Selbyville, Delaware, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Nickel Superalloy Market was estimated at $7.5 billion in 2019 and is slated to surpass $10 billion by 2026, registering a CAGR of 6.7% from 2020 to 2026. The report provides a detailed analysis of the market estimations and size, top investment avenues, wavering industry trends, drivers & opportunities, key winning strategies, and competitive scenarios.
Air travel will witness a strong upward trajectory in the next few years. According to the International Air Transport Association (IATA), the number of air travelers was around 3.8 billion in 2016 and it will increase up to 7.2 billion by 2035. This growth will be spearheaded by the Asia Pacific region and by the developing economies including Vietnam, India, Iran, China, Colombia, Saudi Arabia, the UAE, Indonesia, Malaysia, and the Philippines.
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The key reasons behind the growth of air travel include high living standards, favorable trends associated with Gross Domestic Product (GDP), and low air travel costs. Increasing disposable incomes of people coupled with changing lifestyles will trigger air travel demand for business and leisure purposes. The rising demand for air travel will generate the need for a large number of aircraft and related parts manufacturing, propelling the nickel superalloy market growth over the next few years.
Waspaloy is a nickel-chromium superalloy and will witness over 6.5% CAGR in nickel superalloy market size. It provides superior oxidation resistance and excellent temperature strength. The addition of aluminum and titanium improves alloy strength at high-temperatures for gas turbine engine applications. It is widely used for rotating and non-rotating parts in aerospace gas turbines. In addition, it is used to manufacture shafts, spacers, seals, aircraft assembly, fasteners, compressors, etc.
Wires will cross USD 1 billion in nickel superalloy market share by the end of the forecast period. The segment exhibits high growth potential owing to a wide range of applications in seawater desalination equipment, power generation turbines, petrochemical plants, sealing terminals, rocket motors, jet engine rotors, turbocharger parts, ship rivets, and automotive engine heat resistant bolts.
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The Europe is anticipated to witness over 6.5% CAGR owing to the increasing product demand from Germany, France, and Russia. In 2019, the European Space Agency proposed a space budget with an investment of USD 7.43 billion followed by France and Russia with an investment of USD 3.02 billion and USD 2.53 billion respectively. This will boost nickel superalloy market sales in the sector owing to its wide usage in the manufacturing of aircraft valves, rocket motors, and other applications that require high versatility, improved strength at higher, and lower temperatures. Furthermore, shifting focus toward better technology in the aerospace, power generation, oil & gas, and refinery sectors will augment the nickel superalloy market revenue in the region.
The key manufacturers of nickel superalloy industry are thyssenkrupp AG, VDM Metals GmbH, Allegheny Technologies Incorporated, Aperam S.A., Haynes International Inc., Carpenter Technology Corporation, Precision Castparts Corporation, Rolled Alloys, Inc., and Voestalpine AG.
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