June 30, 2020
According to the research report titled ‘Global Specialty Alloys Market (Value, Volume) Analysis By Alloy Type, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global specialty alloys market was worth USD 21.92 billion and 319.04 thousand tons by volume in 2019 and is expected witness substantial growth over 2020-2025.
The rising demand for lightweight materials in aerospace industry, in consort with high demand for new generation aircrafts is likely to drive the growth of the specialty alloys market over the anticipated timeline.
For those uninitiated, specialty alloys are essential materials used in the manufacturing of parts for sensitive apparatus & devices, power transformers, types of sensors, and unique experimental & miniature equipment. Meanwhile, the increasing use of these alloys in power generation for industrial gas turbine components production is projected to boost the demand.
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Considering the current scenario, the widespread outbreak of COVID-19 pandemic has had a negative impact on the specialty alloys market due to misalignment of demand and supply. Meanwhile, metal companies are supporting cash liquidity and looking to borrow short-term loans to cover the operating costs.
The specialty alloys market is bifurcated based on type, end-user scope, and region. Based on type, the market is divided into heat resistant & electric alloys, high performance, and corrosion resistance. The high-performance segment has gained popularity and is projected to lead the market in terms of share over the anticipated timeline. To maintain integrity of the end-product in extreme conditions, these high-performance alloys owing to their corrosion and heat resistant properties.
In terms of end-user scope, the market is divided into automotive, electric components & electronics, chemical processing, oil & gas, aerospace, and others. The aerospace segment led the market in 2019 and is projected to depict a similar trend over the analysis period. In aerospace industry, alloys are widely used for high temperature applications making it a major market for specialty alloys.
Considering the geographical hierarchy, North America led the specialty alloys market in the recent past pertaining to the wide base of aerospace & defense industry in US, along with the presence of major manufacturers of industrial gas turbines, aerospace jet engines, and aircraft engines in the region. The government of United States in investing heavily on expanding the country’s defense sector which is likely to boost the demand for specialty alloys in the approaching years.
The leading organizations in global specialty alloys market are Materion Corp, MetalTek International, AMETEK Specialty Metal Products, AMG Aluminum UK Ltd., ThyssenKrupp, Carpenter Technology Corp., Aperam, ATI - Allegheny Technologies Incorporated, Precision Castparts, and VDM Metals Group among others.