Straits Research Anticipates a 9% CAGR, Envisaging Global Superalloys Market to Hit USD 12,108 Million by 2030
Emerging Nations, Including India, Brazil, China, and West Africa, Fuel Superalloy Market Growth Amidst Increasing Demand for Electrical Power and Industrial Gas Turbines.
New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) — Superalloys are metal alloys with large melting point fractions of function. Superalloys are categorized as complex, high-performance alloys with a high tolerance for oxidizing environments and high temperatures. These alloys exhibit impressive surface stability, high-temperature corrosion and oxidation resistance, excellent mechanical strength, and creep resistance. The best material choice for practical high-temperature performance is superalloys. They are employed in many different processes, such as the creation of petrochemicals, the operation of power plants, and the oil and gas industries. They are primarily utilized in defense systems, locomotive engines, power turbines, auxiliary power units, and various commercial and military jet engines. In today’s high-tech culture, the use of superalloys is crucial. In many of these high-performance alloys, nickel serves as the base metal, while cobalt, tantalum, molybdenum, tungsten, titanium, and rhenium serve as alloying metals.
They are the chosen metal in challenging circumstances due to their versatility and excellent resistance to corrosion and oxidation. The market for superalloys is growing due to the rising use of these materials in the automotive and aviation industries. Superalloys are used more frequently in gas turbines and oil & gas machinery because they boost operating efficiency while reducing environmental emissions. The market is growing due to superalloys’ high strength, temperature, and creep resistance. However, the high cost of the raw materials used to make the superalloys limit the market’s ability to grow. While this is happening, the superalloy market may benefit from expanding manufacturing and aerospace activities in emerging economies.
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Growing Demand from Industrial Gas Turbine Sector and Applications in Aerospace and Automotive Industries to Drive the Global Superalloys Market
According to Straits Research, “The global superalloys market size was valued at USD 5,575 million in 2021, presumed to reach USD 12,108 million, expanding at a CAGR of 9% during the forecast period.” The superalloys market’s expansion is driven by the demand for superalloys from the aerospace and power industries. In cases where excellent machine and system strength and longevity are required, superalloys are now preferred. They are frequently employed in the power sectors because of their superior corrosion and erosion resistance and good oxidation resistance throughout a wide temperature range. In the power industry, superalloys are utilized in steam and gas turbines to generate electricity. They are also used in gas turbine engines that generate electricity for municipal, industrial, and maritime purposes and gas turbine engines that power commercial and defense aircraft. Thus, the rising use of superalloys in the power industries is driving the growth of the global market.
In aerospace applications, superalloys are also used in rotating and static parts of turbine blades, auxiliary power units for airplanes, and hot ends of jet engines. Superalloys are frequently utilized in aerospace applications because they perform well in scorching environments. Superalloys are used in aircraft because of their enhanced mechanical properties, such as creep resistance, corrosion resistance, high-temperature resistance, and thermal stability, which promote market growth. The need for goods with the highest toughness and durability for usage in automotive and aerospace applications also drives market expansion. As a result, the development of the global superalloys market was accelerated by an increase in aircraft production.
The Demand from Developing Economies to Create Global Superalloys Market Opportunities
Due to the rising demand from developing countries and their resulting increased demand for electrical power, the market for superalloys is growing. Additionally, it is anticipated that the surge in demand for industrial gas turbines, particularly for the oil and gas industry in developing countries like India, Brazil, China, and West Africa, will present the industry’s players with major expansion prospects soon.
North America’s superalloys market with the largest share expanding at a CAGR of 7.54%. Key market participants from the US and Canada significantly increase the region’s share in the global superalloy market. The United States is the primary producer of superalloys in the area. The region’s market is dominated by the United States, with Canada and Mexico following. The presence of sectors including aerospace, oil & gas, automotive, pharmaceutical, energy, and manufacturing in this region is fueling the demand for superalloys. Superalloys are necessary for numerous products, including turbine blades, engines, aero-landing gears, nuclear reactors, combustors, exhausts, pumps, tubes, down-holes, and many more. Because they have better properties that satisfy the end user’s needs, castings or forgings are used as the parts. Superalloy application in a variety of industries increases demand and production. These factors help the superalloys market in the area to grow.
Europe will grow at a CAGR of 8.9% by 2030. All around Europe, there are developed nations. Superalloy demand in the region is increasing, mainly due to the growth of the aerospace, automotive, oil & gas, healthcare, and energy sectors. Germany is home to several prominent market participants in the automotive industry, with most manufacturing occurring there. Superalloy demand is rising in France due to major aircraft companies operating there. The market for superalloys in the region is also influenced by the energy industries in Italy, the UK, and Italy’s healthcare industry. Large automotive companies are present in the area, which boosts superalloy demand and is expected to hasten market growth. A further 16 patents on superalloys are held by the German business Siemens AG, which is active in the industrial, energy, health, and medical sectors.
- Based on the base material, the nickel-based section is projected to advance at a CAGR of 8.5% and hold the largest market share.
- Based on type, the wrought section is projected to advance at a CAGR of 9% and hold the largest market share.
- Based on the application, the aerospace sector is projected to advance at a CAGR of 9.5% and hold the largest market share.
- Based on regional analysis, North America will command the market with the largest share while expanding at a CAGR of 7.54%.
Competitive Players in the Market
- Allegheny Technologies Incorporate
- Arconic, Inc.
- Beijing International Aeronautical Materials Corporation
- Carpenter Technology Corporation
- Chromalloy Gas Turbine LLC
- Doncasters Group
- Forged Solutions Group
- Haynes International, Inc.
- Hitchiner Manufacturing Co., Inc.
- Howmet Aerospace, Inc.
- IHI Corporation
- Mishra Dhatu Nigam Limited
- Treibacher Industrie AG
- Cannon Muskegon
- Wester Australian Specialty Alloys
- In 2022, IHI Corporation to start a developing project for the direct synthesis of carbon dioxide-free ammonia from water and nitrogen.
Global Superalloys Market: Segmentation
By Base Material
- Ni-Mo-Fe based
- Cast (Stick Cast)
- Commercial & Cargo
- Industrial Gas Turbine
- Oil & gas
- North America
- Middle East and Africa
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