Specialty Alloys Market is Forecast to Reach US$ 28.7 Billion in 2028, Says Stratview Research

The Specialty Alloys Market is likely to grow at a significant CAGR of 4.1% during 2023-2028, to reach US$ 28.7 Billion in 2028, states Stratview Research.

DETROIT, Dec. 26, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the specialty alloys market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Specialty Alloys Market

The specialty alloys market is segmented based on product type, application type, alloy type, and region.

Based on product type- The market is bifurcated into bars, flat products, tubes, and others. Flat products are expected to continue dominating the specialty alloys market, and they are also projected to be the fastest-growing product segment. This can be attributed to the versatility of flat products, which are available in the form of strips and plates and can be utilized in a wide range of applications.

Moreover, flat products are offered in diverse grades, providing greater options to customers compared to bars and tubes, thus, contributing to their strong market presence and growth.

Based on application type- The market is segmented into aerospace, energy & power, industrial, electrical & electronics, automotive, and others. The aerospace segment is expected to retain its dominance and emerge as the fastest-growing application segment. This can be attributed to the widespread use of titanium and cobalt alloys in various aircraft components.

Furthermore, the increasing adoption of these alloys in upcoming aircraft can be attributed to their lightweight nature, corrosion resistance, temperature resistance, and high strength properties, which are essential requirements for aircraft manufacturers. As a result, the aerospace segment is anticipated to exhibit significant growth in the specialty alloys market.

Based on alloy type- The specialty alloys market is segmented into nickel alloys, titanium alloys, and cobalt alloys. Nickel alloys are expected to continue dominating the market, while cobalt alloys are projected to be the fastest-growing segment during the forecast period. The widespread use of nickel alloys in various industries, such as aerospace, chemical, power generation, oil & gas, and automotive, contributes to their dominant position.

On the other hand, cobalt alloys are experiencing rapid growth due to their increasing applications in medical (due to biocompatibility) and automotive (due to excellent mechanical properties).

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest and fastest-growing market for specialty alloys. 

This growth is majorly attributed to the following –

-  Rapid industrialization in countries like China, India, and Japan. 

-  Moreover, Asia-Pacific has a competitive advantage in terms of availability and cost of materials such as nickel and titanium compared to other regions.

-  Asia-Pacific's growing aerospace industry, with production units of major aircraft manufacturers like Boeing and Airbus in China, has led to an increase in aircraft production in the region.

Specialty Alloys Market Drivers

Some of the key drivers listed in the report are given below.

-  The increasing usage of these alloys in the aerospace industry, where they are utilized in critical applications such as aircraft engines and structural components.

-  There is a growing demand for specialty alloys in heat exchangers for power generation, as well as in other industries.

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Top Companies in the Specialty Alloys Market?

The market is highly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the Specialty Alloys Market. Most of the major players are providing cobalt alloys for the aerospace and power generation sectors.

• Allegheny Technologies Incorporated
• Carpenter Technology Corporation
• VSMPO-AVISMA Corporation
• VDM Metals GmbH
• Aperam S.A.
• Mishra Dhatu Nigam Limited
• Aubert & Duval S.A.
• Materion Corporation
• Western Superconducting Technologies
• Haynes International
• Nippon Yakin Kogyo Co., Ltd.
• Jiangsu Toland Alloy Co., Limited

What Deliverables Will You Get in this Report?

Related reports which might be useful:

•  Titanium Alloys Market 

•  Nickel Alloys Market

•  Aircraft Interior Fasteners Market 

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.

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