Portland, OR, May 18, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global superalloys market generated $6.2 billion in 2019, and is anticipated to garner $12.0 billion by 2027, experiencing a CAGR of 8.6% from 2020 to 2027. The report offers a detailed analysis of changing market trends, top winning strategies, major segments, key investment pockets, business performance, and competitive scenario.
Surge in demand from industrial gas turbine and increase in applications from the aerospace and automotive industries drive the growth of the global superalloys market. However, expensive cost of base alloys hinders the market growth. On the other hand, untapped potential from emerging economies create new opportunities in the coming years.
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The Covid-19 outbreak impacted the global manufacturing industry due to sudden lockdown of production facilities. In addition, the suppliers and distributors are unable to function with full workforce due to lockdown, which hampers the supply of components and raw materials. The impact resulted in immense loss of operational efficiency in various sectors including aerospace & defense, oil & gas, and automotive.
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The report offers a detailed segmentation of the global superalloys market based on base material, application, and region. Based on base material, the nickel-based segment contributed to the highest share in 2019, accounting for nearly four-fifths of the total share, and is estimated to continue its dominant position during the forecast period. However, the cobalt-based segment is projected to register the highest CAGR of 10.0% from 2020 to 2027.
Based on application, the aerospace segment contributed for the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain the highest share throughout the forecast period. However, the automotive segment is estimated to witness the fastest CAGR of 9.7% during the forecast period.
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Based on region, North America held the highest share, contributing to more than two-fifths of the total market share in 2019, and will maintain its highest share throughout the forecast period. However, Asia-Pacific is estimated to register at the highest CAGR of 9.2% from 2020 to 2027. The research also analyzes regions including Europe and LAMEA.
Leading players operating in the global superalloys market include Allegheny Technologies Incorporate (ATI), Beijing International Aeronautical Materials Corporation (BIAM), Arconic, Inc., Chromalloy Gas Turbine LLC (Chromalloy), Carpenter Technology Corporation, Forged Solutions Group (Firth Rixson), Doncasters Group, Hitchiner Manufacturing Co., Inc., Haynes International, Inc., and others.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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