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The newly launched report by Stratview Research, titled ‘Specialty Alloys Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028’ has been bifurcated by Product Type (Bars, Flat Products, Tubes, and Others), by Application Type (Aerospace, Energy & Power, Industrial, Electrical & Electronics, Automotive, and Others), by Alloy Type (Nickel Alloys, Titanium Alloys, and Cobalt Alloys), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).

According to the report the Specialty Alloys Market is projected to reach a value of US$ 28.7 Billion by 2028.

Market Highlights

The demand for specialty alloys has experienced a significant decline during the COVID-19 pandemic, mainly due to disruptions in the global supply chain, interruptions in end-user industries, and shortages of raw materials. Although there was a rebound in 2021 with the resumption of production activities and supply chain operations, the supply of specialty alloys was again disrupted in 2023 due to the Russia-Ukraine war. This has resulted in various European Union and North American countries cutting tie-ups, leading to a shortage of alloys and materials in the market. As a result of these challenges, the market for specialty alloys is forecasted to grow at an average compound annual growth rate (CAGR) of approximately 4.1% during the forecast period.

The specialty alloys market is influenced by various factors that impact its growth trajectory. One of the significant drivers is the increasing usage of these alloys in the aerospace industry, where they are utilized in critical applications such as aircraft engines and structural components. Additionally, there is a growing demand for specialty alloys in heat exchangers for power generation, as well as in other industries.

However, the market also faces challenges that can hinder its growth. One such challenge is the high dependency on geopolitical issues, which can result in volatility in the prices of specialty alloys. Changes in the power and oil & gas industry, which are known for their unpredictable nature, also pose challenges to the market.

It is expected that advancements in technologies and increasing applications of specialty alloys in various industries will drive the market's growth, although challenges related to geopolitical issues and industry dynamics will need to be addressed.

How does this report help?

Reports published by Stratview Research helps the users in several ways. The user can –

·         Gain a deeper understanding of the market and the impact of Covid-19 on the market.

·         Get rigorous analysis and progressive insights into the market across the globe.

·         Assess current and future market trends, and challenges of the market.

·         Gain a comprehensive view on the growth strategies of the key players.

·         Get updates related to recent changes, M&As, new product launches and many such news related to the market, and even more.

Market Segmentation Analysis –

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.

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.

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.

Regional Analysis:

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

Key Players

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

Research Methodology

Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.

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