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The global superalloys market was worth $5.9 billion in 2022, and it is expected to increase to USD 11.39 billion by 2030, at a CAGR of 10% between 2023 and 2030.
As industries including aerospace, automotive, and power generation increase their need for high-performance materials, the global superalloys market is expanding rapidly. As a group, superalloys are high-strength, high-temperature alloys that excel in areas like mechanical strength, corrosion resistance, and thermal stability. The expanding aviation sector, which uses superalloys to produce gas turbine engines and other crucial components, is a major element in the market's expansion. The need for aircraft that are both lightweight and economical in their use of fuel is also driving up demand for superalloys. Turbochargers, exhaust valves, and other engine components rely on superalloys because of their high temperature resistance and exceptional mechanical qualities in the automobile industry. The automotive industry is rapidly adopting superalloys because of the industry's growing concern for pollution and fuel efficiency. Another major market for superalloys is the power generation industry. Gas turbines and nuclear power plants both use superalloys because of their durability and resistance to high temperatures and corrosion. The presence of major aerospace and automotive manufacturers in North America is largely responsible for the region's dominance in the worldwide superalloys industry. The need for superalloys, however, is rising as a result of the tremendous industrialization and urbanization taking place in emerging economies in Asia and the Pacific.
The Market for Superalloys, Broken Down by Component
There are three main types of superalloys on the market: nickel-based, cobalt-based, and iron-based. Due to their superior combination of high-temperature strength, corrosion resistance, and good mechanical qualities, nickel-based superalloys have dominated the market. The aerospace, gas turbine, and automobile sectors are just a few of the many that find use for these alloys. Nickel-based superalloys are widely utilized in the aerospace sector to produce turbine blades, combustors, and other vital parts. The rise of this market sector can be attributed to the rising need for lightweight, fuel-efficient aircraft with improved performance. The increasing need for air travel and defense spending around the world also helps explain nickel-based superalloys' market dominance.
The market for cobalt-based superalloys is predicted to expand at a rapid clip. These alloys are highly durable and resistant to wear, corrosion, and high temperatures. Their use in gas turbines is widespread, especially in the aerospace and power generation sectors. Components made from cobalt-based superalloys are becoming more common in gas turbines because of their resistance to high temperatures and other stresses. This shift is anticipated to fuel the development of cobalt-based superalloys in the energy sector.
Market Segmentation of Superalloys Based on Their End Use
Markets can be broken down into submarkets based on end use, such as turbine engines, the chemical industry, and the healthcare sector. The superalloys market is primarily driven by the turbine engines sector. Turbine engines rely heavily on the high-temperature strength, corrosion resistance, and mechanical qualities that superalloys provide. These alloys see extensive service in gas turbine engines for both aviation and industry.
The medical industry is the fastest-growing end-use sector for superalloys. Orthopedic implants and surgical tools are two areas where superalloys have found widespread use due to their great biocompatibility, strength, and corrosion resistance.
Drivers
An uptick in orders for planes that are both light and economical in their use of fuel
An important factor propelling growth in the global superalloys market is the aviation industry's push for more fuel-efficient and lightweight planes, which necessitates the usage of high-performance materials like superalloys. Market growth is being driven by the increasing demand for superalloys used in gas turbine engines and other vital components in response to government mandates to cut emissions and boost fuel economy.
Restraints
Production and processing costs are very high.
The high cost of producing and processing these specialist alloys is a major factor holding back the global superalloys market. Expensive metals like nickel, chromium, and cobalt are used in the production of superalloys, which also necessitates the employment of precise manufacturing procedures. This high price tag prevents broad use, especially in cost-conscious sectors. In addition, the mining and extraction of raw materials for superalloys present difficulties to the market's growth and long-term viability due to strict laws and environmental concerns.
