DUBLIN--(BUSINESS WIRE )--The "High Performance Alloys - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global High Performance Alloys Market to Reach $9.8 Billion by 2026

Superalloys, or high performance alloys (HPAs), typically refer to a complex metallurgical blend of usually three or more VIIA elements developed for performing at elevated temperatures and in harsh operating conditions where high surface stability and mechanical strength are required. Non-ferrous alloys comprising titanium and aluminum are used in a broad range of applications including gas turbines and aerospace due to their superior mechanical properties.

The market has and will continue to be characterized by demand for more value-added products, continuous product innovation, and growing competition. Post pandemic growth in the market will be driven by demand momentum for lightweight, high performance materials in various applications in the aerospace, automotive, oil & gas, construction, energy generation, among others.

Another important growth driver will be the substitution of metals including steel by aluminum- and titanium-based high-performance alloys supported by their increasing use in the manufacture of rocket and aircraft engines; in the automotive sector due to their contribution towards significant weight reduction; and in oil & gas exploration applications due to their capabilities to withstand high-pressure and high-temperature conditions.

The market will also witness growth due to increasing activities of titanium extraction and magnesium mining leading to high availability of these elements, which are used as raw materials for the manufacture of high performance alloys. Increasing demand for chemically inert and corrosion-resistant products in chemical processing would drive growth during the post pandemic period.

Amid the COVID-19 crisis, the global market for High Performance Alloys estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$9.8 Billion by 2026, growing at a CAGR of 4.9% over the analysis period.

The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026

The High Performance Alloys market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 25.35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 3.9% respectively over the analysis period.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900