High performance alloys have outstanding mechanical strength and decent surface steadiness. They also show exceptional resistance to rust and oxidation. These alloys work in an intricate mix of temperature and pressure. They work under high pressures, acerbic media and energy rays. Additionally, nickel and titanium enhance the life of constituents.
The industries of power and aerospace greatly drive the high performance alloys market. Some other typical applications of these alloys include industrial gas turbines and aerospace. As these alloys are used under high temperatures, their characteristics are somewhat customized via the adding up of other elements.
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The worldwide high performance alloys market is segmented into geographical regions, product kinds and application kinds. The market was predicted at around USD 7 billion in 2013. It is anticipated to rise through the forecast phase, at about 4 percent CAGR. This rise is likely to happen from 2014 to 2020 and lead to 1, 111 kilo tons by the end of the phase.
Near about sixty percent of an aeroplane is made up of high performance alloys. Hence, growing need for these alloys from aerospace is expected to expand the high performance alloys market. This is likely to happen through the forecast phase. Moreover, increased demand for gas turbines in power production is predicted to drive further demand for the high performance alloys market.
However, investment concentrated production of these alloys could hinder further market growth. But, the coming up of light and highly potent high performance alloys may open new opportunities for the market. Aerospace leaded the worldwide high performance alloys market and made up for more than 54 percent of the share in 2013.
North America had the highest demand for these alloys in the same year. Europe followed North America that year. Asia Pacific is predicted to be the most rapidly expanding high performance alloys market with regard to demand over the forecast phase.
Source: Grand View Research