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2020
Superalloys Market

Superalloys Market

by Base Material (Nickel-based, Iron-based, and Cobalt-based) and Application (Aerospace, Industrial Gas Turbine, Automotive, Oil & Gas, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A01758
Pages: 325
Dec 2020 | 21447 Views
Author(s) : Yamini P , Eswara P
Tables: 190
Charts: 81
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Superalloys Market Outlook 2020–2027

The global superalloys market size was valued at $6.2 billion in 2019 and is anticipated to generate $9.2 billion by 2027. The market is projected to experience growth at a CAGR of 8.7% from 2020 to 2027.  

The superalloys market suffered impact from declining demand attributed to declining demand experienced from the industries such as automotive, aerospace, and industrial gas turbines.

Superalloys are referred to as high-temperature alloys, as they maintain their strength and toughness at elevated temperature. These alloys possess properties such as high mechanical strength, creep resistance, significant surface stability, and corrosion & oxidation resistance at high temperature.

Superalloys-Market-2020-2027

There has been a rise in utilization of superalloys in the aviation and automotive industries as it facilitates improved operating efficiency and reduced environmental emissions. This has led to increase in use of these alloys in gas turbines and oil & gas equipment. However, the high cost of base materials used for developing the superalloys restrains the market growth. Meanwhile, surging demand from emerging economies is anticipated to 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 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 (Latin America, the Middle East, and Africa).

The key players operating in the superalloys market are Allegheny Technologies Incorporate (ATI), Arconic, Inc., Beijing International Aeronautical Materials Corporation (BIAM), Carpenter Technology Corporation, Chromalloy Gas Turbine LLC (Chromalloy), Doncasters Group, Forged Solutions Group (Firth Rixson), Haynes International, Inc., Hitchiner Manufacturing Co., Inc., Howmet Aerospace, Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI), Treibacher Industrie AG, Cannon Muskegon, and Western Australian Specialty Alloys (WASA). The key players adopted various strategies such as agreement, joint ventures, new product launch, and business expansion to sustain the market competition.

Global Superalloys Market, by Base Material 

Nickel-based superalloys is the leading base material segment, as these superalloys possess high-temperature mechanical properties and oxidation resistance. However, the cobalt-based superalloys are the fastest growing during the forecast period, owing to greater stability, high strength, and they exhibit higher sulfidation resistance in comparison to nickel-based superalloys.

Superalloys Market
By Base Material

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Cobalt-based is projected as the most lucrative segment.

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Global Superalloys Market, by Application

Based on application, the aerospace segment dominated the market in 2019, owing to several applications of superalloys in turbine blades, turbine discs, aero-engines, and aero landing gear. They are also used in jet engines. Meanwhile, the automotive segment is anticipated to grow at a fastest rate during the forecast period, owing to rise in applications of superalloys in turbocharger and exhaust valves. The automotive industry is shifting toward reducing CO2 emissions and also increasing fuel efficiency. Superalloys help in reducing the weight of the automobiles and enhance engine performance, which in turns increases fuel efficiency of the vehicle leading to reduced CO2 emissions.

Superalloys Market
By Application

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Automotive is projected as the most lucrative segment.

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Global Superalloys Market, by Region

Region wise, North America dominated the market share in terms of revenue in 2019, owing to presence of industries such as aerospace, oil & gas, automotive, pharmaceutical, energy, and manufacturing. Meanwhile, Asia-Pacific is anticipated to grow with fastest CAGR during the forecast period, owing to emerging economies such as China and India and growing aerospace, marine, oil & gas, automotive, and industrial sectors in the region, which fosters the demand for superalloys.

Superalloys Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as the most lucrative market.

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Key Benefits For Stakeholders

  • The report provides an in-depth analysis and superalloys market forecast along with the current and future market trends.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the superalloys industry for strategy building.
  • A comprehensive analysis of the factors that drive and restrain the superalloys market growth is provided.
  • The qualitative data in this report aims on superalloys market trends, dynamics, and developments. 
  • The superalloys market size is provided in terms of revenue.
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable superalloys market share.

Superalloys Market Report Highlights

Aspects Details
By Base Material
  • Nickel-Based
    • Ni-Cr-Fe
    • Ni-Mo-Fe
    • Ni-Cr-Mo-Fe
  • Iron-Based
  • Cobalt-Based
    • Co-Al-W
    • Others
By Application
  • Aerospace
    • Commercial & cargo
    • Business
    • Military
    • Rotary
  • Industrial Gas Turbine
    • Electrical
    • Mechanical
  • Automotive
  • Oil & gas
  • Industrial
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, UAE, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players ALLEGHENY TECHNOLOGIES INCORPORATED, ARCONIC, INC., BEIJING INTERNATIONAL AERONAUTICAL MATERIALS CORPORATION (BIAM), CANNON MUSKEGON CORPORATION, CARPENTER TECHNOLOGY CORPORATION, CHROMALLOY GAS TURBINE LLC, DONCASTERS GROUP LTD., FORGED SOLUTIONS GROUP (FIRTH RIXSON), HAYNES INTERNATIONAL, INC., HITCHINER MANUFACTURING CO., INC., HOWMET AEROSPACE, INC., IHI CORPORATION (IMM), MISHRA DHATU NIGAM LIMITED (MIDHANI), WESTERN AUSTRALIAN SPECIALTY ALLOYS (WASA), TREIBACHER INDUSTRIE AG
 

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The superalloys market is consolidated in nature. The growth of the superalloys market is significantly attributed to the growing demand for industrial gas turbines. The superalloys are used in the gas turbine, owing to their superior strength, high stress tolerance, heat resistance, and anti-corrosion properties. Moreover, rise in application in the automotive and aerospace industries also fosters the superalloys market growth. However, high cost of base materials like nickel and chromium restrains the market growth as it increases the overall production cost and also impacts the further production processes. Meanwhile, emerging economies such as China and India have high demand for superalloys, owing to several increased activities in industries such as oil & gas extraction, aerospace, automotive, and marine. This offers lucrative opportunities for the industry growth. Currently, nickel superalloys are the most used superalloys, however, cobalt-based superalloys are expected to grow in terms of revenue. Similarly, Asia-Pacific region is expected to grow at a significant rate during the forecast period.

 

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FREQUENTLY ASKED QUESTIONS?

A. The total market size for global superalloys market in 2019 was $6.2 billion and is expected to reach $9.2 billion by 2027.

A. Allegheny Technologies Incorporate (ATI), Arconic, Inc., Beijing International Aeronautical Materials Corporation (BIAM), Carpenter Technology Corporation, Doncasters Group, Forged Solutions Group (Firth Rixson), Haynes International, Inc., Hitchiner Manufacturing Co., Inc., Howmet Aerospace, Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI), Treibacher Industrie AG, Cannon Muskegon, and Western Australian Specialty Alloys (WASA) are the top players in superalloys market.

A. The major areas of development in the superalloys market are China, India, Brazil, and U.S.

A. Automotive industry is projected to increase the demand for superalloys market.

A. There is rise in utilization of superalloys in the aviation and automotive as it facilitates improved operating efficiency and reduced environmental emissions. Gas turbines and oil & gas equipment also has several applications of superalloys. Due to high cost of base materials used for developing the superalloys the market growth is hampered. However, surging demand from emerging economies offer opportunities for growth of superalloys industry.

A. The most influencing segment in global superalloys market is aerospace.

A. Nickel-based superalloys segment is the leading segment in global superalloys market.

A. Several applications of superalloys in aerospace, automotive, industrial gas turbines, oil & gas, manufacturing and others are expected to drive adoption of superalloys.

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