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Superalloys Market Expected to Reach $15.1 Billion by 2031—Allied Market Research

 
2022
Superalloys Market

Report Code : A01758

quote The superalloy market is greatly impacted by the emerging economies in the Asia-Pacific region. The increased activities in aerospace, automotive, industrial gas turbine, and oil and gas sectors fosters the demand for superalloys, positively impacting the market growth. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Superalloys Market," The superalloys market was valued at $6.8 billion in 2021, and is estimated to reach $15.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.

Superalloys are a group of alloys, which are alloyed particularly with nickel, cobalt, and iron along with other metals to enhance their corrosion resistance. These alloys are widely used in aerospace gas turbine engines, nuclear reactors, power generation turbines, petrochemical equipment, rocket engines, and others, owing to their remarkable properties such as high mechanical strength; creep resistance at high temperature; significant surface stability; and corrosion, oxidation, & high-temperature resistance.

The growth of the global superalloys market is driven by an increase in demand for these alloys in a range of industries such as aerospace, oil & gas, automotive, and others. They are widely used in turbine engines, as the thermodynamics efficiency of turbine engines is increased with increasing turbine inlet temperature, which is expected to provide lucrative growth opportunity to the market players. Rise in utilization of superalloys in the aviation and automotive industries acts as a contributing factor toward the growth of the superalloys market. Superalloys reduce environmental emissions by improving operating efficiency, which leads to an increase in use of these alloys in gas turbines and oil & gas equipment.

Properties such as high-strength, ability to withstand high temperature, and resist creeping also act as driving factor for the superalloys market growth. In addition, due to their superior heat resistant qualities, superalloys are increasingly used to manufacture aviation engine components. Companies are concentrating on providing a selection of specialty alloys and composites that satisfy the physical and mechanical property requirements of end-users. However, the high cost of base materials used for developing the superalloys restrains market growth. Meanwhile, surging demand from emerging economies, owing to increased aerospace and manufacturing activities may offer lucrative opportunities for the growth of the superalloys industry.

The superalloys market is segmented on the basis of base material, application, and region. Based on base material, the market is divided between nickel-based, cobalt-based, and iron-based superalloys. The applications segment is categorized into aerospace, industrial gas turbine, automotive, oil & gas, industrial, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of base materials, superalloy market is divided into nickel-based, cobalt-based, and iron-based superalloys. The nickel-based segment dominated the market, as nickel superalloys are resistant to high temperatures because the dislocation caused by the higher temperatures is trapped. As a result, the nickel-based superalloy becomes stronger. The turbine blades of aeroengines typically employ nickel-based superalloys. The simple diffusion paths given by single crystal blades made from nickel-based superalloys provide resistance to material creep, hence preventing any deformation. Additionally, they are utilized to produce turbine discs, which are normally cast or forged.

On the basis of application, superalloy market is divided into aerospace, industrial gas turbine, automotive, oil & gas, industrial, and others. The aerospace segment dominated the global superalloys market as superalloys are utilized largely for turbine discs, aero landing gear turbine blades, and aero engines in the aerospace industry. In addition, jet engines use superalloys. Because of the huge amount of heat generated by turbine engines, it is essential to use materials that can withstand such heat and resist fatigue rupture or fracture. Superalloys have the desired properties; therefore, aircraft manufacturers add several grades of alloy based on their use.

Region wise, superalloy market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market as due to the presence of several market participants in the U.S. and Canada, a sizeable portion of the superalloy market is in this region. The U.S. is the leading producer of superalloys in the region, followed by Canada and Mexico.

The presence of sectors including oil & gas, aerospace, automotive, energy, and pharmaceutical, manufacturing drives the demand for superalloys in this region. Superalloys are required for several applications, including turbine blades, engines, aero-landing gears, nuclear reactors, combustors, exhausts, pumps, tubes, and boreholes. Castings and forgings are utilized as parts due to their superior properties that match the requirements of the end user. Utilization of superalloys in various industries increases both supply and demand. These factors contribute to the growth of the superalloys market in this region.

The key players operating in the superalloys market are Arconic, ATI, Beijing International Aeronautical Materials Corporation, CANNON-MUSKEGON, Carpenter Technology Corporation, Chromalloy Gas Turbine LLC, Doncasters Group, Forged Solutions Group, HAYNES INTERNATIONAL., and Hitchiner Manufacturing Co., Inc.

COVID-19 impact on end-use industries of superalloys:

  • The air transport sector suffered a loss of $118 billion owing to the impact from COVID-19. The industry saw travel bans from almost all countries fighting to curb the spread of the virus. The aircrafts construction and manufacturing processes were on hold as were lockdowns imposed.
  • In late November, crude oil prices reached their highest levels since early March before responses to COVID-19 affected worldwide economies. Prices for crude oil as well as other risk assets such as equities and industrial metals all increased in response to optimism following the announcement of the efficacy of several COVID-19 vaccine candidates, and the price increase likely reflects solidified market expectations for economic recovery during 2021. This optimism came despite record highs in daily cases of COVID-19 during November, which is slowing the recovery in transportation demand in the near term, particularly in Europe and several regions in the U.S.
  • Global oil demand fell by 25% in April, but it has rebounded sharply since then, cutting its losses to just 8%. Looking ahead, 2021 oil demand is expected to recover strongly but remain lower than it was at pre–COVID-19 levels—about 4% lower in the base case, and about 7% lower in Rystad Energy’s second-wave scenario. Similarly, oil prices and energy stocks have underperformed base metals and the broader S&P 500 index by about 10% and 25% and 6% and 10%, respectively, since July 2020. Mass layoffs and heightened cyclicality in employment continue to challenge the industry’s reputation as a reliable employer. U.S. oil & gas companies laid off about 14% of their permanent employees in 2020, and research shows that 70% of the jobs lost during the pandemic may not come back by the end of 2021. The demand for superalloys from the sector was deeply impacted due to the slowing oil & gas industry.
  • Since 2021, however, a global recovery in development activities across many industries has been observed, which is fueling the need for superalloys. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automobile production reached 80,2 billion units in 2021, a 3% increase over the 77,7 billion units produced in 2020. This resulted in a rise in demand for superalloys for usage in a variety of automotive applications, hence driving market expansion. In the coming years, the expansion of the superalloys market is anticipated to be driven by an increase in automotive production and a surge in demand from the oil & gas industry.

Key findings of the study:

  • Asia-Pacific is projected to grow at the highest CAGR of approximately 8.83%, in terms of revenue, during the forecast period.
  • By base material, the nickel-based segment is anticipated to grow with CAGR 8.45%, in terms of revenue, during the forecast period.
  • The Asia-Pacific and North America dominated the market with a revenue share of over 25.32% and 40.45% in 2021.
  • A comprehensive analysis of the factors that drive and restrain the market growth is provided
  • The qualitative data in this report aims at the market dynamics, trends, and developments in the industry.

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quote Superalloys Market by Application (Aerospace, Industrial Gas Turbine, Automotive, Oil and gas, Industrial, Others), by Base Material (Nickel-Based, Iron-Based, Cobalt-Based): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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