Global Aerospace High Performance Alloys Market by Alloy Type (Wrought Iron, Cast Iron), By Product Type (Iron Base, Cobalt Base, Nickel Base), By Alloying Element (Aluminum, Titanium, Magnesium), and Region – Global Forecast to 2023.
Global aerospace High Performance Alloys (HPAs) are characterized by excellent mechanical strength, good surface stability, and corrosion resistance. There is a huge demand for aerospace high performance alloy equipment that is ideal for a number of industrial applications. However, there are some shortcomings in global aerospace high performance alloys market, such as high cost associated with high performance alloys, and manufacturing & machining complexities.
The global aerospace high performance alloys system prevails in the manufacturing of aerospace components. Moreover, the aerospace industries are early adopters of emerging manufacturing technology which has led to the development of high performance alloys systems. The rise in popularity of applications in the aerospace industry and in the industrial gas turbines sector is estimated to drive the market in the forecast period.
The factors that are responsible for the growth of the global aerospace high performance alloys market include the need for lightweight alloys to reduce aircraft weight, usage of high performance alloys in jet engines, growth in air traffic, and high corrosion resistance of HPAs.
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The global aerospace high performance alloys market is segmented based on alloy type, product type, alloying element, and region. On the basis of alloy type, wrought iron is widely used and captures the majority of global aerospace high performance alloys market due to high resistance to corrosion and oxidation. On the basis of product type, iron base is expected to grow at the highest CAGR during the forecast period. On the basis of the alloying element, aluminum is expected to grow at the highest CAGR during the forecast period due to increasing usage in aerospace applications.
The market is segmented based on North America, Asia Pacific, Europe, Middle East & Africa, and South America. North America region is expected to dominate the market in future due to the high consumption of high performance alloys. Asia Pacific is second to North America in the global aerospace high performance alloys market due to increased production of aircraft in China and Indonesia. The growing demand for aircraft leads to the increasing demand for high performance alloys. Thus, the global aerospace high performance alloys market is projected to grow at approximately 7% CAGR during the period of 2017-2023.
The key players in the global aerospace high performance alloys market are Allegheny Technologies (U.S.), Aperam (Germany), Carpenter Technology (U.S.), Precision Castparts (U.S.), VSMPO (U.S.), Alcoa (U.S.), Haynes International (U.S.), High Performance Alloys Inc. (U.S.), NBM Metals (U.S.), Outokumpu (Finland), and ThyssenKrupp (Germany).
The report for Global Aerospace High Performance Alloys Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.