The market for high-performance alloys market is expected to grow at a CAGR of less than 5% during the forecast period. The major factor driving the growth of the market studied is the increasing demand for corrosion-resistant alloys in the oil & gas industry. On the flip side, declines in the automotive and aerospace industry due to COVID-19 is likely to hinder the growth of the market studied.
Key Market Trends
Increasing Demand for Titanium Alloys
- Titanium is one of the most important raw materials for the aerospace industry. Titanium alloys account for the largest share among the aerospace raw material market, closely followed by aluminum alloys.
- Titanium alloys form the third-most important raw materials used in the aerospace industry when considered in terms of the weight of raw materials. Around 75% of the high-grade titanium sponge is used in the aerospace industry.
- Titanium alloys are used in aircraft engines, blades, shaft, and airframe applications (landing gear, fasteners, and wing beams).
- For instance, Boeing plans to build more than 900 airplanes per year, by 2022. It aims to keep increasing its pace of aircraft production.
- Similarly, Airbus plans to produce six of its A320 jets each month, by 2020, at its final assembly plant near Beijing, China.
- However, the breakdown of corona virus across the globe has resulted in the halt of various aerospace activities. this scenario is expected to to hinder the market studed.
Asia-Pacific to Witness Highest Demand
Asia-Pacific is a hub to various manufacturing activities including aerospace and automotive manufacturing, infrastructure, and many others. This includes a huge consumption of high-performance alloys for these activities. Robust demand from the aerospace and automotive industries is one of the major factors boosting the demand of the market studied. Furthermore, increasing chemical industry activities in the region is another factor boosting the demand for high-performance alloys in constructing both infrastructure and some equipment.
The market studied is partially consolidated among the top players. The key players include ATI, Precision Castparts Corp, Nippon Yakin Kogyo Co., Ltd., CRS Holdings Inc., and High Performance Alloys, Inc, among others.
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