BANGALORE, India, July 10, 2024 /PRNewswire/ -- Superalloy
Market is Segmented by Type (Nickel Based Superalloy, Iron
Based Superalloy, Cobalt Based Superalloy), by Application
(Aerospace, IGT (Electricity), IGT (Mechanical), Industrial,
Automotive, Oil & Gas).
The Global Superalloy Market Revenue was US$ 10240 Million in 2022 and is forecast to a
readjusted size of US$ 15890 Million
by 2029 with a CAGR of 6.4% during the forecast period
(2023-2029).
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Major Factors Driving the Growth of Superalloy Market
The market for superalloys is expected to develop significantly
because of its vital role in high-performance applications across a
range of sectors. Superalloys are vital to the aerospace, power
generation, automotive, and industrial industries because of their
remarkable strength, resistance to thermal creep deformation, and
stability at high temperatures. The market's growth is supported by
the rising need for sophisticated materials in nuclear reactors,
gas turbines, and jet engines. Prospects for the industry are
further enhanced by continuing research into novel superalloy
compositions and technological improvements. Superalloys are
becoming more and more important in the global materials
environment as industries strive for greater durability and
efficiency.
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TRENDS INFLUENCING THE GROWTH OF THE SUPERALLOY
MARKET:
Superalloys based on nickel are propelling the superalloy market
upwards because of their vital role in the aerospace sector.
Because of their remarkable high-temperature strength, resistance
to corrosion, and thermal stability, these superalloys are
essential for the production of turbine blades, jet engines, and
other high-stress aerospace components. The enhanced performance,
fuel economy, and lifespan of aircraft engines and components are
guaranteed by their capacity to endure harsh operating conditions
without experiencing any deterioration. The need for sophisticated,
effective, and long-lasting aircraft is driving up the use of
nickel-based superalloys, which is driving the superalloy market as
a whole as the aerospace industry keeps developing and
innovating.
The superalloy market is expanding at a substantial rate thanks
to the use of industrial gas turbines (IGTs) in the production of
power. The materials used in these turbines must be able to
withstand the enormous heat and pressures they run at while yet
maintaining their structural integrity and functionality. Turbine
blades and other vital components are made from superalloys,
especially those based on nickel, because of their exceptional
mechanical strength, corrosion resistance, and thermal stability.
The requirement for high-performance superalloys to ensure optimal
turbine operation and lifetime is growing as the use of IGTs rises
in response to the growing worldwide need for efficient and
dependable power production.
Because they provide outstanding mechanical qualities and
resistance to oxidation and corrosion at a lower cost than more
expensive nickel and cobalt-based alloys, iron-based superalloys
are propelling the expansion of the superalloy industry. These
superalloys are finding more and more usage in parts of automobile
exhaust systems, industrial heating elements, and some aircraft
where modest high-temperature performance is needed. They are
appealing to sectors trying to strike a compromise between
performance and budget because of their cheaper cost and ability to
tolerate hostile conditions. Thus, iron-based superalloys'
adaptability and financial benefits are driving their uptake and
aiding in the market's overall growth.
Market expansion is fueled by the growing usage of superalloys
in high-performance and electric automobiles by the automotive
sector. Superalloys' resistance to high temperatures and corrosive
conditions makes them useful in parts like exhaust systems,
turbochargers, and fuel-efficient engines. Materials that improve
performance and durability are becoming more and more necessary as
the automobile industry moves toward more environmentally friendly
and economical solutions. Superalloy demand is further increased by
the growing popularity of electric cars, which need sophisticated
materials for their battery systems and powertrains. This pattern
emphasizes how important the car sector has been in growing the
superalloy market.
Superalloys are being used by the medical sector in implants and
medical devices, which is driving market growth. Superalloys are
perfect for medical applications such as orthopedic implants,
prosthetic limbs, and surgical equipment because of their strength,
biocompatibility, and corrosion resistance. Superalloy demand is
increasing as medical technology progresses and the necessity for
strong, high-performing materials in medical equipment increases.
The desire for cutting-edge medical solutions is also fueled by the
aging population and the rise in chronic illnesses, which supports
the superalloy industry. The medical industry is vital to the
market's growth trajectory, as evidenced by its continuous
breakthroughs and growing uses.
