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Superalloys Market Research Report Information By Production (Nickel-Based, Cobalt-Based, and Iron-Based), By Application (Aerospace & Defense, Energy, Industrial Gas Turbine, Automotive, Oil & Gas, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032.

ID: MRFR/CnM/6003-CR | 174 Pages | Author: Anshula Mandaokar| May 2023

Global Superalloys Market Overview

The superalloys market size was valued at USD 5.59 billion in 2023. The superalloys industry is projected to grow from USD 6.02 billion in 2023 to USD 10.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.68% during the forecast period (2024 - 2032). The growing popularity of superalloys owning to their operational efficiency and reduced environmental emissions, rising demand for fighter aircraft, and growing application of superalloys in aircraft and the automotive sector are the key market drivers enhancing the market growth.Superalloys Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superalloys Market Trends

  • Growing demand from the industrial gas turbine sector and applications in aerospace and automotive is driving the market growth

Market CAGR for superalloys is being driven by the growing demand from the industrial gas turbine sector and applications in the aerospace and automotive industries. Demand for superalloys from the aerospace and power sectors fuels market expansion. Superalloys are now favored when a great machine, system strength, and durability are required. Due to their excellent corrosion and erosion resistance and high oxidation resistance across a wide temperature range, they are widely used in the power sectors. They are used in gas and steam turbines in the power sector to produce electrical power. They are also used in gas turbine engines for commercial and defense aircraft and gas turbine engines for energy generation in municipal, industrial, and marine applications. Thus, the expansion of the market is driven by the increased use of it in the power industries.

Additionally, superalloys are employed in rotating and static components of jet engine hot ends, turbine blades, and auxiliary power units for aerospace applications. They are widely employed in aerospace applications because they are used there precisely because they work well in conditions of intense heat. The use of it in aircraft is fueled by their improved mechanical qualities, like creep resistance, resistance to corrosion, high-temperature resistance, and thermal stability, which supports market expansion. Additionally, a rise in the demand for products with the most excellent toughness and durability for use in automobile and aircraft applications spurs market expansion. Thus, an increase in aircraft production sped up the growth of the superalloys market revenue.

Additionally, increased airline maintenance and repair activity worldwide will propel market expansion. Furthermore, increasing the turbine entry temperature improves engine performance dramatically. TET in modern aero-engines is now around 1500o C, well above the melting point of several superalloys grades. As a result, superalloys have greatly contributed to developing the modern jet engine industry, and demand for it continues to climb. The primary reasons driving the growth of the Aerospace Super Alloy Market are an increase in demand for superalloys in the aircraft sector, an increase in safety requirements in the aerospace industry, and the development of sophisticated superalloys for use in space launches.

In addition, they are widely used in the automobile industry owing to their ability to keep strength at elevated temperatures. In addition, their modest weight improves the fuel efficiency of automobiles and aircraft. Superalloys might be composed of nickel, iron, or cobalt. In the aerospace enterprise, nickel-based are favored owing to their resistance to physical stress and extremely high temperatures, contributing to their excellent surface stability. Industrial nickel-based superalloys such as alloying elements like chromium, aluminum, tungsten, cobalt tantalum, titanium, and niobium, among others. Various cobalt tantalum market leaders are concentrating on the creation of lightweight, and cost-effective.

Superalloys Market Segment Insights

Superalloys Production Insights

The superalloys market segmentation, based on production, includes nickel-based, cobalt-based, and iron-based. The cobalt-based segment dominated the market, accounting for major market revenue. Superalloys based on cobalt are more stable and have high strength. In addition, they demonstrate more excellent sulfidation resistance than nickel-based. Cobalt-aluminum-tungsten (Co-Al-W) and other combinations are available in cobalt-based superalloys.

Figure 1: Superalloys Market, by Production, 2022 & 2032 (USD billion)Superalloys Market, by Production, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superalloys Application Insights

The superalloys market segmentation, based on application, includes aerospace & defense, energy, industrial gas turbine, automotive, oil & gas, and others. The aerospace & defense category generated the most income over the forecast period. They are primarily used in turbine blades, turbine discs, aero engines, and aero landing gear in aerospace. Jet engines also make use of them. Due to the enormous quantity of heat produced by the turbine engines, it is vital to add materials.

Superalloys Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America superalloys market will dominate over the forecast period. The demand for superalloys in this region is fueled by the presence of industries including aerospace, oil & gas, automotive, pharmaceutical, energy, and manufacturing. Turbine blades, engines, aero-landing gears, nuclear reactors, combustors, exhausts, pumps, tubes, down-holes, and many more items require superalloys. Moreover, the US superalloys market held the largest market share, and the Canada superalloys market was the fastest-growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SUPERALLOYS MARKET SHARE BY REGION 2022 (%) SUPERALLOYS MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe superalloys market accounts for the second-largest market share due to the development of the aerospace, automotive, oil & gas, healthcare, and energy industries. With the majority of manufacturing there, Germany is home to several significant market participants in the automotive industry. Further, the German superalloys market held the largest market share, and the UK superalloys market was the fastest-growing market in the European region.

