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Superalloys Industry - Size, Share, Growth, Trends, By 2025
Market Research Future has published a Cooked Research Report on the Global Superalloys Market.
The Superalloys Market is projected to register a healthy CAGR of 7.64% and attain a market value of over USD 10,700 Million by the end of 2025.
The preliminary factor favoring the growth of the global superalloys market is the growing demand for nickel-based and chromium-based superalloys in the aerospace & defense industry. These high-performance alloys offer superior heat-resistant properties as compared to conventional metals as well as offer higher fuel efficiency on account of the lightweight and high strength provided. With the increasing concerns over fuel consumption and emissions, the demand for superalloys is expected to rise in the coming years. Moreover, as per the data by Boeing, the amount of aircraft manufactured is estimated to double in the next decade, which is further expected to boost the product demand.
Increasing geopolitical tension, recovery in the US defense budget, and increasing defense spending by the governments of China, France, India, and Japan are likely ...
... to drive the growth of the defense sector in the coming years. According to the Stockholm International Peace Research Institute (SIPRI), the military spending across the globe in 2018 rose to USD 1,822 billion, which represented an increase of 2.6% from 2017. The five countries with the highest spending were the US, China, Saudi Arabia, India, and France, which together held 60% of the global military expenditure. With the expanding defense sector, the manufacturing of gas turbine engines for defense jet aircraft is likely to rise, which is further is projected to propel the growth of the superalloys market during the forecast period.
However, the availability of competitive substitutes to superalloys in aircraft manufacturing is expected to be a key factor hindering the growth of the global market during the forecast period. In addition, the fluctuations in the prices of nickel metal is likely to pose a challenge for the manufacturers to maintain their profit margins during the review period.
MRFR recognizes the following companies as the Key Players of the Global Superalloys Market— Allegheny Technologies Inc (US), HAYNES INTERNATIONAL (US), Carpenter Technology Corporation (US), Aperam (Luxembourg), AMG Advanced Metallurgical Group (The Netherlands), Special Metals Corporation (US), Doncasters Group Ltd (UK), thyssenkrupp Aerospace Germany GmbH (Germany), VDM Metals (Germany), and Supreme Engineering Ltd (India), among others.
Key Findings of the Study:
Global Superalloys Market is projected to be valued at over USD 10.7 Billion by the end of 2025 with a CAGR of over 7% during the forecast period of 2019–2025
North America dominated the global market with a share of over 45% owing to the increasing demand for superalloys in the well-established aerospace & defense industry in the US
The nickel-based segment held 76% of the global market share in 2018 and is expected to be valued at over USD 8 billion by the end of 2025
Aerospace & defense is estimated to be the dominant application segment in the global superalloys market during the forecast period
The global Superalloys Industry has been segmented on the basis of product, application, and region.
Based on product, the market has been divided into nickel-based, cobalt-based, and iron-based. Nickel-based superalloys have the ability to withstand high temperature for longer time periods, exhibit excellent creep, fatigue, and oxidation resistance. The common types of Ni‐base alloys include Hastelloy, Inconel, Nimonic, Astroloy, and Waspaloy series. They find applications in the manufacturing of gas turbines for use in commercial and military aircraft, power generation, and marine propulsion. The major consumer of Ni-based superalloys is the aerospace & defense industry, wherein they are used to manufacture components of jet engine turbines. The extensive use of superalloys in turbines, supported by the ability of these superalloys to increase the thermodynamic efficiency of turbines with increasing temperatures at the turbine inlet is expected to boost the demand for Ni-based superalloys in the aerospace & defense industry.
By application, the global superalloys market has been segmented into aerospace & defense, energy, industrial gas turbine, automotive, oil & gas, and others. The growth of the aerospace & defense segment is primarily driven by the high demand for next-generation aircraft and growing passenger traffic, particularly in Asia-Pacific and the Middle East. The global aircraft production levels have registered a robust growth since 2016 and this trend is expected to continue in the years to follow. Moreover, fuel efficiency and emissions are expected to be the key commercial and environmental drivers impacting turbine-engine materials. To meet these requirements, the demand for superalloys in aircraft manufacturing applications is likely to rise and favor the market growth during the assessment period.
The Global Superalloys Market is studied with respect to five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. The North American market was the dominant regional market in 2018 with a market share of around 46% in 2018 and is expected to register a CAGR of around 8% during the review period. This is mainly attributed to the large base of the aerospace & defense industry in the regional market. In 2018, the aerospace & defense industry contributed over USD 374 billion to the GDP of the US.
The regional market in Asia-Pacific is expected to be the fastest-growing, registering a CAGR of 8.35% during the assessment period. The country-level markets in China, Japan, and India are the key consumers of superalloys in the region. The fast-growing aerospace and defense industry in the region and the expanding manufacturing base are expected to be the prominent driving factors for the regional market growth in the years to follow.
Access Report Details @ https://www.marketresearchfuture.com/reports/superalloys-market-7472
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