Global Superalloys Market Expected to Reach $7,677 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, February 22, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research titled, Superalloys Market by Base Material and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global superalloys market was valued at $4,158 million in 2016, and is estimated to reach $7,677 million by 2023, growing at a CAGR of 8.9% from 2017 to 2023. In 2016, nickel-based segment held more than half share of the total market.
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Superalloys are the group of alloys, which are alloyed particularly with nickel, cobalt, and iron along with other metals to enhance their corrosion resistance. These alloys are widely used in aerospace gas turbine engines, nuclear reactors, power generation turbines, petrochemical equipment, rocket engines, and others owing to their remarkable properties such as high mechanical strength, creep resistance at high temperature, significant surface stability, and corrosion, oxidation, & high-temperature, resistance.
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The growth of the global superalloys market is driven by the increase in demand for these alloys in range of industries such as aerospace, oil & gas, automotive, and others. They are widely used in turbine engines, as the thermodynamics efficiency of turbine engines is increased with increasing turbine inlet temperature, which is expected to provide lucrative growth opportunity to the market players. However, high cost of these alloys is anticipated to hamper the market growth during the forecast period.
Nickel-based superalloys is the leading base material segment, as these superalloys possess high-temperature mechanical properties and oxidation resistance. These alloys are majorly used in hottest parts of gas turbines turbine blades, turbine discs, metal processing, and casting blades. Presently, these alloys constitute over 50% of the weight of advanced aircraft engines.
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The aerospace application segment dominated the global market, with almost half of the total market share in 2016. In aerospace, alloys are used to develop gas turbine engines for defense aircraft, turbine blades, and jet engines.
Key Findings of the Superalloys Market:
- In 2016, North America dominated the global market, with around two-fifths share, in terms of revenue.
- Cobalt-based superalloys segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 10.0% from 2017 to 2023.
- Asia-Pacific is projected to grow at the highest CAGR of 9.4%, in terms of volume.
- Automotive application segment is projected to grow at the highest CAGR of 10.2%, in terms of revenue.
- In aerospace application, commercial aircraft segment dominated the market, comprising more than half of the total market share, in terms of revenue.
In 2016, North America dominated the global market owing to increase in utilization of aircrafts and significant growth in aerospace industry. Furthermore, in terms of value, Asia-Pacific is projected to witness the highest CAGR of 9.5%, followed by Europe, which is expected to register a CAGR of 9.0%.
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The major companies profiled in the report include Allegheny Technologies Incorporated (ATI), Haynes International, Special Metals Corporation, Aperam, Carpenter Technology, AMG Superalloys, Doncasters, Nippon Yakin Kogyo, Universal Stainless, Danyang City Kaixin Alloy Material Co. Ltd., Supreme Special Steel Pvt. Ltd. TI Steel Private Ltd., AcmeCast, and Balaji Superalloys.
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