Hafnium Alloy

Hafnium Alloy Market Outlook

The global hafnium alloy market is poised for significant growth, projected to reach approximately USD 1.5 billion by 2035, with a compound annual growth rate (CAGR) of 5.2% from 2025 to 2035. This increase is largely driven by the rising demand for hafnium alloys in high-performance applications such as aerospace, nuclear reactors, and advanced electronics. The unique properties of hafnium alloys, such as excellent corrosion resistance, high melting points, and superior mechanical strength, contribute to their growing utilization in various end-use industries, particularly in applications requiring durability and reliability under extreme conditions. Additionally, the increasing investments in aerospace and defense sectors, along with advancements in technology, are further propelling the market growth. The expansion of the renewable energy sector also plays a crucial role in increasing the demand for hafnium alloys, especially in power generation applications.

Growth Factor of the Market

Several factors are contributing to the robust growth of the hafnium alloy market. Firstly, the ongoing developments in aerospace technologies are necessitating the use of materials that can withstand extreme temperatures and pressures, which hafnium alloys can uniquely provide. Secondly, the nuclear sector is also experiencing a resurgence as countries seek cleaner energy sources, thereby increasing the demand for hafnium alloys that are critical for nuclear reactor components. Furthermore, the rising electronics industry, which requires materials that can enhance performance, is also a significant growth factor. The medical equipment sector, known for its stringent safety standards, is increasingly incorporating hafnium alloys due to their biocompatibility and durability. Lastly, the growing military expenditure across various nations is likely to boost the demand for hafnium alloys in defense applications, including advanced weaponry and surveillance technologies.

Key Highlights of the Market

• The hafnium alloy market is projected to reach USD 1.5 billion by 2035.
• High demand in aerospace and defense sectors is a major growth driver.
• Corrosion resistance and high melting points of hafnium alloys enhance their applications.
• Advancements in nuclear technologies are propelling market growth.
• Increasing use in electronics and medical equipment is expanding market opportunities.

By Type

Hafnium-Zirconium Alloy:

The hafnium-zirconium alloy is one of the most significant types of hafnium alloys used primarily in nuclear applications. This alloy exhibits exceptional thermal stability and neutron absorption capabilities, making it ideal for use in nuclear reactors, particularly in control rods and structural components. The combination of hafnium with zirconium enhances the mechanical properties and corrosion resistance, which are crucial for operations under high temperatures and radiation exposure. In addition to nuclear applications, hafnium-zirconium alloys are also finding uses in advanced aerospace technologies and high-temperature environments, where material integrity is of utmost importance. As the demand for clean energy continues to rise, the hafnium-zirconium segment is expected to witness substantial growth over the forecasted period.

Hafnium-Titanium Alloy:

The hafnium-titanium alloy is known for its high strength-to-weight ratio and excellent resistance to oxidation and thermal stability, which makes it particularly valuable in aerospace and defense applications. This alloy is utilized in the manufacturing of turbine blades, airframes, and other critical components that require superior performance under extreme conditions. The lightweight nature of hafnium-titanium alloys coupled with their high melting points allows for improved fuel efficiency in aerospace applications. Furthermore, the growing emphasis on reducing emissions and enhancing fuel efficiency in the aviation sector is likely to drive the demand for hafnium-titanium alloys. As technological advancements continue to evolve, this segment is poised for significant growth.

Hafnium-Tantalum Alloy:

Hafnium-tantalum alloys are increasingly recognized for their exceptional mechanical properties and corrosion resistance, making them ideal for use in specialized electronics and medical devices. The combination of hafnium and tantalum yields materials with superior thermal and electrical conductivity, enabling their application in high-temperature electronics such as capacitors and resistors. Additionally, the medical sector benefits from hafnium-tantalum alloys due to their biocompatibility, making them suitable for implants and diagnostic equipment. The growing market for high-performance electronic devices and the continuous demand for innovative medical technologies are expected to bolster the hafnium-tantalum alloy segment in the coming years.