Strategic Market Shifts
Increasing demand for additive manufacturing, such as 3D printing, is a major market trend in the worldwide superalloys market. Due to their high strength and resilience to heat, superalloys are ideal for use in additive manufacturing. Industries like aerospace and healthcare, which rely heavily on intricate and tailored components, are driving this development. The development of the superalloys market is aided by additive manufacturing because of its efficient production, less material waste, and adaptable design.
Report Coverage
Global Superalloys research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Superalloys report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Superalloys competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Superalloys market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Superalloys market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Superalloys market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Precision Castparts Corp. (US), ATI (Allegheny Technologies Incorporated) (US), Haynes International Inc. (US), Carpenter Technology Corporation (US), VDM Metals GmbH (Germany), Special Metals Corporation (US), AMG Superalloys UK Limited (UK), Aperam Alloys Imphy (France), Nippon Yakin Kogyo Co., Ltd. (Japan), Doncasters Group Ltd. (UK), Nippon Steel Corporation (Japan), Thyssenkrupp AG (Germany), Voestalpine AG (Austria), Hitachi Metals, Ltd. (Japan), Haynes International, Inc. (US), Universal Stainless & Alloy Products, Inc. (US), Alcoa Corporation (US), Kobe Steel, Ltd. (Japan), Allegheny Technologies Incorporated (US), Rolled Alloys, Inc. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Superalloys market based on the below-mentioned segments:
Global Superalloys Market, By Material
Nickel-Based Superalloys
Cobalt-Based Superalloys
Iron-Based Superalloys
Global Superalloys market, By Application
Turbine Engines
Chemical Processing
Medical
Global Superalloys Market, By Product Form
Wrought Superalloys
Cast Superalloys
Global Superalloys market, Regional Analysis
As industries including aerospace, automotive, and power generation increase their need for high-performance materials, the global superalloys market is expanding rapidly. As a group, superalloys are high-strength, high-temperature alloys that excel in areas like mechanical strength, corrosion resistance, and thermal stability. The expanding aviation sector, which uses superalloys to produce gas turbine engines and other crucial components, is a major element in the market's expansion. The need for aircraft that are both lightweight and economical in their use of fuel is also driving up demand for superalloys. Turbochargers, exhaust valves, and other engine components rely on superalloys because of their high temperature resistance and exceptional mechanical qualities in the automobile industry. The automotive industry is rapidly adopting superalloys because of the industry's growing concern for pollution and fuel efficiency. Another major market for superalloys is the power generation industry. Gas turbines and nuclear power plants both use superalloys because of their durability and resistance to high temperatures and corrosion. The presence of major aerospace and automotive manufacturers in North America is largely responsible for the region's dominance in the worldwide superalloys industry. The need for superalloys, however, is rising as a result of the tremendous industrialization and urbanization taking place in emerging economies in Asia and the Pacific.
The Market for Superalloys, Broken Down by Component
There are three main types of superalloys on the market: nickel-based, cobalt-based, and iron-based. Due to their superior combination of high-temperature strength, corrosion resistance, and good mechanical qualities, nickel-based superalloys have dominated the market. The aerospace, gas turbine, and automobile sectors are just a few of the many that find use for these alloys. Nickel-based superalloys are widely utilized in the aerospace sector to produce turbine blades, combustors, and other vital parts. The rise of this market sector can be attributed to the rising need for lightweight, fuel-efficient aircraft with improved performance. The increasing need for air travel and defense spending around the world also helps explain nickel-based superalloys' market dominance.
The market for cobalt-based superalloys is predicted to expand at a rapid clip. These alloys are highly durable and resistant to wear, corrosion, and high temperatures. Their use in gas turbines is widespread, especially in the aerospace and power generation sectors. Components made from cobalt-based superalloys are becoming more common in gas turbines because of their resistance to high temperatures and other stresses. This shift is anticipated to fuel the development of cobalt-based superalloys in the energy sector.
Market Segmentation of Superalloys Based on Their End Use
Markets can be broken down into submarkets based on end use, such as turbine engines, the chemical industry, and the healthcare sector. The superalloys market is primarily driven by the turbine engines sector. Turbine engines rely heavily on the high-temperature strength, corrosion resistance, and mechanical qualities that superalloys provide. These alloys see extensive service in gas turbine engines for both aviation and industry.
