Master Alloys Market Company Profiles, Industry Segments Landscape and Demand by Forecast To 2024
The Global Master Alloys Market is touted to touch USD 441.2 million at an admirable 6.51% CAGR during the assessment period (2018-2024). Metal Alloy simply put is basically a base metal such as copper or aluminum that combines with a specific amount of a single or more elements. This product is semi-finished in nature and made in assorted shapes including rod in coils, waffle plate, ingot amid others. It is largely applied for producing alloy in the metal industry. There are a couple of reasons to add master alloys to melt. Firstly, for composition adjustment that is, to change the liquid metal’s composition to attain the needed chemical specification. Second, is for structure control which means to influence a metal’s microstructure during the process of casting and solidification to alter its properties including surface appearance, castability, electrical conductivity, ductility and mechanical strength.
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Resting on the application, master alloys are also known as modifier, grain refiner or hardener. Also, there are different reasons to use master alloys over pure metals. It can be technical, economical or both. There are some elements which when added in the pure form can show poor yield or high losses and there may be others that may fail to dissolve at the furnace temperature. Often time’s master alloys offer the solution as it quickly dissolves at lower temperatures thereby saving production time and valuable energy. It utilizes special equipment such as an induction furnace having high temperature for producing the composition of alloy ideal for use by the general metals industry.
There are various factors that is driving the growth of the Master Alloys Market according to MRFR (Market Research Future) Report. These include rising demand for Master Alloys from the titanium industry, its huge scope in the automotive sector, collaboration amid manufacturers and consumers and increasing use of Master Alloys in end-use industries. On the contrary, factors such as fluctuations in the price of raw materials and slow growth of the steel industry is likely to impede the growth of the master alloys market.
As per MRFR report, the Global Master Alloys Market is segmented on the basis of Type and Application.
Based on Type, it is segmented into Aluminum Master Alloys, copper master alloys, molybdenum alloys, vanadium alloys and chromium alloys. Of these, the aluminum master alloys segment is anticipated to have the highest market share. It is largely used in consumer goods and automobiles due to its low cost and compatibility with different base metals. Besides, its amazing properties such as lightweight and corrosion resistance can act as a plus to boost the demand of the master alloys market during the assessment period.
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Based on Application, the Master Alloys Market is segmented into metal anhydride alloys, powder metallurgical, aluminum industry, superalloys, titanium production, iron, stainless steel and others. Of these, titanium production will lead the market due to the increasing need for titanium alloys especially in leisure, sports, aerospace and automotive industries.
Based on Region, the Master Alloys Market covers growth opportunities and latest trends across Europe, North America, Latin America, Asia Pacific and Middle East and Africa. Of these, the APAC region will have precedence in the market owing to rising demand for Master Alloys from industries such as aluminum, consumer goods, automotive and components. The regions namely Thailand, Indonesia, Malaysia and Philippines have experienced a fall in automotive production due to the growing unemployment, depreciating currency and slow economic growth. But the existence of automotive giants investing in production especially in Malaysia, Philippines and Indonesia can fuel the growth of the Master Alloys Market. Together with reduced car price and revised tax policies, the market in this region is likely to have a phenomenal run. The second largest share is grabbed by North America owing to the growth in the aerospace industry and the existence of the top aircraft manufacturers here. The Master Alloys Market in Europe is expected to have a moderate growth. Germany will have the maximum share in the market due to increasing need for titanium alloys especially in the automotive and aerospace industries.
Leading players profiled in the Master Alloys Market include KBM Affilips (Netherlands), Advanced Metallurgical Group N.V. (Netherlands), Asturiana de Aleaciones S.A. (Spain), Reading Alloys (AMETEK Inc.) (U.S.), and Milward Alloys Inc. (U.S.).
Feb 2019- A team of British and Russian scientists have revealed the creation of a process for adding nanoscale diamonds into molten aluminum for creating a new form of aluminum alloy customized for maritime transportation applications. Along with its utilization in the maritime sector, this alloy will also show promise for utilization in automotive, aerospace and other industries that demands low density and high strength metals.
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