Superalloys are high-performance alloys that have brilliant mechanical strength, good surface stability, and resistance to corrosion, and thermal creep deformation. These high-temperature materials are commonly used in jet and rocket engines where the temperature reaches 1200-1400 degrees Celsius. According to report analysts, the global market of high-performance alloys should grow at a CAGR of 6.6% over the forecast period. From US$ 5.6 billion in 2016, it is expected to reach US$ 7.7 billion in 2023.
Superalloys are commonly used in environments where heat and corrosion resistance is important to the strength and durability of the end product. They are widely used in power plants, chemical and petrochemical processing, oil and gas industries, aerospace, industrial gas turbine, and others. With an increase in the demand for materials that have good strength and can withstand high temperatures, the use of these high-performance alloys has increased at a good pace.
There is an increasing demand for specialty materials in the aerospace and defense, energy, automobile, and marine industries around the world. While the global superalloys market has seen good progress in recent years, certain factors such as high cost of the alloying metals might slow down the growth to an extent. Nevertheless, the rising demand for these alloys from developing nations is expected to boost sales.
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The global superalloys market is divided by material types and applications.
By material types, the market is divided into nickel-based, nickel iron-based, and cobalt-based. The nickel-based segment is expected to record the highest market share and growth by 2023. In terms of revenue, the cobalt-based segment is likely to register the highest CAGR of 10%.
By applications, the market is segmented into aerospace, industrial gas turbine, oil and gas, automotive, industrial, and others. The aerospace sector is further divided by application into business, commercial, and military; and by platform into fixed wing and rotary wing. Increasing demand for high-performance alloys in the automotive industry and defense sector is likely to boost the market.
The five main regions considered in this report for studying the global superalloys market are North America (The United States, Canada, and Mexico), Europe (France, Italy, Spain, Germany, UK, Russia, and the rest of the region), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and the rest of the region), Central and South America (Columbia, Argentina, Brazil, and the rest of the region), and the Middle East and Africa (UAE, Egypt, Turkey, Saudi Arabia, and South Africa).
North America leads the global market of high-performance alloys. The increased use of aircrafts and growth in the aerospace industry are the driving factors in this region. Owing to the rapid industrialization and development of power industries, Asia-Pacific is expected to grow at the highest rate over the forecast period. Europe also occupies an important position in the global market.
Key Players Covered :
A.M. Castle & Co., Alstom Power Generation, Amg Superalloys Uk, Arconic Power And Propulsion, Ati Metals, Aubert & Duval, Avic Biam, Avic Guizhou And Aviation Forging, Avio, Baoshan Iron & Steel Co., Ltd., Beijing Beiye Functional Materials Corporation, Beijing Cisri-Gaona Materials & Technology Co., Cannon Muskegon Group, Carpenter Technology Corporation, Changcheng Special Steel Co., Ltd., China Erzhong, Crucible Industries Llc, Doncasters Group, Fort Wayne Metals, Fushun Special Steel Company, General Electric, Gfe – Amg Titanium Alloys & Coatings, H.C. Starck, Hamilton Precision Metals, Haynes International, High Performance Alloys, Inc., Hitachi Metals Mmc Superalloy, Ltd., Hmi Metal Powders, Hongyuan Aviation Forging, Kennametal Inc., Langley Alloys, Materion Corporation, Mitsubishi Heavy Industries, Mtu Aero Engines, Nippon Yakin Kogyo Co., Ltd., Pratt & Whitney, Precision Castparts Corp, Reading Alloys Inc., Rolled Alloys Inc., Rolls-Royce, Safran Aircraft Engines, Safran Turbomeca, Siemens, Solar Turbines, Special Metals Corporation, Superalloy International (Sai), Tect Power, The Exone Company, Vdm Metals Gmbh, Vsmpo-Avisma
In March 2019, the Europa Pedicle Screw System of MiRus was approved by the FDA as an implant material. The system uses a proprietary molybdenum rhenium high-performance alloy instead of cobalt, titanium, or nickel-based alloys that were used earlier. This new alloy is stronger, fatigue-resistant, and more osteoconductive.
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