Superalloys Market Research Report - Global Forecast till 2027

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

ID: MRFR/CnM/6003-CR | October 2019 | Region: Global | 174 pages

Superalloys Market overview


The superalloys industry is expected to register a CAGR of 7.64% until 2027. The superalloys market value is projected to be USD 10,700 during this time period.


A superalloy is a metal that’s a mixture of two or more metals. These can be base or precious. They are strong and durable. These tend to be nickel, iron-nickel, and cobalt-based metals. Manufacturers of aircraft love to use these superalloys in their jet engines. What makes them especially valuable and popular is their durability and strength. They also don’t melt or warp easily at high temperatures. These metals tend to remain stiff even when subjected to extremely high temperatures.


These metals also will stand the test of time. They don’t break or bend easily. Another great characteristic that they have is that they don’t change color (brass and copper tend to turn green when exposed to water) or rust. Iron and lead, especially, tend to rust, corrode, erode, and become worthless and useless over time when they are exposed to the elements. This is very valuable to manufacturers of jet engines and aircraft since their commercial and fighter planes tend to be exposed to all types of extreme and harsh weather. The last thing that they need to do is have parts come off while in flight. This can and is very dangerous at best and can be deadly at worse!


COVID-19 analysis


COVID-19 is a dangerous and novel virus. It has pushed the world further into the digital era with social distancing, remote working, and contactless delivery which are here to stay. Because it’s a dangerous virus and because it’s hard to predict who will get it, governments sought to contain its spread early on. That’s why they imposed lockdowns and quarantines. These were temporary because they didn’t really work. COVID-19 changed the world order by emhpasizng social isolation and individualism. People embraced the Internet with fervor during the quarantine and lockdown periods. This is not being reversed now that these restrictions are belong eased and lifted.


In any case, most companies in most industries suffered because they were forced to either temporarily halt production or dramatically scale operations back. The companies in the superalloys industry were no exception. They suffered during quarantine and lockdown because there were fewer people who wanted to travel to different parts of the world. They didn’t want to risk exposure to COVID019That said, there is a growing demand for lightweight cars which is expected to boost demand for superalloys in the post-pandemic period.


In any case, companies in many industries around the world were negatively affected since they were forced to either scale back production or halt operations at least temporarily.


Competitive landscape


The global superalloys industry remains highly competitive and fragmented. The reason for this is because the industry is very lucrative and has a relatively high CAGR. there are also very few barriers to entry into this industry. This is attracting companies of all sizes to enter the industry.


Companies are finding that they must invest heavily in research and development, merge with and acquire other successful companies, or enter into strategic partnerships with other successful companies in order to retain a sustainable competitive advantage. Doing so is necessary for these companies to stay economically competitive, and hence, profitable.


 


Allegheny Technologies is a major American player in the global superalloys industry. It has become an industry leader by investing heavily in research and development. Thus, it has been able to create a sustainable competitive advantage that has allowed it to remain profitable even in the face of stiff competition throughout the industry.


List of companies



  • 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)


Market dynamics


Drivers


Superalloys are the material of choice to be used in aircraft and various motor vehicles. These help these vehicles and craft perform better. Superalloys make these craft and vehicles operate with fewer emissions. Gas turbine and jet engine manufacturers also use superalloys along with coal conversion plants. In fact, superalloys are observed to make all three perform much better.


Opportunities


The world is currently in an energy crisis. Many energy generators are finding that nuclear power plants alone are capable of producing the extra energy that can meet rapidly rising demand. They are also finding that these plants need to use superalloys to perform optimally.


Restraints


Superalloys are expensive and are subject to violent price fluctuations. There are many cheaper substitutes that are just as effective that are readily available on the market. These are the two major factors that are predicted to hold back growth for the time period that this report covers.


Challenges


Perhaps the key challenge that those in the superalloys industry face lies in trying to make better-performing superalloys with a lower price point.


Cumulative growth analysis


The CAGR for the superalloys industry is 7.64%. The superalloys industry market value is projected to be USD 10,700 for the time period that this report covers.


Technology analysis


Carpenter Technology Corporation is a major American player in the global superalloys industry. It has managed to create a sustainable competitive advantage and become an industry leader by investing heavily in research and development. This enabled it to develop and market a new generation of superalloys at a lower price point than the competition could.


Segment overview


By application


The global superalloys industry is grouped into the following sub-segments based on application:



  • Energy

  • Automotive

  • Aerospace and defense

  • Industrial gas turbine

  • Oil and gas

  • Others


The aerospace and defense sub-segment is expected to have the largest superalloys market share for the time period that this report covers. What is driving this is strong growth in the commercial aircraft market.


By product


The global superalloys industry is grouped into the following sub-segments based on product:



  • Cobalt-based

  • Nickel-based

  • Iron-based


The nickel-based sub-segment is expected to enjoy the largest superalloys market size for the time period that this report covers. What’s accounting for this is the increase in demand for nickel-based alloys in the aerospace and defense and power and energy sectors.


Regional analysis


The global superalloys industry can be grouped into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The rest of the world


The North American region is expected to have the largest superalloys market share for the time period that this report covers. There are many reasons for this. Some are the fact that more and more people are flying by plane. The other is that the aerospace industry is growing rapidly. There are already many big companies in the region and many more are expected to enter.


The United States of America is expected to register strong superalloys market growth rate. The main reason is that the American government is investing heavily in its defense sector.


The Asia-Pacific region is expected to register the highest CAGR of all of the regions during the period that this report covers. The main reason for this is that the economies are growing rapidly and the Chinese, Japanese, and Indian governments are investing heavily in their respective aerospace and defense industries.


The automotive industry is also growing and developing rapidly across the Asia-Pacific region. This is expected to be another driver of growth.


The European Union is expected to see significant growth during the time period that this report covers. In fact, its superalloys market value is expected to increase rapidly during this time period. The defense and aerospace sectors are growing rapidly across the European Union. This is increasing the demand for superalloys and leading to its breakneck pace of growth in the region. The United Kingdom is one nation, in particular, to watch in terms of rapid growth in the superalloys industry.


The Middle East and North Africa are expected to see modest but stable and increasing growth in the superalloys industry. This is largely due to the fact that this region is rapidly industrializing and modernizing. The United Arab Emirates nations and Kuwait are expected to record extremely high superalloy market growth rates. This is not expected to be the case in Sub-Saharan Africa largely because of economic and political instability.


Recent developments



  • An American supercompany recently developed a new superalloy which is usefully used in nuclear power plants that generate energy.

  • An Iranian company has produced a new generation of superalloys which has applications in refineries and power stations



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 10,700 Million
  CAGR   7.64%(2016-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product , Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   Growing Energy Crisis to Offer Significant Opportunity to Expand the Market
  Key Market Drivers

  • The increasing demand for specialty materials in energy, defense, marine\r\n
  • Increasing Application of Superalloys in Aircraft and Automotive Sector to Favor the Market


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    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.