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SUPERALLOY MARKET SHARE
With a market share of more than 80%, Nickel Based Superalloy is
the biggest product category.
In terms of application, IGT (Electricity) is the next greatest
application, after Aerospace.
Principal participants in the global superalloy market include
Carpenter, ATI, and Precision Castparts Corporation. Each of the
top three manufacturers in the world have a 40% share.
With a market share of over 40%, Europe is the largest market. North America and Asia-Pacific come next, with shares of both
over 55%.
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Key Companies:
- Precision Castparts Corporation
- ATI
- Haynes
- Carpenter
- Aperam
- Eramet Group
- AMG
- Hitachi Metals
- CMK Group
- VDM
- Nippon Yakin Kogyo
- Doncasters
- Fushun Special Steel
- CISRI Gaona
- BaoSteel
- ANSTEEL
- Zhongke Sannai
- Western Superconducting Technologies
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- The global New Superalloy market was valued at
US$ 6231 Million in 2023 and is
anticipated to reach US$ 11920
Million by 2030, witnessing a CAGR of 9.8% during the
forecast period 2024-2030.
- The global Co-based Superalloy market was valued at
US$ 713.4 Million in 2023 and is
anticipated to reach US$ 892.6
Million by 2030, witnessing a CAGR of 3.3% during the
forecast period 2024-2030.
- The global Superalloy for Automotive market was valued
at US$ 237.8 Million in 2023 and is
anticipated to reach US$ 297.5
Million by 2030, witnessing a CAGR of 3.3% during the
forecast period 2024-2030.
- Superalloy Products Market
- Aerospace Superalloys market was valued at US$ 6658.4 Million in 2023 and is anticipated to
reach US$ 8330.7 Million by 2030,
witnessing a CAGR of 3.3% during the forecast period 2024-2030.
- Superalloy Forgings Market
- Ni-based Superalloy market was valued at US$ 9274.2 Million in 2023 and is anticipated to
reach US$ 11600 Million by 2030,
witnessing a CAGR of 3.3% during the forecast period 2024-2030.
- The global Automotive Turbochargers market is projected
to reach US$ 37120 Million by 2030
from an estimated US$ 20730 Million
in 2024, at a CAGR of 10.2% during 2024 and 2030.
- Cast Superalloy Master Alloy Market
- Superalloy for Aero Engine market was valued at
US$ 5393 Million in 2023 and is
anticipated to reach US$ 9419.1
Million by 2030, witnessing a CAGR of 7.8% during the
forecast period 2024-2030.
- The global Superalloy Honeycomb Materials market size is
expected to reach US$ 187.2 Million
by 2029, growing at a CAGR of 2.8% from 2023 to 2029.
- Niobium market is projected to reach US$ 1907.8 Million by 2030 from an estimated
US$ 1543 Million in 2024, at a CAGR
of 3.6% during 2024 and 2030.
- Superalloy Wire Rod Market
- Hastelloy Alloy market was valued at US$ 1342 Million in 2023 and is anticipated to
reach US$ 1794.5 Million by 2030,
witnessing a CAGR of 4.5% during the forecast period 2024-2030.
- Cobalt Alloys market was valued at US$ 313.6 Million in 2023 and is anticipated to
reach US$ 384 Million by 2030,
witnessing a CAGR of 2.9% during the forecast period 2024-2030.
- Corrosion Resistance Nickel Based Alloy Tube Market
- High Strength Nickel Alloy Market
- High Performance Nickel Alloy Market
- The global cobalt sulphate market was valued at
USD 1.0 Billion in 2020, and is
projected to reach USD 1.9 Billion by
2030, growing at a CAGR of 6.4% from 2021 to 2030.
- Nickel Alloys for Automotive Market
- Nickel-64 market was valued at US$ 33 Million in 2023 and is anticipated to
reach US$ 90 Million by 2030,
witnessing a CAGR of 15.5% during the forecast period
2024-2030.
- Deformed Aluminum Market
- Nickel Metal Market
- The manganese alloy market was valued at USD 24.7 Billion in 2021, and is estimated to
reach USD 44.0 Billion by 2031,
growing at a CAGR of 6% from 2022 to 2031.
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