The Global Master Alloys Market is expected to exhibit a robust CAGR of 6.51% over the forecast period from 2018 to 2024, according to the latest research report from Market Research Future (MRFR). The Global — Master Alloys Market is expected to reach a valuation of USD 441.22 million by 2024, according to the report.
Master Alloys are intermediate products used to further produce specialized alloys for specific applications. Master Alloys contain a base metal such as aluminum or copper with a number of other elements in a fairly high ratio. They are not usable industrially in themselves, but are rather used for the production of other alloys and materials.
The rapid growth of the titanium industry and the growing demand for alloys from the aerospace sector are likely to be among the major drivers for the Global Master Alloys Market over the forecast period. The aerospace sector has grown rapidly in the last few years thanks to the growing demand for new airplanes and innovations in airplane construction materials. This is likely to drive the demand from the Master Alloys Market over the forecast period, as master alloys play a key role in the development of airplane construction materials. The growing commercial airlines industry is likely to drive the demand for new airplane construction in the coming years, thus driving the growth prospects of the Global Master Alloys Market.
The growing demand for lightweight alloys from the automotive industry is also likely to drive the demand from the Global Master Alloys Market over the forecast period. Reducing the weight of vehicles has emerged as a key concern for the automotive industry in recent years due to the need to bring the automotive industry in line with environmental regulations demanding a reduction in the volume of emissions from vehicles. This has driven the demand for master alloys in the automotive production.
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Leading players in the Global Master Alloys Market include ALUMETAL S.A., Reading Alloys, Ceraflux India Pvt. Ltd., Axayya Alloys Pvt. Ltd., Minex Metallurgical Co. Ltd., Milward Alloys Inc., Advanced Metallurgical Group N.V., Belmont Metals Inc., KBM Affilips, and Asturiana de Aleaciones S.A. The Global Master Alloys Market is marked by price wars that are becoming a definitive feature of the market. Collaborations and acquisitions to acquire a certain technology or product is also a common practice in the Global Master Alloys Market.
In October 2018, NioCorp and IBC Advanced Alloys announced the production of an aluminum-scandium master alloy.
By Type, the Master Alloys Market has been segmented into aluminum based master alloys, molybdenum alloys, vanadium alloys, chromium alloys, copper based master alloys, and others. Aluminum based master alloys are likely to remain the major revenue generator in the Global Master Alloys Market over the forecast period due to their light weight and high proportional mechanical strength.
By Application, the market is segmented into superalloys, stainless steel, powder metallurgical, titanium production, iron, metal anhydride alloys, aluminum industry, and others. Titanium production, followed by superalloys, is likely to be the major revenue generator for the Global Master Alloys Market over the forecast period. The growing demand for superalloys in aerospace engines and other components is likely to be a major factor determining the direction of the Global Master Alloys Market over the forecast period.
Asia Pacific currently dominates the Global Master Alloys Market and is expected to exhibit a stellar 8.25% CAGR over the forecast period from 2018 to 2024, growing to a valuation of USD 205.9 million over that period. The growing automotive and aerospace industries in Asia Pacific are likely to be the major contributors to the master alloys market in the region, with the growing disposable income of consumers in the region leading to a growing demand for automobiles as well as air travel. The growing consumer airline industry in China is likely to remain a major driving force for the master alloys market in the region over the forecast period.
North America is also likely to hold a major share in the Global Master Alloys Market over the forecast period due to the growing automotive and aerospace industries in the region.
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