Medium Entropy Alloys Market is Estimated to Hit US$ 1.5 Bn by the end of 2031 at a CAGR of 5.1% from 2023 to 2031, Transparency Market Research Inc.
Construction industry’s rising demand for high-strength, lightweight materials is projected to drive the global medium entropy alloys market in the coming years
Wilmington, Delaware, United States, March 14, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global medium entropy alloys market stood at US$ 994.1 Mn in 2022 and is estimated to be valued at US$ 1.5 Bn by 203, expanding at a CAGR of 5.1% between 2023 and 2031. Increase in usage of high strength and lightweight materials is expected to create significant business opportunities in the global medium entropy alloys market. A brand-new family of materials known as medium entropy alloys offers a unique blend of toughness, ductility, and strength. These alloys are excellent for use in various industries, including energy, automotive, military, and aerospace, owing to distinctive composition and microstructure.
Expansion of the aerospace and automotive industries is driving the global market. The aircraft and automotive industries need substances that are light, robust, and long-lasting. Medium entropy alloys possess these properties. Companies in the global medium entropy alloys market are anticipated to benefit from increase in usage of fuel-efficient automobiles and requirement for lighter aircrafts to save on fuel.
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Known for distinctive microstructure and chemistry, medium entropy alloys are a novel family of materials. Multiple components are present in medium entropy alloys (MEAs) in proportions that are equal or nearly equal to creating a microstructure that has a higher level of entropy or unpredictability. Unlike other alloys, MEAs have a distinctive microstructure that makes them less susceptible to thermal fluctuations. These are useful for applications requiring high temperatures due to strong thermal stability. This can be attributed to element distribution in MEAs, which works to prevent production of unstable intermetallic, which can occur at high temperatures as well as can also lead to failure of the material.
Materials with the ability to withstand fatigue fracture propagation, extreme operating temperatures, creep, and high translational speeds are needed for modern engine parts utilized in aircrafts. These components are required to be compact in size and strong at high temperatures. These must also be able to withstand chemical degradation, wear and tear, oxidation, and fatigue, which is expected to increase market value of medium entropy alloys.
High-performance substances are created using medium entropy alloys. These alloys are distinct from typical alloys because of intricate mixture of several components. High configuration entropy makes them more stable and sturdier even at high temperatures. This is likely to drive industry growth in the coming years.
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Key Findings of Market Report
- Based on end-use, the automotive segment is anticipated to dominate the global market between 2023 and 2031. Medium entropy alloys are best suited for producing next-generation automotive materials with superior mechanical characteristics. The International Organization of Motor Vehicle Manufacturers (OICA) reports that global vehicle manufacturing increased by 3.0% in 2021, from 77.7 billion units to about 80.2 billion units. This is likely to augment the segment during the forecast period.
Global Medium Entropy Alloys Market: Growth Drivers
- Medium entropy alloys (MEAs) are often used in the automobile industry to build tanks, sensors, tubes, radiators, heater cores, control units, and electrical systems. This is attributed to its excellent conductivity, strength, and along with that it is also resistant to corrosion, wear, and heat. Hence, expansion of the aerospace and automotive industries is anticipated to bolster the global medium entropy alloys market in the coming years.
- Being biocompatible, medium entropy alloys leave no adverse effect on biological tissues. These also have excellent mechanical qualities. MEAs are, therefore, appropriate for use in implants and medical equipment. Nevertheless, usage of medium entropy alloys for biomedical purposes is limited, and further study is required to completely comprehend both promise and restrictions in this domain.
- The construction industry extensively uses lightweight yet strong materials. Structures made of lightweight materials are easier to carry and install. Additionally, these lighten the burden placed on support structures and foundations. However, high-strength substances offer improved durability and stability, making them appropriate for use in high-rise building construction and other important structures. MEAs can be used to produce lightweight, high-strength construction materials, including brackets, columns, and beams, owing to their strength, ductility, and toughness. Consequently, these alloys are excellent building material choices, which is anticipated to drive market demand.
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Global Medium Entropy Alloys Market: Regional Landscape
- Based on the latest TMR market report, Asia Pacific is expected to hold significant market share from 2023 to 2031. Growth of end-use industries, such as power, aerospace, and automotive, is propelling market development in the region. The market in Asia Pacific is driven by increase in sales of automotive parts in countries such as South Korea, India, Japan, and China.
Global Medium Entropy Alloys Market: Key Players
Key market players in the global medium entropy alloys market are:
- QuesTek Innovations LLC
- Sandvik AB
- Hitachi, Ltd.
Global Medium Entropy Alloys Market: Segmentation
Base Element
- Chromium
- Vanadium
- Aluminum
- Nickel
- Magnesium
- Copper
- Titanium
- Others
Function
- Heat Resistant
- Corrosion Resistant
- Wear Resistant
- Others
End-use
- Aerospace
- Automotive
- Power
- Oil & Gas
- Electrical & Electronics
- Biomedical
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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