Hafnium-Nickel Alloy:

The hafnium-nickel alloy is a critical material in industries requiring high-performance components that can withstand harsh environments. This alloy exhibits excellent wear resistance and mechanical strength, making it suitable for applications in power generation and aerospace. Hafnium-nickel alloys are particularly useful in manufacturing components such as turbine blades and engine parts, where enduring extreme temperatures and pressures is essential. As the global energy landscape shifts towards more efficient and robust technologies, the demand for hafnium-nickel alloys is expected to increase significantly in the power generation industry, including applications in gas turbines and nuclear energy generation.

Hafnium-Copper Alloy:

Hafnium-copper alloys possess remarkable thermal and electrical conductivity, making them ideal for use in electrical contacts, connectors, and electrodes in various industrial applications. The combination of hafnium's strength and copper's excellent conductivity leads to materials that perform exceptionally well in high-current applications. As industries lay more emphasis on the development of efficient electrical systems, the demand for hafnium-copper alloys is projected to rise. This segment is becoming increasingly popular in sectors like electronics and telecommunications, where reliability and performance are critical. As technology continues to advance, hafnium-copper alloys are likely to play a vital role in supporting innovations across various fields.

By Application

Aerospace:

The aerospace industry is a major consumer of hafnium alloys, leveraging their unique properties for applications that require exceptional strength and heat resistance. Hafnium alloys are employed in various components such as turbine blades, airframes, and exhaust systems, which operate under extreme thermal and mechanical stress. The increasing focus on fuel efficiency and performance in modern aircraft design is driving the demand for high-performance materials like hafnium alloys. As the aerospace sector continues to expand, particularly with the rise in commercial and military aviation, the hafnium alloy market is poised for significant growth in this application segment.

Nuclear Reactors:

Hafnium alloys play a crucial role in the construction and operation of nuclear reactors, primarily due to their excellent neutron absorption capabilities and high corrosion resistance. These alloys are primarily utilized in control rods and structural materials that are integral to reactor safety and efficiency. As countries worldwide seek to expand their nuclear energy capabilities to meet growing energy demands and reduce carbon emissions, the demand for hafnium alloys in nuclear applications is expected to increase significantly. The ongoing advancements in nuclear technology, including the development of next-generation reactors, further amplify the need for reliable and efficient materials such as hafnium alloys.

Electronics:

The electronics industry has seen a growing demand for hafnium alloys, particularly due to their outstanding thermal and electrical properties. These alloys are increasingly used in the manufacturing of high-performance capacitors, resistors, and other electronic components that require materials capable of operating effectively at elevated temperatures. The rise in consumer electronics and the continuous push towards miniaturization and higher performance in electronic devices drive the demand for hafnium alloys in this sector. As technology continues to evolve, hafnium alloys will likely play a pivotal role in enhancing the capabilities of next-generation electronic products.

Medical Equipment:

In the medical equipment sector, hafnium alloys are gaining recognition for their biocompatibility and strength, which are essential for surgical implants and diagnostic devices. The increasing prevalence of chronic diseases and the aging population are driving demand for advanced medical technologies, thereby enhancing the need for reliable materials such as hafnium alloys. These materials are often utilized in critical applications where precision, durability, and safety are paramount. As the healthcare industry continues to innovate, hafnium alloys are positioned to become an integral part of next-generation medical equipment.

Defense:

The defense industry is another key application sector for hafnium alloys, driven by the requirements for high-performance materials in military equipment and technologies. Hafnium alloys are utilized in weaponry, surveillance systems, and various military vehicles, where their strength and resistance to harsh environments are critical. The increasing military spending in several countries is expected to bolster the demand for hafnium alloys, as governments seek to enhance their defense capabilities and invest in advanced technologies. This segment is anticipated to experience significant growth as nations prioritize modernization and innovation in defense systems.

