Portland, OR, Nov. 04, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global superalloy honeycomb materials market generated $1.4 billion in 2019, and is estimated to reach $2.4 billion by 2027, registering a CAGR of 7.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for excellent strength-to-weight ratio and lightweight vehicles across the globe drive the growth of the global superalloy honeycomb materials market. However, high cost associated with the base materials used for developing the superalloys honeycomb materials restrains the market growth. Furthermore, technological development in 3D printing technologies is expected to provide new growth opportunities in the near future.
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Covid-19 scenario:
- Superalloy honeycomb materials manufacturers across North America and Asia-Pacific have halted their production due to disrupted supply chain.
- Amid ongoing growing military tension between China and India, India has increased production of defense equipment to meet the growing demand of armed forces, boosting the need for superalloy honeycomb materials.
- In addition, the automotive industry across the Asia-pacific region has resumed its operations as governments of various countries such as China and India are now lifting the lockdown gradually to start industrial activities. The report offers detailed segmentation of the global superalloy honeycomb materials market based on material type, application, and region.
Based on material type, the nickel segment contributed to the largest share in 2019, accounting for nearly four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the stainless steel segment is estimated to portray the highest CAGR of 9.4% during the forecast period.
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Based on application, the aerospace & defense segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the automotive segment is expected to register the highest CAGR of 8.9% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is also expected to grow at the highest CAGR of 8.2% from 2020 to 2027.
Leading market players analyzed in the research include Haynes International, Oerlikon Metco, Hamilton Precision Metals (Ametek), Rotec, Quality Honeycomb, Hi Tech Honeycomb, Chromalloy Gas Turbine, LLC, Allegheny Technologies, Inc., Indy Honeycomb, Forged Solutions Group, and Howmet Aerospace, Inc.
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