According to a research report titled ‘Global Specialty Alloys Market (Value, Volume) a?? Analysis By Alloy Type, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global specialty alloys market accounted for USD 21.92 billion by value and 319.04 thousand tons by volume in the year 2019 and is projected to record a healthy growth rate over 2020-2025.
 

As per the report, mounting demand for lightweight materials in aerospace sector, and emergence of new generation aircrafts are propelling worldwide specialty alloys market growth. Moreover, widespread preference for alloys in power generation vertical for manufacturing of industrial gas turbine components is also stimulating industry demand.
 

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For the record, specialty alloys are a niche segment of the alloy steel industry and are used to manufacture the parts for various types of sensors, highly sensitive apparatus & devices, miniature & unique experimental equipment, and power transformers.
 

Despite the positive outlook, industry growth suffered a backlash, as demand and supply volumes mis-aligned during the COVID-19 pandemic in 2020.
 

Based on alloy type, global specialty alloys industry is classified into corrosion resistance, heat resistant, high performance, and electric alloys. Among these, high performance segment has been recording remarkable growth recently and is expected to capture a major market share during the forecast period, primarily driven by tremendous resistance of these alloys to corrosion and heat, making them ideal of extreme environments.
 

Moving on to end-user segment, the industry segmentation comprises oil & gas, aerospace, chemical processing, electric components & electronics, automotive and, others. As per the report, aerospace segment held the major market share in 2019 and is poised to generate substantial returns in the upcoming years, credible to extensive use of specialty alloys for high temperature applications.  
 

Moving on to regional terrain, North America held major market share in the recent past, owing to flourishing aerospace & defense sector, with presence of a large base of manufacturers of aerospace jet engines, aircraft engines, and industrial gas turbines in the region. In addition, increasing focus of the U.S. government towards strengthening the country's defense with heavy investments is further projected to stimulate industry demand over the study duration.
 

Major contenders in worldwide specialty alloys market sphere are Materion Corp., MetalTek International Inc., AMETEK Inc., AMG Aluminum UK Ltd., ThyssenKrupp AG, Carpenter Technology Corp., Aperam S.A., Allegheny Technologies Inc. (ATI), Precision Castparts Corp., and VDM Metals GmbH.