By Use Industry

Aviation:

In the aviation sector, hafnium alloys are utilized for their exceptional strength and heat resistance, making them suitable for critical components that operate under extreme conditions. These alloys are commonly found in turbine engines and airframes, where performance and durability are essential. As the aviation industry continues to evolve with advancements in technology and increasing passenger demand, the need for lightweight yet robust materials is becoming increasingly important. This trend positions hafnium alloys favorably for growth in the aviation sector, as manufacturers seek to optimize performance while reducing weight and improving fuel efficiency.

Power Generation:

The power generation industry is increasingly adopting hafnium alloys for applications that require materials capable of withstanding high temperatures and corrosive environments. These alloys are employed in gas turbines and nuclear reactors, where durability and reliability are paramount. As the global push for cleaner energy sources intensifies, hafnium alloys are expected to play a key role in enhancing the efficiency and safety of power generation technologies. The ongoing transition towards renewable energy and the modernization of existing power infrastructure are likely to drive demand for hafnium alloys in this sector, further solidifying their importance in the energy landscape.

Electronics:

The electronics industry relies heavily on hafnium alloys for their superior thermal and electrical properties, which are essential for high-performance electronic components. These alloys are used in a variety of applications, including capacitors and microprocessors, where performance and reliability are crucial. As consumer electronics evolve and expand, the demand for hafnium alloys is projected to increase significantly. The rapid growth of the Internet of Things (IoT) and smart devices is also expected to fuel the need for advanced electronic materials, positioning hafnium alloys as a vital component in the future of electronics manufacturing.

Healthcare:

Hafnium alloys are emerging as essential materials in the healthcare industry due to their biocompatibility and mechanical strength. They are increasingly being used in surgical instruments and implantable devices, where material integrity and patient safety are of utmost importance. The growing demand for advanced medical technologies, driven by an aging population and increasing prevalence of chronic diseases, further enhances the market for hafnium alloys in healthcare applications. As research and development continue to push the boundaries of medical innovation, hafnium alloys are likely to see expanded use in a variety of healthcare products, ensuring their significance in this critical industry.

Military:

The military sector relies on hafnium alloys for their high strength and reliable performance under arduous conditions. These alloys are integral to the manufacturing of various military equipment, including aircraft, vehicles, and weaponry, where durability and efficiency are vital. With increasing global military expenditure and a focus on modernizing defense capabilities, the demand for high-performance materials like hafnium alloys is expected to rise. The unique properties of hafnium alloys make them suitable for advanced military technologies, ensuring their importance in meeting the evolving needs of defense applications.

By Distribution Channel

Direct Sales:

Direct sales channels play a significant role in the distribution of hafnium alloys, allowing manufacturers to establish a direct connection with end-users. This method enables companies to provide tailored solutions, foster customer relationships, and ensure better service delivery. Direct sales can enhance the understanding of customer needs and preferences, allowing manufacturers to respond more effectively to market demands. Additionally, this approach can lead to improved profit margins as intermediaries are bypassed. As the demand for hafnium alloys continues to rise, the direct sales channel is expected to grow, particularly as businesses strive to create customized offerings for various industries.

Distributor:

Distributors serve as a critical link in the supply chain for hafnium alloys, facilitating the movement of materials from manufacturers to a diverse range of end-users across various sectors. By leveraging established networks and expertise, distributors can effectively manage inventory and ensure timely delivery of hafnium alloys to their customers. Moreover, they often provide value-added services such as technical support, product customization, and logistics management, enhancing the overall customer experience. As the hafnium alloy market expands, the role of distributors is expected to become increasingly important, particularly as industries seek reliable supply sources for their material needs.

By Region

North America is expected to dominate the hafnium alloy market, accounting for approximately 35% of the global share by 2035. The region's strong aerospace and defense sectors, along with significant investments in nuclear energy, are major drivers of this growth. The presence of key players and technological advancements in hafnium alloy manufacturing further solidify North America's leading position in the market. Moreover, the increasing focus on renewable energy sources and the development of advanced electronic applications are expected to create additional opportunities for hafnium alloys in this region, contributing to a projected CAGR of 4.8% over the forecast period.

