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

Stratview Research, a global market research firm, has launched a report on the global specialty alloys market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2028: US$ 28.7 billion

Growth (CAGR): 4.1% during 2023-2028

Leading Product Type: Flat Products

Leading Application Type: Aerospace

Leading Alloy Type: Nickel Alloys

Leading Region: Asia-Pacific

Forecast Period: 2023-2028

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Specialty Alloys Market:

The global 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.

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).

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest and fastest-growing market for specialty alloys. This growth outlook is majorly attributed to the following–

·      The dominance of Asia-Pacific can be attributed to 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.

·      Overall, the specialty alloys market is expected to witness significant growth in Asia-Pacific, driven by rapid industrialization, increasing demand from various end-use industries, and expanding aerospace manufacturing activities in the region.

Specialty Alloys Market Drivers:

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

·      Increasing usage of these alloys in the aerospace industry

·      Increasing demand for these alloys in heat exchangers for power generation and oil & gas

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. Stratview Research has identified the following companies as the top market players:

• 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 Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-      Nickel Alloys Market

-      Titanium Alloys 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. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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