Published on : Nov 04, 2019
A report titled “Global Hard Alloys Market Insights, Forecast to 2019-2025” has been recently added to the vast repository of ResearchMoz.us. The report is anticipated to offer in-depth insights into the recent development, competitor analysis and segmentation of hard alloys market.
The competitive landscape of the global hard alloys market is moderately consolidated with top players enjoying a major market share. Some of the predominant players present in the hard alloys market are Glencore, Eurasian Resources Group, Samancor Chrome, Tsingshan Holding Group, Erdos Group, and Nikopol Ferroalloy Plant.
These players are relying on several organic and inorganic growth strategies to stay ahead in the global hard alloys market. Business expansion and product with unique value propositions are some of the prominent strategies used by the players to concretize their market hold.
In 2018, NioCorp Developments and IBC Advanced Alloys collaborated to create new prototypes for scandium- aluminium. These alloys are widely used in metallurgy, aerospace, and manufacturing of heavy-duty equipment.
Demands for Oil and Gas Equipment Manufacturing to Drive Market’s Growth
The global hard alloys market is likely to witness stellar growth in the fourth coming years. This is mainly due to the increasing efforts taken by players to improve the inheritance properties of alloys. For instance, titanium alloys are at present highly used in the orthopaedic implants. The researchers improved the properties of titanium by mixing it with titanium sponge. Such developments are expected to boost the prospect of the global hard alloys market in the coming few years.
In addition to this, d elevating demand for hard alloys in manufacturing of oil & gas extraction equipment is another factor projected to fuel the global hard alloys market. Moreover, increasing use of hard alloys such as steel in power generation and for the manufacturing of industrial gas turbine is expected to offer several lucrative opportunities for the growth of the global hard alloys market.
Further, key players in the hard alloys market are focusing to offer precise and personalized product by mixing several compounds. For instance, the players have managed to counter the use of aluminium for the manufacturing of aircraft by manufacturing lightweight aluminium components to design aircrafts parts. These aluminium hard alloys have several desirable that make them perfect of industrial application.
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Despite several drivers, growth in the global hard alloys market is likely to hamper due to several factors such as high costs, intense research required for manufacturing of hard alloys and time required to observe the behaviour of alloys in long terms basis. Other than this, stringent regulations pertaining to the extraction of raw material and minerals is another major factor projected to impede the growth of the hard alloys market.
However, to overcome this, manufacturers are using recycled elements for the production of alloys. This is anticipated to drive the global hard alloys market in the coming few years.
North America to Hold Maximum Share in the Hard Alloys Market
Geography, North America is projected to lead the hard alloys market in terms of regional share. This is mainly because of the presence of advanced equipment and techniques for mineral extraction. In addition to this, the presence of a large number of players is another factor expected to propel the growth of hard alloys market in the region.