The latest report by IMARC, titled “Superalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global superalloys market size reached US$ 5.4 Billion in 2021. Superalloys refer to non-ferrous alloys with outstanding heat resistance, which retain their stiffness, toughness, strength, and surface stability at extreme temperatures. They are made by two-phase heat treatment, such as investment casting, vacuum induction melting, secondary melting, and powder metallurgy. They possess properties, such as creep resistance and good mechanical strength, and are also capable of withstanding oxidation and corrosion when used at elevated temperatures in military and commercial jet engines. In recent years, superalloys have gained traction due to their extensive employment in the aerospace, petrochemical, chemical, and oil and gas industries. They are also adopted in auxiliary power units, defense systems, power turbines, and locomotive engines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will further be integrated into the report.
Global Superalloys Market Trends:
One of the primary factors driving the market is the exponential rise in the aviation industry, along with the rising usage of superalloys in manufacturing jet engines. Additionally, superalloys offer operational efficiency and minimal environmental emissions, thereby creating a positive market outlook. Other than this, the escalating demand for commercial and passenger automobiles with rigid engines is positively influencing the market growth. Besides this, the utilization of high-performance alloys in ignition prechamber, exhaust valves, exhaust gas cleaners, and nozzles of vehicles represents another major growth-inducing factor. In line with this, the growing global energy crisis is boosting the demand for power generation through nuclear power plants, which is propelling the market growth. Furthermore, the increasing high-performance alloys in the oil and gas industry for onshore and offshore drilling, exploration, and production activities are accelerating the product adoption rate. Moreover, constant developments in the magnesium and aluminum mining procedures and a significant increase in the extraction of metals used for alloying are driving the market. Looking forward, IMARC Group expects the market size to reach US$ 7.8 Billion by 2027, expanding at a CAGR of 6.12% during the forecast period (2022-2027).
- Based on the base material, the market has been divided into nickel-based, iron-based, and cobalt-based.
- On the basis of the application, the market has been segmented into aerospace (commercial and cargo, business, military and rotary), industrial gas turbine (electrical and mechanical), automotive, oil and gas, industrial, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Allegheny Technologies Inc., AMG Superalloys, Aperam S.A, Cannon-Muskegon Corporation, Carpenter Technology Corporation, Doncasters Group, Haynes International Inc., IHI Corporation, IMET Alloys, Mishra Dhatu Nigam Limited, Special Metals Corporation, and Western Australian Specialty Alloys (Precision Castparts Corp.).
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