The medical industry is the fastest-growing end-use sector for superalloys. Orthopedic implants and surgical tools are two areas where superalloys have found widespread use due to their great biocompatibility, strength, and corrosion resistance.
Drivers
An uptick in orders for planes that are both light and economical in their use of fuel
An important factor propelling growth in the global superalloys market is the aviation industry's push for more fuel-efficient and lightweight planes, which necessitates the usage of high-performance materials like superalloys. Market growth is being driven by the increasing demand for superalloys used in gas turbine engines and other vital components in response to government mandates to cut emissions and boost fuel economy.
Restraints
Production and processing costs are very high.
The high cost of producing and processing these specialist alloys is a major factor holding back the global superalloys market. Expensive metals like nickel, chromium, and cobalt are used in the production of superalloys, which also necessitates the employment of precise manufacturing procedures. This high price tag prevents broad use, especially in cost-conscious sectors. In addition, the mining and extraction of raw materials for superalloys present difficulties to the market's growth and long-term viability due to strict laws and environmental concerns.
Strategic Market Shifts
Increasing demand for additive manufacturing, such as 3D printing, is a major market trend in the worldwide superalloys market. Due to their high strength and resilience to heat, superalloys are ideal for use in additive manufacturing. Industries like aerospace and healthcare, which rely heavily on intricate and tailored components, are driving this development. The development of the superalloys market is aided by additive manufacturing because of its efficient production, less material waste, and adaptable design.
Report Coverage
Global Superalloys research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Superalloys report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Superalloys competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Superalloys market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Precision Castparts Corp. (US), ATI (Allegheny Technologies Incorporated) (US), Haynes International Inc. (US), Carpenter Technology Corporation (US), VDM Metals GmbH (Germany), Special Metals Corporation (US), AMG Superalloys UK Limited (UK), Aperam Alloys Imphy (France), Nippon Yakin Kogyo Co., Ltd. (Japan), Doncasters Group Ltd. (UK), Nippon Steel Corporation (Japan), Thyssenkrupp AG (Germany), Voestalpine AG (Austria), Hitachi Metals, Ltd. (Japan), Haynes International, Inc. (US), Universal Stainless & Alloy Products, Inc. (US), Alcoa Corporation (US), Kobe Steel, Ltd. (Japan), Allegheny Technologies Incorporated (US), Rolled Alloys, Inc. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Superalloys Market from 2021 to 2030.
- Market Forecast for Superalloys Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Superalloys competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Superalloys
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Superalloys market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Superalloys market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Precision Castparts Corp. (US), ATI (Allegheny Technologies Incorporated) (US), Haynes International Inc. (US), Carpenter Technology Corporation (US), VDM Metals GmbH (Germany), Special Metals Corporation (US), AMG Superalloys UK Limited (UK), Aperam Alloys Imphy (France), Nippon Yakin Kogyo Co., Ltd. (Japan), Doncasters Group Ltd. (UK), Nippon Steel Corporation (Japan), Thyssenkrupp AG (Germany), Voestalpine AG (Austria), Hitachi Metals, Ltd. (Japan), Haynes International, Inc. (US), Universal Stainless & Alloy Products, Inc. (US), Alcoa Corporation (US), Kobe Steel, Ltd. (Japan), Allegheny Technologies Incorporated (US), Rolled Alloys, Inc. (US)
Primary Target Market
- Market Players of Superalloys
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Superalloys market based on the below-mentioned segments:
Global Superalloys Market, By Material
Nickel-Based Superalloys
Cobalt-Based Superalloys
Iron-Based Superalloys
Global Superalloys market, By Application
Turbine Engines
Chemical Processing
Medical
Global Superalloys Market, By Product Form
Wrought Superalloys
Cast Superalloys
Global Superalloys market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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