the composition of high-performance alloys. Hastelloy alloy, Haynes alloy, Inconel alloy, Monel alloy, and other high-performance alloys are a few examples. Many industries, including oil & gas, aerospace, electronics, automotive, and others, use high-performance alloys.

This resulted in a rising demand for high-performance alloys for utilization in a variety of automotive applications, thereby driving market expansion. The growth of the high-performance alloys market is anticipated to be propelled in the coming years by an increase in automotive production and a surge in demand from the oil & gas industry. On the other hand, fluctuating raw material prices may hinder market expansion.

Key Insights

• As per the analysis shared by our analyst team, the global High-Performance Alloy market is estimated to grow annually at a CAGR of around 8.1% over the forecast period (2022-2030) and is projected to reach USD 3.97 Billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on material segmentation, the aluminum segment held the largest market share in the year 2021
• Based on products, the non-ferrous segment gained a major market share in the year 2021 (Changed)
• Based on application segmentation, the aerospace segment dominated the market share in the year 2021
• On the basis of region, North America showcased the largest market share in the year 2021

Growing Demand for High-Performance Alloys from The Oil and Gas Industry

Valve stems, tanks, rock bit bearings, flex shafts, pump shafts, pump impellers, piping systems, wear plates, and other components of an oil and gas plant frequently employ high-performance alloys, such as Inconel alloy, and others, due to their ability to perform well under mechanical stress and extreme temperatures. In addition, it has exceptional corrosion resistance against seawater and other chemicals, making it an ideal material for use in oil and gas plants.

• The United States government has announced that the $43 billion Alaska LNG Liquefaction Plant project was conducted in 2020.  Three liquefaction trains, an 800-mile pipeline, and a gas treatment facility make up Alaska LNG. The facility is scheduled to open in 2025 and will start exporting gas from Alaska's North Slope gas fields at a rate of roughly 3.5 billion cubic feet per day.
• According to recent insights that were published by NS Energy in 2021, it is anticipated that 512 oil and gas projects will start up in China between the years 2021 and 2025.
• The Yantai Expansion terminal, which costs $1.1 billion and has a capacity of 487 billion cubic feet, is one of the largest projects currently being worked on. It is anticipated that operations will begin in the year 2025. 

Segment Analysis 

Based on material, the aluminum segment dominated the market. As a result of increasing demand from the aerospace and automotive industries, the aluminum base metal type segment is anticipated to experience the highest rate of growth. As a result of its widespread use associated with other metals for the purpose of enhancing operational efficiency, it is anticipated that demand for high-performance alloys will increase over the course of the upcoming period.

Additionally, the demand for aluminum-based alloys is rising in the aerospace industry due to their capacity to withstand high temperatures and high-pressure conditions. Aluminum is used extensively in commercial and military aircraft, and newer designs still call for a lot of aluminum.

• One of the biggest passenger aircraft in the world, the Airbus A380, for instance, uses ten times as much aluminum as the Airbus A320. And the Boeing 787 Dreamliner, which is frequently referred to as a composite plane, has 20% aluminum (by weight), including the relatively recent aluminum alloy 7085.

Based on product, the non-ferrous segment dominated the market. The demand for non-ferrous metals rises due to their advantages over other materials. In comparison to refractory materials and other materials, non-ferrous metals, precious metals such as nickel and aluminum, are more durable and possess superior tensile strength.

In addition, it offers superior corrosion resistance, greater flexibility, and greater reflectivity than other materials. Consequently, these advantages are likely to drive its demand over other types of materials, which is anticipated to generate ample and novel market growth opportunities over the forecast period.

Based on application, the aerospace segment dominated the market. Due to the increasing demand for high-performance materials in aircraft and rocket engines as a result of the materials' high strength, dependability, and low weight, the aerospace industry is anticipated to account for the largest revenue share over the forecast period. The alloy industries are rapid adopters of new engineering technology, facilitating the global expansion of high-performance alloy systems. High-Performance alloys enable the aerospace industry to manufacture high-performance components like jet engines and airframes.

In addition, the use of high-performance materials is increasing due to the excellent heat resistance properties of the alloy, so it is frequently used to manufacture components for aircraft engines. Companies are concentrating on providing a variety of specialty alloys and composites that satisfy the physical and mechanical property requirements of end-users. For example, Materion Corporation introduced AMC 4632 ALLOY, which is manufactured by refining the microstructure, powder metallurgy, and enhancing the mechanical properties, particularly for the aerospace industry.

Recent Development

April 2022- Inconel 617 was launched by Alloy Wire International. Chromium, nickel, cobalt, molybdenum, and aluminum combine to form this high-performance alloy. This new alloy is specifically designed for aerospace, medical, and other industries.

July 2021- Defense Research and Development Organization (DRDO) has announced the development of an alloy beta-titanium alloy that will be mass-produced for use in the aerospace industry.

June 2021- Rio Tinto has launched a new strong aluminum alloy aimed primarily at the automotive industry. It is specifically designed to produce lighter car wheels while also providing automobile manufacturers with a cost-effective and simple solution.

Regional Landscape

North America Dominated the Market Share Due to Increasing Demand from Aerospace Industry

North America dominated the market share due to the increasing demand from the aerospace industry leading to high consumption of high-performance alloys. For instance, in January 2021, FedEx Express invested approximately $6.8 billion in the expansion of 24 standard and large freighters from Boeing.

• The Federal Aviation Administration (FAA) of the United States estimates that the total inventory of commercial aircraft will reach 8,270 by the end of 2037, due to the expansion of air cargo operations. In addition, it is estimated that the U.S. mainliner carrier fleet will grow by 54 aircraft per year.
• Moreover, according to CNBC (Consumer News and Business Channel), the U.S. Defense Department requested $715 billion for national defense expenditures in 2022, which includes the production of new aircraft in addition to the repair and maintenance of existing aircraft.

High-performance alloys are ideally used for aircraft engines, wire-wound potentiometers, instrumentation, radio communication equipment, and other similar applications due to their lightweight, high strength, and excellent resistance to temperature, wear, and corrosion. As a result, the above-mentioned properties of high-performance alloys are anticipated to increase demand in the region as the aerospace industry grows. It is anticipated that this will accelerate market growth during the forecast period.

Competitive Landscape

Alcoa Corporation, Precision Castparts Corp., OUTOKUMPU, Hitachi Metals Ltd., Aperam, ATI, Holdings, LLC., Haynes International, THE TIMKEN COMPANY, Corporation VSMPO-AVISMA, thyssenkrupp AG, AMG, amongst Others.

The global high-performance alloy market is segmented as follows:

By Material

• Aluminum
• Titanium
• Magnesium
• Others

By Products

• Non-ferrous
• Platinum group metals
• Refractory
• Superalloys

By Application

• Aerospace
• Automotive
• Oil & Gas
• Electronic Industry
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
  • Rest of Southeast Asia
• Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America