Superalloy Market Size to Grow USD 15890 Million by 2029 with a CAGR 6.4% | Valuates Reports
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.
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- 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.
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- 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.
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- 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.
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- 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.
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