According to the latest report published by Variant Market Research,the Global Superalloys Market size is projected to reach $9,365 million by 2025 from $5,390 million in 2017. In this report, superalloys market forecast says that the global market is growing at a CAGR of 7.1% from 2017 to 2025. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 8.6% and 7.0%, respectively, during the forecast period. Superalloys operate at a very high temperature & force under the influence of corrosive media, high pressure & radiation. Nickel, cobalt, and iron-based superalloys are widely used for applications including aerospace, automotive, industrial gas turbine and marine turbine, oil & gas, and electronics, among others.
"Superalloys Market (By Base Material: Nickel-Based, Iron-Based, and Cobalt-Based; By Application: Automotive, Aerospace and Military, Oil & Gas, Industrial Gas Turbine and Marine Turbine, Electronics, and Other Applications;By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
Increasing usage of light weight components in automotive industry fuels the global superalloysmarket
The global superalloys market trend includes increasing usage of light weight components in automotive industry, growing aircrafts production, and mounting demand from power industries. Though, high cost of the alloy metals might hamper the global superalloys market growth. However, immense market potential in the developing countries is likely to offer worthwhile opportunities for the market in the coming years.
The global superalloys market has been bifurcated into base material, application, and geography. Base material is segmented into nickel-based, iron-based, and cobalt-based. Aerospace and military, automotive, oil & gas, industrial gas turbine and marine turbine, electronics, and other applications are the subsegments of application.
By geography, global superalloys market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S. Mexico, and Canada whereas Europe segment consists of Germany, UK, France, Spain, Italy, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Nickel-based superalloysaccounted for the major market share in 2017
On the basis of base material, nickel-based superalloys dominated the global market in 2017 with maximum market share and likely to continue the trend over the forecast period, driven by the fact that many nickel-based superalloys are used in extremely high temperature load-bearing applications, which cannot be attained by any other alloys. These superalloys are used in production of aircraft engines, turbines blades, containers for the chemical industry, pressure vessels, and maritime constructions, among others.
By application, aerospace and military lead the global market with maximum market share in 2017
In application, aerospace and military segment held dominant position in 2017. The growth of the segment is attributed to the high demand for superalloys due to its increasing applications in aerospace and military as the aerospace is the primary end user of the superalloys market.
North America dominated the global market with highest market share over the forecast period
North America dominated the global market with largest market share of 34.12% in 2017 and expected to be predominant during the forecasted period. The growth is attributed to the high utilization of aircraft coupled with the swelling growth in aerospace industry in the region. Moreover, Asia-Pacific is likely to grow at a highest CAGR of 8.6% over the forecast period, due to the growth in power industries, rapid industrialization, and presence of emerging economies like China, Japan, and India.
Key players are offering innovative products and services to increase their superalloys market share. Main players competing in the market include Doncasters Group Limited, Haynes International, Allegheny Technologies Incorporated (ATI), Special Metals Corporation, Aperam S.A., Carpenter Technology, Nippon Yakin Kogyo Co., Ltd., Danyang Kaixin Alloy Materials Co., Ltd, Supreme Special Steel Pvt. Ltd., and Universal Stainless, among others.