According to Market Research Future (MRFR), the Global Superalloys Market is expected to acquire a market value of USD 10,700 while expanding at a CAGR of 7.64% by 2025.
The Global Market for superalloys is projected to face downfall due to the outbreak of COVID-19. The pandemic resulted in uncertainties for the end-users in the automotive and construction sector. Various manufacturers suspended their operations, which severely affected the market for superalloys. On the flip side, the growing demand for lightweight materials in the automotive sector is projected to grow the sales of such vehicles that is likely to offer various opportunities for vendors in the coming period.
Increasing Application of Superalloys in Aircraft and Automotive Sector to Favor the Market
The growing application of superalloys in aircraft and the automotive sector is anticipated to be a significant factor that can drive the global market during the forecast period. Superalloys are gaining prominence due to their operational efficiency and reduced environmental emissions. Apart from their extensive application in the aforementioned sectors, superalloys are also used in gas turbines, jet engines, coal conversion plants, which is projected to enhance their demand and develop the market during the assessment tenure.
The increasing demand for specialty materials in energy, defense, marine, and others are projected to additionally grow the need for the alloy, thereby benefitting the market in the assessment period. The rising demand for fighter aircraft and an increasing number of international defense deals are projected to strengthen the industry in the projection tenure.
Growing Energy Crisis to Offer Significant Opportunity to Expand the Market
The energy sector is expected to be a lucrative market for superalloys. The rising energy crisis across the globe is expected to enhance the demand for power generation using nuclear power plants is projected to offer a significant market opportunity for superalloy manufacturers in the coming period.
Availability of Substitutes to Hamper the Market during the Assessment Period
The availability of competitive substitutes to superalloys in the manufacture of aircraft is anticipated to hinder the market growth during the forecast period. Also, the fluctuating prices of nickel-metal are expected to be another factor that can impede market growth in the coming period.
Lack of Technology and Infrastructure to be a Huge Challenge
The lack of technology and infrastructure in developing countries is expected to be a significant factor that is likely to hamper the market growth in the assessment tenure.
Cumulative Growth Analysis
MRFR predicts that the global market for superalloys can witness a decent growth rate of 7.64% by 2025 on account of the rapid expansion of the automotive and aviation sectors.
Global Superalloys Market is segmented into Application and Product.
The application-based segments of the global market for superalloys are energy, automotive, aerospace & defense, industrial gas turbine, oil & gas, and others. Among all, the aerospace & defense segment is anticipated to be the largest market during the forecast period. The surging production of commercial aircraft is expected to make a significant contribution to growing the segment.
By Product nickel
The product-based segments of the global market for superalloys are cobalt-based, nickel-based, and iron-based. The Ni-based superalloys segment is projected to make the most significant contribution in augmenting the nickel superalloys market size during the review period. The rising demand for Ni-based superalloys in the aerospace & defense and the energy & power sector is projected to bolster the growth of the market during the projection tenure.
As per the Superalloys market analysis conducted by MRFR, the global market for superalloys can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America to Dominate Due to the Expansion of the Aerospace Industry
The region is projected to witness a relentless growth in the superalloys market due to the increasing utilization of aircraft and expansion of the aerospace industry. The presence of key players in the region is projected to play a salient role in driving the market. The US is anticipated to make the most significant contribution during the evaluation period. The rising investment of the US government to strengthen its defense sector is likely to be a crucial factor in augmenting the market in the assessment tenure.
APAC to Record the Highest CAGR During the Forecast Period
APAC is expected to expand at the highest CAGR during the forecast period owing to the fast expansion of the aerospace and defense sector in evolving countries such as India, China, and Japan. The rapid growth of the automotive industry is anticipated to be another crucial cause in developing the regional market.
Europe to Witness a Significant Market Growth during the Assessment Period
Europe is projected to acquire a significant market value during the forecast period owing to the growing demand for superalloys in the aerospace and defense sector. Among all, the UK is expected to make a significant contribution to strengthening the regional market during the review period.
MEA to Witness Steady Growth during the Forecast Period
The MEA region is anticipated to grow steadily in the coming period owing to the on-going industrialization. The Middle East countries such as the UAE, Kuwait, and others are expected to make a significant contribution to developing the regional market. However, the African region is anticipated to lag due to economic instability.
The majority of key players are adopting expansion strategies such as; mergers, acquisitions to gain higher impetus in the global market. The expansion of the aviation and defense sector has resulted in a higher demand for superalloys at a global front, which is anticipated to intensify the competition of the market in the assessment period.
List of Key Players Covered in the Report
Superalloys Market, By Application
Superalloys Market, By Product
Frequently Asked Questions (FAQ) :
Superalloys market is projected to grow at approximately 7.64% CAGR during the assessment period (2019-2025).
Superalloys market is estimated to reach a valuation of approx. USD 10,700 MN by the end of 2025.
Aerospace & defense is the largest application segment in the global Superalloys market.
North America holds the largest share in the global Superalloys market, followed by Europe and the Asia Pacific, respectively.
Allegheny Technologies Inc. (US), Carpenter Technology Corporation (US), Haynes International (US), AMG Advanced Metallurgical Group (The Netherlands), Aperam (Luxembourg), Special Metals Corporation (US), ThyssenKrupp Aerospace Germany GmbH (Germany), Doncasters Group Ltd (UK), Supreme Engineering Ltd (India), and VDM Metals (Germany), are some of the top players operating in the global Superalloys market.