High demand for new generation aircrafts among others likely to drive growth of specialty alloys market

According to a 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)’ published by Azoth Analytics in June 2020, the Global Specialty Alloys Market was valued at USD 21.9 billion in terms of value in the year 2019 and 319.04 thousand tones in terms of volume, the global Specialty Cellulose market was thousand tonnes in year 2019. Specialty Alloys Market is primarily driven by its high usage in Aerospace, Automotive, Power Electronics, Construction, and Medical Industry that drives the growth of the international market. Specialty alloys are a niche subset of the global alloy steel market. The growing demand for light materials in the aerospace industry coupled with high demand for new generation aircrafts is expected to drive the market growth over the forecast period.

Among the Alloy Type segment in the Specialty Alloys market (Corrosion Resistance, High Performance, Heat Resistant and Electric Alloys), High Performance segment has been gaining popularity among other segments and is expected to keep major market share in the forecast period. The growing demand for light materials in the aerospace industry coupled with high demand for new generation aircrafts is expected to drive the market growth over the forecast period. The high-performance alloys are widely used in extreme environments where tremendous heat and corrosion resistance is paramount to the integrity of the end product.

Based on End-User (Aerospace, Oil & Gas, Chemical Processing, Electric Components & Electronics, Automotive and Others), Aerospace Segment dominates the market share in year 2019 and is also expected to show dominance during the forecast period. Specialty alloys are widely used in the aerospace industry to make turbine blades, discs and other critical jet engine parts because they provide excellent adhesion, corrosion protection, hardness, wear and erosion resistance.

The North American market held the largest share of the global market owing to the wide base of the aerospace & defence industry in the US and presence of key manufacturers of aircraft engines, aerospace jet engines, and industrial gas turbines in the region. In addition, the US government’s focus on expanding country defence sector through high investments is further expected to support the demand for specialty alloys in the region over the next few years.

The Azoth Analytics Research Report titled “Global Specialty Alloys Market (2020 Edition)” has been analyzed by Alloy Type (Corrosion Resistance, High Performance, Heat Resistant and Electric Alloys), End-User (Aerospace, Oil & Gas, Chemical Processing, Electric Components & Electronics, Automotive and Others), By Region (North America, Europe, APAC) and By Country (USA, Canada, Germany, Italy, France, United Kingdom, Spain, China, India and Japan).