Superalloys Market: Information By Product (Nickel-Based, Cobalt-Based and Iron-Based), By Application (Aerospace & Defense, Energy, Industrial Gas Turbine, Automotive, Oil & Gas) - Forecast till 2027

Market Overview

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.

Impact of COVID-19

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.

Market Dynamics

Drivers

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.

Opportunities

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.

Restraints

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.

Market Segmentation

Global Superalloys Market is segmented into Application and Product.

By Application

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.

Regional Analysis

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.

Competitive Landscape

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

• HAYNES INTERNATIONAL (US)


• Allegheny Technologies Inc (US)


• Special Metals Corporation (US)


• Aperam (Luxembourg)


• AMG Advanced Metallurgical Group (The Netherlands)


• Doncasters Group Ltd (UK)


• Supreme Engineering Ltd (India)


• Thyssenkrupp Aerospace Germany GmbH (Germany)


• Carpenter Technology Corporation (US)


• VDM Metals (Germany)

Recent Developments

• November 2020 – Designers at BWX Technologies, headquartered in Lynchburg, Virginia, and supplier of nuclear components and fuel to the US, have developed new additive manufacturing technologies for the design and manufacture of nuclear reactor components made from high-temperature alloys and refractory metals. The technology was developed in partnership with Oak Ridge National Laboratory, an American government technology development site located in Tennessee.

• December 2020- An Iranian Company has developed the technology to produce superalloys, which are in high demand in various sectors such as refineries and power stations.

Segmentation Table

Superalloys Market, By Application

• Aerospace & Defense


• Automotive


• Energy


• Oil & Gas


• Industrial Gas Turbine

Superalloys Market, By Product

• Cobalt-Based


• Iron-Based


• Nickel-Based

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