Jul 1, 2020 3:05 PM ET
iCrowd Newswire – Jul 1, 2020
The Global Superalloys Market is estimated to grow at a CAGR of 8.6% during the forecast period 2020-2027. As per the detailed market study, the superalloys industry is estimated to record $12 billion by the end of the year 2027.
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Superalloys are high-temperature alloys, as it possesses properties such as corrosion & oxidation resistance, significant surface stability, creep resistance and high mechanical strength at high temperature. The superalloys are used in wide range of applications such as locomotive engines, defence systems, power turbines, auxiliary power units, commercial & military jet engines, oil and gas industries, power plants and petrochemicals processing among others.
The global superalloys market is driven by various growth factors such as growth in usage of superalloys in the automotive and aviation industries. Superalloys improve the efficiency and lessen the environmental emissions that led to increase in usage of superalloys in oil and gas and gas turbines equipment. Properties such as resist creeping, ability to withstand high temperature and high strength are driving the market growth over the forecast period. Whereas, cost-intensive nature of base materials for production of superalloys hinders the market growth over the forecast period. However, growth in demand of superalloys majorly in the developing nations due to rising aerospace and manufacturing sector offers lucrative market opportunities for the market players in the global superalloys market.
The superalloys market is expected to witness significant growth during the forecast period, owing to increase in economic activity, growth in international trade, and development of the forging industry. However, China remains a continuous threat to the Indian superalloys industry export market.
Segmentation Overview of the Global Superalloys Market
The global superalloys market is segmented in the basis of various segments to categorically study the market considering various market determinants and geographical dynamics. The major market segments are base material and application. These market segments are further categorized into various sub-segments to study the market in detail.
The Base Material Segment of the Global Superalloys Market is Sub-Segmented into:
- Ni-Mo-Fe based
The Application Segment of the Global Superalloys Market is Sub-Segmented into:
- Commercial & Cargo
- Industrial Gas Turbine
- Oil & gas
Geographical Overview of the Global Superalloys Market
The North America superalloys market dominated the global marketplace due to high usage of superalloys in the aircrafts coupled with growth of the aerospace industry. Also, the Asia Pacific superalloys market is estimated to witness the highest growth rate with significant CAGR over the forecast period.
Competitive Landscape of the Global Superalloys Market
Western Australian Specialty Alloys (WASA), Cannon Muskegon, Treibacher Industrie AG, Mishra Dhatu Nigam Limited (MIDHANI), IHI Corporation (IMM), Howmet Aerospace, Inc., Hitchiner Manufacturing Co., Inc., Haynes International, Inc., Forged Solutions Group (Firth Rixson), Doncasters Group, Chromalloy Gas Turbine LLC (Chromalloy), Carpenter Technology Corporation, Beijing International Aeronautical Materials Corporation (BIAM), Arconic, Inc. and Allegheny Technologies Incorporate (ATI) are some major players included in the research study of the global superalloys market.
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Keywords: Superalloys Market