Superalloys Market Strong Expansion, Consegic Business Intelligence Predicts Size to Reach US$ 12,085.48 Million By 2030

New York, July 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Superalloys Market” published by Consegic Business Intelligence, the market was worth USD 6,351.87 million in 2022 and is anticipated to reach over USD 12,085.48 million by the year 2030, growing at a CAGR of 8.7%.

Superalloys are metallic alloys that possess high strength, significant surface stability, and corrosion resistance properties at high temperatures. Superalloys are utilized in products and applications operating at high temperature, pressure, radiation, and force. Consequently, superalloys are deployed in aerospace, oil & gas, industrial, and gas turbines due to the high resistive properties of the material.

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The increasing demand for superalloys in aerospace industry due to high thermal stability of superalloys is driving the growth of the market. Superalloys play a vital role in hot sections of gas turbine engines including combustion engines and turbine blades. For instance, in April 2022, Wieland acquired Busby Metals to expand the product portfolio of copper-based superalloys for aerospace and oil & gas industry.

The application of superalloys in advanced manufacturing techniques such as 3D printing is expected to present potential opportunities for the growth of the market during the forecast period. 3D printing with superalloys enables fabrication of complex geometries and the production of high-performance components for aerospace and industrial applications. However, the high cost of superalloys is hindering the growth of the market.

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Superalloys Market Growth Drivers:

• The rising demand for superalloys in aerospace & defense industry for the manufacturing of aircraft engines, gas turbines, and other critical components is driving the growth of the market.
• The application of superalloys in gas turbine power plants for power generation is propelling the growth of the market.
• The increasing demand for superalloys for the production automotive parts is accelerating the growth of the market.

Restraints

• The high cost of superalloys is hindering the growth of superalloys market.

Opportunities

• The application of superalloys in advanced manufacturing techniques including 3D printing is expected to present potential opportunities for the growth of the market during the forecast period.

Global Superalloys Market Segmentation Details:

Based on Material, the nickel-based segment contributed the largest shares to the market growth in 2022. The high mechanical strength, corrosion resistance, and thermal stability of nickel-based superalloys is contributing to the growth of the market. Consequently, the application of nickel-based superalloys in turbine blades, exhaust fans, turbochargers and other components is driving the growth of the market.

Based on Application, the aerospace & defense segment accounted for the maximum revenue share in the year 2022. The ability of superalloys to enable engines to operate at high temperatures and withstand harsh environments is contributing to the growth of the market. Subsequently, the application of superalloys in gas turbine engines in both commercial and military aircraft is contributing to the growth of the market.

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Based on region, North America accounted for the largest revenue share in the year 2022. The rising government investments in aerospace & defense industry is driving the growth of the market. Government of United States is taking several initiatives to manufacture aerospace components with high-performance superalloys. Moreover, the growing adoption of superalloys in generation of electricity is contributing to the growth of the regional market.

Recent Developments

• In November 2020, The University of California launched new defect-resistant superalloy for 3D printing that has the ability to withstand thermal treatments in applications including aircraft engines.

Key Market Highlights

• The global superalloys market size is estimated to reach USD 12,085.48 million by 2030 and grow at a CAGR of 8.7% during the forecast period (2023-2030).
• Globally, superalloys market is divided based on the material into nickel-based, iron-based, cobalt-based.
• In the context of application, the market is separated into automotive, aerospace & defense, oil & gas, and industrial.
• The market is geographically segmented into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in superalloys market.

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List of Major Global Superalloys Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Aubert & Duva

• VSMPO-AVISMA

• Advanced Metallurgical Group

• SuperAlloy Industrial Company

• Doncasters

• Haynes International

• Special Metals Corporation

• Precision Castparts Corp.

• Aperam

• Carpenter Technology

• AMG Superalloys

Global Superalloys Market Segmentation: 

• By Material

• Nickel-based
• Iron-Based
• Cobalt-Based

• By Application
  • Automotive
  • Aerospace & Defense
  • Oil & Gas
  • Industrial

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Key Questions Covered in the Superalloys Market Report

• What are superalloys?

- Superalloys are a group of metals that offer better oxidation and corrosion resistance properties than traditional alloys at extremely high temperatures.

• What are some of the most important applications of superalloys and how do they impact the industry's growth potential?

- Superalloys are used for manufacturing complex parts of aircrafts and spacecraft. Moreover, superalloys are used for the production of large power plants for efficient generation of electricity.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the superalloys growth in the coming years?

- North America accounted for the largest revenue share in the year 2022. The rising government investments in aerospace & defense sector is driving the growth of the regional market.

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to the large manufacturing base in the Asia-Pacific region.

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