High Performance Alloys Market Worth $11.33 Billion By 2024
High performance alloys market is expected to reach USD 11.33 Billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to increasing substitution of steel and other alloys by titanium and aluminum based high performance alloys. High strength coupled with superior oxidation resistant properties exhibited by these materials is expected to drive demand over the projected period. Growing use of the product in industrial gas turbines and other gas turbines used in power generation is expected to drive growth over the forecast period. In addition, increasing government expenditure particularly in developing economies to restart gas based power plants is expected to have a positive impact growth. Furthermore, declining oil & natural gas prices are expected to Technological advancements related to alloys manufactured using platinum group metals have led to an increase in the demand for the aforementioned product. The platinum-palladium-copper alloys are used in wrought products thereby resulting in a substantial cost reduction. The ruthenium-platinum-palladium alloys are being used increasingly in industrial applications owing to high oxidation resistance and superior strength.