Europe is another prominent region in the hafnium alloy market, accounting for around 30% of the global share. The region's emphasis on aerospace and automotive advancements, coupled with significant investments in nuclear power generation, is driving demand for hafnium alloys. Countries such as Germany, France, and the United Kingdom are leading the charge in innovative applications of hafnium alloys in critical industries. The growing focus on sustainable energy solutions and advanced manufacturing processes further enhances the market potential in Europe, positioning it for a healthy CAGR of 5.5% during the forecast period. Other regions, such as Asia Pacific, Latin America, and the Middle East & Africa, are also expected to show growth, driven by increasing industrialization and technological advancements.

Opportunities

The hafnium alloy market presents numerous opportunities for growth, particularly as industries increasingly focus on high-performance materials for advanced applications. One significant opportunity lies in the expanding aerospace sector, where the demand for lightweight, durable materials continues to rise. As aircraft manufacturers seek to enhance fuel efficiency and reduce emissions, hafnium alloys are well-positioned to meet these needs. Furthermore, with the ongoing advancements in nuclear energy technologies, hafnium alloys are likely to see increased adoption in next-generation reactors, presenting a substantial growth opportunity. The growing trend towards renewable energy sources also opens up possibilities for hafnium alloys in power generation applications, as industries look for robust materials that can withstand high temperatures and corrosive environments.

Another notable opportunity is the increasing demand for hafnium alloys in the electronics and medical sectors. As technology continues to advance, the need for high-performance materials in electronics, including capacitors and microprocessors, is on the rise. Hafnium alloys offer the requisite thermal and electrical properties needed for these critical applications. Similarly, the healthcare industry, driven by an aging population and increasing chronic disease prevalence, is witnessing a surge in demand for advanced medical devices and implants. Hafnium alloys, with their biocompatibility and durability, are likely to play a significant role in meeting these industry needs, thereby creating new growth avenues for manufacturers in the hafnium alloy market.

Threats

Despite the promising growth prospects in the hafnium alloy market, there are several threats that could hinder progress. One of the primary concerns is the volatility in raw material prices, which can directly impact production costs and profit margins for manufacturers. The limited availability of hafnium, coupled with its complex extraction and refining processes, can lead to fluctuations in supply and increased costs, creating challenges for market players. Furthermore, the evolving regulatory landscape surrounding the use of materials in various industries, particularly in aerospace and healthcare, adds another layer of complexity, as companies must ensure compliance with stringent regulations while maintaining profitability.

Another significant threat to the hafnium alloy market is the emergence of alternative materials that may offer comparable performance at a lower cost. As industries continue to innovate and seek cost-effective solutions, there is a risk that hafnium alloys could be replaced by newer materials that provide similar benefits without the associated costs. This shift could lead to decreased demand for hafnium alloys across various applications, limiting growth potential. Additionally, geopolitical factors, including trade policies and international relations, can affect the distribution and availability of hafnium alloys, further impacting the market landscape.

Competitor Outlook

• Hafnium Solutions Ltd.
• Global Tungsten & Powders Corp.
• American Elements
• Rhenium Alloys, Inc.
• Alloy Metals Company
• Hafnium Technologies, Inc.
• W.L. Gore & Associates, Inc.
• Nickel Alloy Manufacturing Co.
• VSMPO-AVISMA Corporation
• Starck GmbH
• Materion Corporation
• Safran Aerospace Composites
• Royal Metal Industries, Inc.
• Hafnium Metal Co.
• Altemp Alloys, Inc.