The Asia-Pacific superalloys market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increased utilization of it in gas turbines, coal conversion plants, jet engines, several international defense, and extensive applications. Moreover, the China superalloys market held the largest market share, and the India superalloys market was the fastest-growing market in the Asia-Pacific region.

Superalloys Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the superalloys market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the superalloys industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the superalloys industry to benefit clients and increase the market sector. Major players in the superalloys market, including ECC Bejing Institute of Aeronautical Materials, CRS Holdings Inc., Chromalloy Gas Turbine LLC, Doncasters Group, HAYNES INTERNATIONAL, HITCHINER Manufacturing Co., Inc., and others, are attempting to increase market demand by investing in research and development operations.

ATI Inc produces specialty materials. The Company's products include titanium, stainless, specialty steel, titanium, nickel-based alloys, zirconium, hafnium, niobium, grain-oriented electrical steel tungsten-based materials, cutting tools, carbon alloy impression die forgings, and large grey and ductile iron. In April 2019, ATI expanded its agreement with Rolls Royce to supply rotating disc-quality nickel alloys used in the Trent engine family. This contract covers the production of a broad range of crucial products used to make Rolls-Royce's next-generation jet engines and spare parts for in-service engines.

Markforged is an American public additive manufacturing company that designs, develops, and manufactures The Digital Forge, an industrial platform of 3D printers, software, and materials that enables manufacturers to print parts at the point of need. The company is headquartered in Waltham, Massachusetts, in the Greater Boston Area. Markforged was founded by Gregory Mark and the chief technology officer (CTO) David Benhaim in 2013. It produced the first 3D printers capable of printing continuous carbon fiber reinforcement and utilized a cloud architecture. In September 2019, Markforged released Inconel 625 superalloys for 3d printing; the new material is resistant to corrosion and high temperatures and is used for applications that are exposed to harsh environments seen in the chemical processing, offshore and aerospace industries. 3d printing Inconel 625 helps in reducing lead times and part costs

Key Companies in the Superalloys market include

  • Aperam S.A.

  • Precision Castparts Corp.

  • Special Metal Corporation

  • Haynes International

  • Nippon Yakin Kogyo Co., Ltd.

  • Special Metals Corporation

  • Universal Stainless

  • Superalloy International Co. Ltd.

  • VDM Metals

  • Aperam S.A.

  • Allegheny Technologies Incorporated (ATI)

  • Cannon-Muskegon

  • ThyssenKrupp AG

Superalloys Industry Developments

July 2020: Additive manufacturing (AM) technologies introduced a new nickel superalloy ABD-900AM designed for crack-free metal 3d printing, which can be useful for directly manufacturing complex parts with costs and lead times shorter than conventional manufacturing. Superalloys have garnered interest across various industrial sectors in recent years, from automotive to aerospace, power, and gas turbines.

February 2019: Arconic invested $100 million to expand its hot mill capability and added downstream equipment capabilities to manufacture industrial and automotive aluminum products in its Tennessee operations facility. The industrial market consists of aluminum alloy-sheet-made products, which are used in applications for commercial transportation, appliances, machinery, and construction.

Superalloys Market Segmentation

Superalloys Production Outlook

  • Nickel-Based

  • Cobalt-Based

  • Iron-Based

Superalloys Application Outlook

  • Aerospace & Defense

  • Energy

  • Industrial Gas Turbine

  • Automotive

  • Oil & Gas

  • Others

Superalloys Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 5.59 billion
Market Size 2024 USD 6.02 billion
Market Size 2032 USD 10.09 billion
Compound Annual Growth Rate (CAGR) 6.68% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Production, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled HAYNES INTERNATIONAL, HITCHINER Manufacturing Co., Inc., Howmet Aerospace, IHI Corporation (IMM), Mishra Dhatu Nigam Limited, Treibacher Industrie AG, Cannon Muskegon, Precision Castparts Corp., and Aperam, thyssenkrupp AG
Key Market Opportunities Rising demand for fighter aircraft and growing application of superalloys in aircraft and the automotive sector.
Key Market Dynamics Growing need for the alloy and employment in high-temperature applications. Rising energy crisis across the improving demand for power generation using nuclear power plants

Frequently Asked Questions (FAQ) :

The superalloys market size was valued at USD 5.59 Billion in 2023

The market is projected to grow at a CAGR of 6.68% during the forecast period, 2024-2032

North America had the largest share of the market

North America holds the largest share in the global Superalloys market, followed by Europe and the Asia Pacific, respectively.

The key players in the market are Howmet Aerospace, IHI Corporation (IMM), Mishra Dhatu Nigam Limited, Treibacher Industrie AG, Cannon Muskegon, Precision Castparts Corp., Aperam, and thyssenkrupp AG

The cobalt-based category dominated the superalloys market in 2023

Aerospace & defense had the largest share of the superalloys market

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