Superalloys Market (By Base Material: Nickel-Based, Iron-Based, Cobalt-Based; By Application: Aerospace, Commercial & Cargo, Business, Military, Rotary, Industrial Gas Turbine, Automotive, Oil & gas, Industrial, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global superalloys market is expected to grow at a CAGR of around 7.4% from 2020 to 2027 and expected to reach the market value of around US$ 10,734.7 Mn by 2027.

Superalloys or high-performance alloys are the group of nickel, iron-nickel, and cobalt alloys, which are particularly used in jet engines. These metals are used due to their excellent heat resistant properties and ability to retain stiffness, strength, toughness, and dimensional stability at higher temperatures.

Market Dynamics

The increasing trade of fighter aircraft along with the rising international defense deals is driving the market growth. The increasing number of power projects and expansion of space programs in emerging countries is supporting the market value. Rising demand for specialty materials in lucrative industries like automobile, energy, marine, and aerospace is additionally boosting the market value. The increasing adoption of superalloys or high-performance alloys in power and aerospace industry due to their excellent cryogenic temperature property, resistance to corrosion & oxidation, and high toughness & ductility are further bolstering the market value.

On the other side, Lack of technology and infrastructure in emerging economies, as well as the high initial investment and high cost of superalloys, are some of the factors projected to hamper the market growth over the forecast timeframe from 2020 to 2027.

Aerospace segment accounted for the major share in the global market

In 2019, the aerospace segment by application registered a major share in the superalloys market. The segment is particularly gaining pace on account of the increasing demand for nickel-based materials. The increasing commercial aircraft production is additionally supporting the market value.

Nickel-Based segment registered maximum share in the global Superalloys market

By base material, the Nickel-Based segment is leading the global market with major share. The nickel-based materials which are used as superalloys include Ni-Cr-Fe-based, Ni-Mo-Fe based, and Ni-Cr-Mo-Fe-based. The properties associated with the nickel-based superalloys such as high-temperature mechanical properties and oxidation resistance is supporting the segmental growth. Moreover, the Cobalt-Based segment is projected to exhibit the fastest growth over the forecast period from 2020 to 2027. The segment is projected to gain the fastest growth due to greater stability, high strength, and higher sulfidation resistance as compare to nickel-based superalloys.

The market research study on “Superalloys Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global superalloys market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global superalloys market, its base material, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global superalloys market size and volume, and segment markets by base material, application, and geography along with the information on companies operating in the market. The superalloys market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

North America leading the superalloys market

In 2019, North America accounted for the major share (%) in terms of value in the superalloys market. The technically advanced infrastructure and presence of major players in the regional market are additionally supporting the regional market value. The US and Canada are majorly supporting the regional market value. Furthermore, the Asia Pacific region is projected to exhibit the fastest growth with major CAGR (%) over the forecast timeframe. The expanding aerospace industry in India and China are supporting the market value. Additionally, the increasing defense budget is emerging economies is further boosting the regional market value.

The players profiled in the report include Allegheny Technologies Incorporate (ATI), Arconic, Inc., Beijing International Aeronautical Materials Corporation (BIAM), Cannon Muskegon, Carpenter Technology Corporation, Chromalloy Gas Turbine LLC (Chromalloy), Doncasters Group, Forged Solutions Group (Firth Rixson), Haynes International, Inc., Hitchiner Manufacturing Co., Inc., Howmet Aerospace, Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI), Treibacher Industrie AG, and Western Australian Specialty Alloys (WASA).

Market Segmentation

Market By Base Material

• Nickel-Based
• Iron-Based
• Cobalt-Based

Market By Application

• Aerospace
• Commercial & Cargo
• Business
• Military
• Rotary
• Industrial Gas Turbine
• Automotive
• Oil & gas
• Industrial
• Others

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa