Aerospace High-Performance Alloys Market Outlook – 2027
High-performance alloys in aerospace provide various benefits such as high surface stability, great mechanical strength, and resistance to corrosion. Besides, the need for high-performance alloys is expected to increase as a result of innovative and sustainable mineral recovery, mining, recycling technology, and production methods for metal extraction adopted by mining companies. Also, these alloys are lightweight, leading to extensive use in aircraft to reduce their weight and improve their performance.
COVID – 19 Scenario Analysis:
- The mining industry represents a vital part of the global economy and is responsible for supplying key raw materials for multiple applications and end-use industries, making it a key focus sector during the ongoing pandemic outbreak.
- Mining industries in China are expected to return to normal operations by the third quarter of 2020, as companies indicated that their workers will be returning soon.
- Additionally, it is known that Iron ore producers are the least affected. Major players such as BHP and Vale confirmed that the COVID-19 virus had no significant impact on their operations.
- The prices of iron ore were higher than USD 90 per ton during the pandemic situation that could harm end-use industries.
- However, various companies are increasing expenses in R&D to develop newer materials, to be able to tackle the situations.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The increasing demand for lightweight equipment in the aerospace industry and demand for new generation aircraft will likely drive market growth in the forecast period for the high-performance alloys. In critical applications, including oil and gas mining, thermal processing, and cement, the sector is likely to expand due to the higher demand for alloys. Furthermore, increased use of electricity for industrial gas turbine components would increase demand on the market of high-performance alloys. Additionally, technological advances in high-performance alloy processing techniques are expected to positively impact the demand for high-performance alloys over the forecast period. It is anticipated that high initial capital investment coupled with higher raw material procurement costs would limit demand over the forecast period.Moreover, manufacturing such alloys requires high energy consumption, which increases production costs further, leading to a reduction in market growth. The presence of a strict regulatory framework for the extraction of raw materials and mining also impacts the industry.
The Global Aerospace high-performance alloys market trends are as follows:
New product launches to flourish the market
Materion Corporation announced a distribution arrangement with EDRO GmbH in Europe in March 2018. Added to this, EDRO Specialty Steels Inc. will join ThyssenKrupp Copper and Brass Sales as the exclusive North American distributors of MoldMAX alloy products.
ALLITE Inc. created and manufactured ELITE Super Magnesium in the year 2018, a premium alloy that is the lightest of all structural materials and is attractive in vast industries where weight, performance, and efficiency are critical. It is 25 percent stronger than the traditional high-performance cast magnesium AZ91, designed for superior castability. Due to the performance of the alloy under extreme temperatures, ALLITE Super Magnesium WE54 will primarily benefit the transport industry, spanning applications in the aerospace, locomotive, and automotive sectors.
Competitive market along with increased demand for titanium alloys due to the rise in aircraft production
The market is characterized by the presence of players from the international and regional industries involved in strategic partnerships to gain greater market share. The companies set up manufacturing facilities worldwide in a bid to increase the footprint that is expected to remain the trend over the forecast period. Companies in the industry are engaged in providing specific value ideas to compete for a higher market share. Besides, increasing numbers of manufacturers are innovating the product by offering high-precision and lightweight components for specific application industries that are expected to drive demand.
Titanium is one of the Aerospace industry's most significant raw materials. Titanium alloys, closely followed by aluminum alloys, account for the largest share on the aerospace raw material market. In the aerospace industry, about 75 percent of the high-grade titanium sponge is used. Titanium alloys are used in applications for aircraft engines, wheels, shafts, and airframes (landing gear, fasteners, and wing beams). Also, increased aircraft production for instance by 2022, Boeing plans to build more than 900 aircraft a year. It aims to keep its aircraft production pace increasing. Similarly, Airbus plans to produce six of its A320 jets at its final assembly plant near Beijing, China, each month, by 2020.
Key benefits of the report:
- This study presents the analytical depiction of the global Aerospace high-performance alloys industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global market share.
- The current market is quantitatively analyzed to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the Aerospace high-performance alloys market research report:
- Which are the leading market players active in the Aerospace high-performance alloys market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Aerospace High-Performance Alloys Market Report Highlights
By Alloy Type
By Alloying Element
Key Market Players
Haynes International, Allegheny Technologies, Carpenter Technology, NBM Metals, Alcoa, VSMPO, ThyssenKrupp, High-Performance Alloys Inc., Precision Castparts, Aperam