Market Trends of High Performance Alloys Industry
Aerospace Industry to Dominate the Market
- High-performance alloys serve various purposes in industries such as aerospace, oil and gas, automotive, and others due to their high mechanical strength, high surface stability, and corrosion resistance. However, the increasing demand for lightweight equipment and the surge in demand for new-generation aircraft in the aerospace industry are likely to drive the market forward.
- Next-generation aircraft, rotorcraft, unmanned aerial vehicles, and missiles will have stricter requirements in terms of lightweight, visual, and thermal signatures, increased speed, and maneuverability. These requirements incite a need for high-performance alloys that can incorporate these functionalities.
- The International Air Transport Association (IATA) estimates that the global revenue for commercial airlines increased by almost 43 percent on an annual basis, from USD 472 billion in 2021 to USD 727 billion in 2022. By 2023, it is anticipated that the revenue will total USD 779 billion.
- Boeing's Commercial Outlook 2022-2041 predicts that by 2041, the global market for commercial aviation services, such as flight operations, maintenance and engineering, ground, station, and cargo operations, will be worth USD 3,615 billion.This is likely to increase demand for the market under consideration in the years to come.
- The Boeing Commercial Outlook 2022-2041 also stated that the total global deliveries of new airplanes are estimated to be 41,170 by 2041. The global airplane fleet amounted to around 25,900 units as of the year 2019, and the fleet number is likely to reach 47,080 units by 2041.
- The Bureau of Economic Analysis said that the air transport industry in the United States added about USD 352 billion to the economy in the first three quarters of 2022. This is about 35% more than the same time period the year before.
- Due to the above reasons, it is expected that the aerospace industry will lead the market during the forecast period.
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Asia-Pacific Region to Witness Highest Demand
- The Asia-Pacific region is a center for many types of manufacturing, such as aerospace and automotive, electrical and electronics, and many others.For these things, a lot of high-performance alloys are used, which increases the demand in the studied market.
- In the Asia-Pacific region, the aerospace markets in China, Southeast Asia, and South Asia are expected to grow at a fast rate, which will boost the demand for the studied market even more.By 2041, there will be 8,485 new fleet deliveries in China with a market service value of USD 545 billion, according to the Boeing Commercial Outlook 2022-2041.
- Moreover, India is projected to have 480 million flyers by 2036, which will be more than that of Japan (just under 225 million) and Germany (just over 200 million) combined, and for that to happen, India will need approximately 2,380 new commercial airplanes by 2038, as stated by the Indian Brand Equity Foundation (IBEF).
- Aside from this, high-performance alloys are also needed in the oil and gas industry. They work well at high temperatures and under mechanical stress, and they don't rust when exposed to seawater or acid.
- According to the BP Statistical Review of World Energy 2022, China will be the biggest oil producer in the Asia-Pacific region in 2021. It will produce close to 200 million tons of oil, which is 2.5% more than it did the year before. At the same time, accounting for one-third of the natural gas market in 2021, China was also the region's largest natural gas producer. Around 210 billion cubic meters of natural gas were produced in China overall in that period.
- During the forecast period, the market for high-performance alloys is expected to grow because things are going well in the region.
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