REPORT OVERVIEW
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The global master alloy market size is estimated to be USD 3.257 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with master alloy experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 4.123 billion by 2028, exhibiting a CAGR of 3.4% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Master alloy is a base metal such as aluminum, copper, or nickel. It is used in a small quantity to combine with a high quantity of alloyed metals. They are extensively used in the production of titanium alloys. Further, it acts as a raw material for the manufacturing of alloys. The material is primarily utilized to improve metals' corrosion and heat resistance. It consists of two or more elements and has a defined composition.
Increasing demand for titanium alloy globally is estimated to surge market growth. Growing demand from automotive industry is anticipated to accelerate market growth. Rising need for the material in military and aerospace sectors is expected to market growth during the forecast period. Growing research and development in the aerospace and civil aircraft is projected to boost product adoption. The material has corrosion resistance, high temperature, and good surface stability. Such advantages of the materials are anticipated to accelerate market growth. Rapid urbanization and industrialization are anticipated to accelerate market growth.
COVID-19 Impact: Shutdown of Production and Operation Facilities to Halt Market Progress
An outbreak of COVID-19 pandemic significantly impacted manufacturing operations. Lack of product activities due to lockdown reduced market development. Shutdown of production and operation facilities hampered product demand. The market witnessed supply chain disruption and declined traditional trade. Limited availability of raw materials reduced product demand. Closure of industries due to lockdown restriction halted master alloy market expansion.
LATEST TRENDS
"Growth in Automotive Industry to Foster Market Improvement "
Increasing demand for automotive industry is estimated to surge market growth. Increasing demand for transportation is anticipated to surge market growth. The material helps to control oxygen content within the alloy. Such advantages help the performance of the vehicles. Further, it is effective and hard which is projected to drive market growth during the forecast period. The material is used in construction activities for its stability and reliability features. Such advantages of the product are predicted to surge market growth. Increasing demand for titanium alloy in automotive industry is anticipated to stimulate master alloy market expansion. Growing need for high-performance master alloys in automotive industry is projected to drive market growth. Rising environmental regulations to reduce carbon emissions led to using lightweight materials in automobile sector is anticipated to stimulate market growth.
SEGMENTATION
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- By Type
Based on type, the market is divided into aluminum-based master alloy, copper-based master alloy, and others.
Aluminum-based master alloy is expected to be the leading part of segmentation type.
- By Application
Based on the application, the market is divided into transportation, building and construction, package, energy, and others.
Building and construction are expected to be the leading part of application segmentation.
DRIVING FACTORS
"Increasing Demand from Aerospace Sector to Incite Market Progress "
Growing demand from aerospace sector is expected to surge market growth. Growing research and development (R&D) activities in aerospace sector are projected to boost product adoption. Increasing demand to design sophisticated titanium alloy in civil aircraft is anticipated to accelerate market growth. Increasing demand for better performance in civil aircraft is projected to drive market growth. The material is extensively used in aerospace sector for its melting of super alloys and titanium properties. Growing use of the product in engines and airframes is anticipated to accelerate market growth. Increasing demand for high-pressure tubes and instrumentation applications in aircraft sector is predicted to stimulate market expansion during the forecast period. Increasing demand for new generation fuel-efficient aircraft is anticipated to accelerate master alloy market growth. Rising environmental regulations globally are predicted to boost product demand.
"Rapid Development in Military Sector to Augment Market Growth "
Increasing demand for the product in military sector is anticipated to accelerate market growth. The material has a good melting temperature, which is expected to accelerate product demand. Increasing adoption of the material in military sector due to its superior properties and mechanical properties. Such advantages are predicted to surge market progress during the forecast period. It has strong heat and corrosion resistance which is estimated to fuel product adoption. Increasing need for melting and solidification of aluminum alloy products is expected to fuel healthy master alloy market growth. The product is also used for controlling chemistry in the melting of titanium, and super alloys are expected to drive industry growth.
RESTRAINING FACTORS
"High Cost and low Fracture Toughness to Restrict Market Growth"
High cost associated with the material is expected to hinder market growth. Low fracture toughness compared to others is anticipated to reduce market growth during the forecast period.
REGIONAL INSIGHTS
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"Presence of Aerospace and Defense Sector in Asia Pacific to Drive Market Share "
Asia Pacific is estimated to account for the largest master alloy market share due to the presence of strong aerospace and defense industry. Increasing research and development in aerospace and civil aircraft is projected to boost product adoption. The material has corrosion resistance, high temperature, and good surface stability. Such advantages of the materials are anticipated to accelerate market growth. Increasing disposable income in the region is anticipated to accelerate market growth during the forecast period. Rapid urbanization and industrialization are projected to drive product demand. Rising spending on aerospace and equipment in regions such as India and China is predicted to propel market growth.
North America is estimated to show considerable market growth due to strong presence of major defense and aerospace companies such as Northrop Grumman Corporation, Boeing, and GE. Further, presence of an established automotive sector is predicted to drive market evolution. Growing environmental regulations to reduce carbon emissions led to the usage of lightweight materials in automobile sector is anticipated to stimulate market growth.
KEY INDUSTRY PLAYERS
"Leading Players Adopt Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- AMG (Germany)
- KBM Affilips (Netherlands)
- Aleastur (Spain)
- Reading Alloys (U.S.)
- SLM (Germany)
- Minex Metallurgical (India)
- Avon Metals (U.K.)
- Zimalco (South Africa)
- Bamco (U.S.)
- Yamato Metal (Japan)
- CERAFLUX (India)
- ACME (India)
- Belmont Metals (U.S.)
- Milward (U.K.)
- Metallurgical Products Company (India)
- Silicor Materials (U.S.)
- IBC Advanced (U.S.)
- Hebei Sitong New Metal Material (China)
- Shenzhen Sunxing Light Alloy Materials (China)
- XZ Huasheng (China)
- Nanjing Yunhai Special Metals (China)
- Sichuan Lande Industry (China)
- Xuzhou Huatian Metal Flux (China)
- BHN Special Material (China)
- ZS Advanced Materials (Chian)
- Hunan Jinlianxing Special Materials (China)
- Aida Alloys (China)
- Jiangxi Hongke Special Alloys (China)
- Huazhong Aluminium (China)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 3.257 Billion in 2021 |
| Market Size Value By | US$ 4.123 Billion by 2028 |
| Growth Rate | CAGR of 3.4% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the master alloy market expected to touch by 2028?
The global master alloy market is expected to reach USD 4.123 billion by 2028.
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What CAGR is the master alloy market expected to exhibit by 2028?
The master alloy market is expected to exhibit a CAGR of 3.4% by 2028.
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Which are the driving factors of the master alloy market?
Drivers of this master alloy market are increasing demand from aerospace sector and rapid development in military sector.
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Which are the top companies operating in the master alloy market?
AMG, KBM Affilips, Aleastur, Reading Alloys, SLM, Minex Metallurgical, Avon Metals, Zimalco, Bamco, Yamato Metal, CERAFLUX, ACME, Belmont Metals, Milward, Metallurgical Products Company, Silicor Materials, IBC Advanced, Hebei Sitong New Metal Material, Shenzhen Sunxing Light Alloy Materials, XZ Huasheng, Nanjing Yunhai Special Metals, Sichuan Lande Industry, Xuzhou Huatian Metal Flux, BHN Special Material, ZS Advanced Materials, Hunan Jinlianxing Special Materials, Aida Alloys, Jiangxi Hongke Special Alloys, and Huazhong Aluminium.
