Superalloys Market

The global superalloys market is estimated to register a notable CAGR of 7.64% during the review period (2019–2025). The global market, in terms of value, is projected to reach USD 10,732.01 million by the end of 2025. The major factors driving the growth of the global market are expanding aerospace & defense industry and increasing consumption of superalloys in the production of turbine blades and jet engines. Also, the growing demand for superalloys in the energy & power industry is also projected to fuel the global market growth. Likewise, the growing oil & gas and chemical processing industries in Asia-Pacific is expected to create lucrative opportunities for the market players. However, the growing popularity of alternatives such as ceramic matric composites (CMCs) on account of their lightweight and higher temperature resistance is likely to hinder the growth of the global superalloys market during the assessment period. Moreover, fluctuating prices of nickel is expected to be a challenge for the market players in the coming years.

The Asia-Pacific market accounted for a significant market share of 21.20% in 2018 and is projected to grow at the highest CAGR of 8.35% during the assessment period. This is attributed to the significant growth of the automotive and aerospace industries and growing demand for superalloys in the chemical processing and oil & gas industries in the manufacturing of heat exchangers, fasteners, and crude oil distillation columns. China, Japan, and India are the major consumers of superalloys in the region owing to rapid industrialization and urbanization. With the major developments and expansion by the regional aircraft manufacturers, the demand for superalloys is expected to increase in the coming years. For instance, in May 2017, China’s Commercial Aircraft Corporation of China (“COMAC”), the new entrant in the commercial aircraft market completed its first public flight test of C919 jets and bagged order worth 570 new aircraft to be delivered by 2020.

The North American market accounted for the largest share in 2018 and is estimated to register a healthy CAGR of 7.54% during the assessment period. This is largely attributed to the presence of major aircraft manufacturing companies such as Boeing and GE Aviation. Also, the US is home to major superalloy manufacturers, namely Special Metals Corporation, HAYNES INTERNATIONAL, Carpenter Technology Corporation, and Allegheny Technologies Inc. Furthermore, the increasing spending of the US government in the defense sector is also expected to boost the demand over the next few years.

By product, the nickel-based segment held the largest market share of 76.39% and was valued at USD 4,910.70 million in 2018. This is largely attributed to its ability to withstand high temperature for longer time, and exhibits excellent creep, fatigue, and oxidation resistance. On the basis of application, the aerospace & defense segment held the largest market share of 51.0% in 2018 owing to the rising demand for superalloys in the manufacturing of aircraft turbines, rocket engines, airframes, jet engine components, and hightemperature springs, among others.