The competitive landscape of the hafnium alloy market is characterized by a mix of established players and emerging companies, all vying for market share through innovation and product differentiation. Key players in the market are focusing on expanding their product offerings and enhancing their manufacturing capabilities to cater to the growing demand for high-performance materials across various sectors. Companies are investing in research and development to explore new applications for hafnium alloys and to improve the manufacturing processes, which can lead to cost reductions and increased efficiency. Collaborations and partnerships among industry players are also becoming increasingly common as companies seek to leverage each other's strengths and capabilities to achieve a competitive advantage.

Major companies such as Hafnium Solutions Ltd. and Global Tungsten & Powders Corp. are leading the charge in hafnium alloy production, offering a diverse range of products tailored to meet customer requirements in aerospace, electronics, and medical applications. Hafnium Solutions Ltd. specializes in high-purity hafnium alloys, focusing on meeting the stringent quality standards of the aerospace and defense industries. On the other hand, Global Tungsten & Powders Corp. leverages its expertise in tungsten-based products to produce hafnium alloys with unique properties suitable for high-performance applications. As these companies continue to innovate and adapt to market changes, they will be instrumental in shaping the future of the hafnium alloy market.

Additionally, companies like Rhenium Alloys, Inc. and Materion Corporation are making significant strides in the hafnium alloy market, focusing on expanding their global presence and enhancing their product portfolios. Rhenium Alloys, Inc. is known for its advanced manufacturing techniques and commitment to high-quality standards, positioning itself as a reliable supplier for critical industries. Materion Corporation, with its extensive experience in specialty materials, is leveraging its capabilities to develop hafnium alloys for various applications, including aerospace and electronics. As competition intensifies, these companies are expected to play a vital role in driving innovation and meeting the evolving needs of the hafnium alloy market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Starck GmbH
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 American Elements
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Hafnium Metal Co.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Altemp Alloys, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Alloy Metals Company
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Materion Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Rhenium Alloys, Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Hafnium Solutions Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 VSMPO-AVISMA Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Hafnium Technologies, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Safran Aerospace Composites
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Royal Metal Industries, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 W.L. Gore & Associates, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Nickel Alloy Manufacturing Co.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Global Tungsten & Powders Corp.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Hafnium Alloy Market, By Type
    • 6.1.1 Hafnium-Zirconium Alloy
    • 6.1.2 Hafnium-Titanium Alloy
    • 6.1.3 Hafnium-Tantalum Alloy
    • 6.1.4 Hafnium-Nickel Alloy
    • 6.1.5 Hafnium-Copper Alloy
  • 6.2 Hafnium Alloy Market, By Application
    • 6.2.1 Aerospace
    • 6.2.2 Nuclear Reactors
    • 6.2.3 Electronics
    • 6.2.4 Medical Equipment
    • 6.2.5 Defense
  • 6.3 Hafnium Alloy Market, By Use Industry
    • 6.3.1 Aviation
    • 6.3.2 Power Generation
    • 6.3.3 Electronics
    • 6.3.4 Healthcare
    • 6.3.5 Military
  • 6.4 Hafnium Alloy Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributor

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Hafnium Alloy Market by Region
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Hafnium Alloy market is categorized based on

By Type

• Hafnium-Zirconium Alloy
• Hafnium-Titanium Alloy
• Hafnium-Tantalum Alloy
• Hafnium-Nickel Alloy
• Hafnium-Copper Alloy

By Application

• Aerospace
• Nuclear Reactors
• Electronics
• Medical Equipment
• Defense

By Use Industry

• Aviation
• Power Generation
• Electronics
• Healthcare
• Military

By Distribution Channel

• Direct Sales
• Distributor

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Hafnium Solutions Ltd.
• Global Tungsten & Powders Corp.
• American Elements
• Rhenium Alloys, Inc.
• Alloy Metals Company
• Hafnium Technologies, Inc.
• W.L. Gore & Associates, Inc.
• Nickel Alloy Manufacturing Co.
• VSMPO-AVISMA Corporation
• Starck GmbH
• Materion Corporation
• Safran Aerospace Composites
• Royal Metal Industries, Inc.
• Hafnium Metal Co.
• Altemp Alloys, Inc.