Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Superalloys Market by Application, Base Material: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the superalloys market was valued at $6.8 billion in 2021, and is estimated to reach $15.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.
Superalloys are non-ferrous alloys that exhibit excellent heat resistance and maintain their surface stability, stiffness, strength, and toughness even at very high temperatures. They are created using a two-phase heat treatment process that involves secondary melting techniques such as vacuum arc re-melting and electro slag re-melting, investment casting, powder metallurgy, and induction melting under vacuum.
They are utilized at high temperatures in both commercial and military jet engines, where they display good mechanical strength, creep resistance, and corrosion and oxidation resistance. Superalloys are therefore widely utilized in the oil and gas, aerospace, and chemical and petrochemical industries. They are also used in defense systems, power turbines, locomotive engines, and auxiliary power units.
The significant growth of the aerospace industry and the increase in the use of superalloys in the manufacture of jet engines is one of the main factors positively influencing the market. The reason is also the increasing attractiveness of superalloys due to their efficiency and low environmental emissions. In addition, the market is driven by the growing demand for passenger cars and commercial vehicles with powerful engines across the globe.
The increased use of high-performance alloys in vehicle turbochargers, exhaust valves, ignition chambers, exhaust cleaner brackets, and nozzles also offers favorable market prospects. In addition, the deepening global energy crisis is catalyzing demand for nuclear power generation, which in turn offers profitable growth opportunities for industrial investors.
Additionally, the increasing use of high-performance alloys in the onshore oil and gas industry and offshore exploration, drilling, and production activities is fueling the market growth. In addition, the market growth is accelerated by the continuous development of the aluminum and magnesium mining process and a significant increase in the mining of metals used for alloying.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the superalloys market analysis from 2021 to 2031 to identify the prevailing superalloys market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the superalloys market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global superalloys market trends, key players, market segments, application areas, and market growth strategies.
Market Dynamics
Drivers
- Increase in Demand from Industrial Gas Turbines
- Rise in Application in the Aerospace Industry
- Increase in Demand from Oil and Gas Industry
Restraints
- Fluctuating Prices of Raw Materials
Opportunities
- Increase in Demand from Emerging Economies
Key Market Segments
By Application
- Industrial Gas Turbine
- Automotive
- Oil and gas
- Industrial
- Aerospace
- Others
By Base Material
- Nickel-Based
- Iron-Based
- Cobalt-Based
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ATI
- Doncasters Group
- Arconic
- CANNON-MUSKEGON
- Carpenter Technology Corporation
- Chromalloy Gas Turbine LLC
- Forged Solutions Group
- HAYNES INTERNATIONAL.
- Hitchiner Manufacturing
- Beijing International Aeronautical Materials Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 304 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $6.8 billion |
| Forecasted Market Value (USD) by 2031 | $15.1 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SUPERALLOYS MARKET, BY APPLICATION
CHAPTER 5: SUPERALLOYS MARKET, BY BASE MATERIAL
CHAPTER 6: SUPERALLOYS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Companies Mentioned
- ATI
- Doncasters Group
- Arconic
- CANNON-MUSKEGON
- Carpenter Technology Corporation
- Chromalloy Gas Turbine LLC
- Forged Solutions Group
- HAYNES INTERNATIONAL.
- Hitchiner Manufacturing
- Beijing International Aeronautical Materials Corporation
For more information about this report visit https://www.researchandmarkets.com/r/n0dud2
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