Medium Entropy Alloys Market size is estimated to surpass USD 2 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of medium entropy alloys was over USD 1 Billion. The growth of the medium entropy alloys market can be attributed to the rising demand for fuel-efficient vehicles. In the new light vehicles range, fuel-efficient vehicles have a more positive impact on fuel consumption in comparison to electric vehicles. In the world, around 1.4 billion light vehicles were scrapped to produce new vehicles with better mileage per unit of gasoline and better fuel efficiency in its place. This can significantly reduce the usage of fuel in the world. Fuel demand might reduce by 5 million to 10 million barrels per day by 2040 as more efficient vehicles and electric vehicles hit the road.
In addition to these, factors that are believed to fuel the growth of medium entropy alloys market include the rising use of sustainable materials. Medium entropy is an energy-efficient material and has a low impact on the environment. The growing focus on environmental sustainability has driven the world towards the use of such materials in several industries including construction, energy, automotive, and others. For some years, the world has placed an increasing priority on materials and materials science in order to create a more sustainable environment. As a result, various sustainability-focused forums, symposia, material, and publications have been developed, produced, and delivered. Moreover, the United States Environmental Protection Agency has proposed sustainable materials management basics, which involves the approach to using the material in a way to enhances the productivity of the materials and also adheres to ecological stability. Additionally, the worldwide rivalry for sustainable resources will heat up as the world's population and economies expand, increasing demand for medium entropy alloys.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~5% |
|
Base Year Market Size (2023) |
~ USD 1 Billion |
|
Forecast Year Market Size (2036) |
~ USD 2 Billion |
|
Regional Scope |
|
Function (Wear Resistant, Corrosion Resistant, Heat Resistant)
Medium entropy alloys market from the heat resistant segment is estimated to gain the largest revenue share of about 60% in the year 2036. The growth of the segment can be attributed to the high tolerance of medium entropy alloys against high heat without giving up the structural integrity and withstanding any sort of degradation. This specific property of medium entropy alloys has made its application in the automotive and aerospace industries even more vast. Since the components of vehicles and aircraft are under continuously heated conditions, it is important to develop components of engines, batteries, and other internal parts from medium entropy alloys. Therefore, the growing production of vehicles and growing focus on electric vehicles is expected to increase the demand for the MEA for his particular function. In addition to this, the rising focus on the production of more efficient parts in the aerospace industry further boosts the growth of the segment.
End User (Aerospace, Oil & Gas, Power, Automotive, Electrical & Electronics, Biomedical)
The aerospace segment in the medium entropy alloys market is expected to garner a significant share of around 30% in the year 2036. The aerospace segment is one of the huge users of medium entropy alloys, and these alloys are employed in the manufacturing of engine components, turbine blades, and other structural materials. Medium entropy alloys are ideal for usage in these applications due to their great strength and thermal stability. The growth of the aerospace segment is majorly expected on the account of rising deployment of new aircraft in the industry. Furthermore, the effect of aircraft on environmental degradation, primarily carbon emissions, is no longer debatable. Because aviation is the fastest-growing industry of transportation, it has received special attention from the government all across the world. The growing focus of the world to achieve sustainability in the aerospace industry has also increased the use of medium entropy medium in the sector.
Our in-depth analysis of the global medium entropy alloys market includes the following segments:
|
Base Element |
|
|
Function |
|
|
End User |
|
North American Market Forecast
The medium entropy alloys market in North America is projected to hold 35% of the revenue share by 2036. The growth of the medium entropy alloys market can be attributed majorly to the rapidly booming aerospace industry in the region. The Aerospace Industries Association (AIA) is the leading manufacturer of America’s space industry’s requirements. There are around 320 member companies in the AIA that are dedicated as the designers, launch providers, operators, manufacturers, and designers of civil, national security, and commercial satellites and space vehicles. Furthermore, the growing investment by major aerospace companies in updating the models of aircraft.
APAC Market Statistics
The Asia Pacific region is expected to account for 28% share of the global medium entropy alloys market by 2036. The growth of the market can be attributed majorly to the rising industrialization and hastily moving towards urbanization that has also increased the infrastructural development. The regional market is dominated by developing economies such as India and China. The huge increase in automotive manufacturing and the expansion of the aerospace industry are driving factors for the medium entropy alloys market. In December 2022, China Motor Vehicle Production was reported to be around 27 million units. This is an increase over the previous statistic of nearly 26 million units for December 2021.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?