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Global New Superalloy Market Insight2022-01-20 Comments
The New Superalloy is forecast to fast increase over the next four years.According to the WK-chem Research “Global New Superalloy Professional Survey Report 2022, Forecast to 2027″, New Superalloys are referred to as high-temperature alloys, as they maintain their strength and toughness at elevated temperature. These alloys possess properties such as high mechanical strength, creep resistance, significant surface stability, and corrosion & oxidation resistance at high temperature.What makes them especially valuable and popular is their durability and strength. They also don’t melt or warp easily at high temperatures. These metals tend to remain stiff even when subjected to extremely high temperatures.The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 8.64% base on WK-chem Research regression analysis model.
” The high cost of its basic materials limits the market, surging demand from emerging economies is anticipated to offer lucrative opportunities for the growth of the New Superalloys industry.”Said John, Senior analyst, Chemical industry Market Research Center in WK-chem Research.
The major consumer of super alloys is aerospace, oil and gas and energy industry owing to high dimensional stability, stiffness and excellent heat resistant properties offered by these alloys. They have improved operational efficiency and reduced environmental emission which led to an increase use of New Superalloys in industrial gas turbine and jet engines. Energy sector is expected to grow at highest CAGR during the forecast period. New Superalloys are used in manufacturing of nuclear power plants components due to excellent cryogenic temperature property and high ductility, thus favoring the product demand in power and energy industry. Sanguine demand of New Superalloys in manufacturing aircraft component and increasing growth of aerospace and defense industry across emerging economies are likely to drive market growth. increasing number of aircraft fleets are likely to boost New Superalloys demand.Thus, growing expenditure in the aerospace and defense industry are likely to drive the market growth. Additionally, New Superalloys are used in automotive industry owing to surging demand for lightweight parts to reduce carbon emission and increase fuel efficiency are expected to drive the market growth.
New Superalloys are expensive and are subject to violent price fluctuations. There are many cheaper substitutes that are just as effective that are readily available on the market. These are the two major factors that are predicted to hold back growth for the time period that this report covers.Perhaps the key challenge that those in the New Superalloys industry face lies in trying to make better-performing New Superalloys with a lower price point.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading New Superalloy companies that include Aperam (Luxembourg), AMG Advanced Metallurgical Group (The Netherlands), Doncasters Group Ltd (UK), HAYNES INTERNATIONAL (US), Allegheny Technologies Inc (US), Special Metals Corporation (US), Supreme Engineering Ltd (India), thyssenkrupp Aerospace Germany GmbH (Germany), Carpenter Technology Corporation (US), and VDM Metals (Germany), among others.
Segmentation of New Superalloy Market:
Based on Type, The different New Superalloys available in the market include nickel-based, cobalt-based, and iron-based. Among these, Nickel substrate blocks occupy a major market share. Nickel based New Superalloys have high mechanical strength and corrosion resistance at elevated temperature. Some of the prominent applications of nickel-based New Superalloys are turbocharger discs for large diesel engines and high-performance racing car engines. Increasing adoption of nickel alloys in combustion engines and power generation in thermal, nuclear and fossil fuel power plants are expected to drive the New Superalloys market.Based on application, the global New Superalloys market is segmented into aerospace and defense, energy, industrial gas turbine, automotive, oil and gas, and others. Among applications, aerospace and defense segment accounted for the largest market share and is projected to be the leading consumer of New Superalloys in the years to follow. Increasing demand for nickel New Superalloys in turbine blades, discs, and other jet engine parts owing to excellent adhesion and erosion resistance are expected to drive product demand in aerospace and defense industry.
New Superalloy Market: Regional Analysis
In terms of geography, the Global New Superalloy Market is classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.North America region holds largest market share and expected to witness same growth during forecast period. Rising demand for commercial aircraft with growing travelling activities are expected to drive the regional growth. Moreover, presence of established players operating in aircraft components are expected to boost the market growth.The market in Asia-Pacific is projected to register the highest CAGR owing to growing aerospace, automotive and defense industry. Meanwhile, Asia-Pacific is anticipated to grow with fastest CAGR during the forecast period, owing to emerging economies such as China and India and growing aerospace, marine, oil & gas, automotive, and industrial sectors in the region, which fosters the demand for New Superalloys. Moreover, rising government initiatives are expected to fuel the demand for New Superalloys market.
Largest share area：North America
Largest share country：the United States
Product Type：Nickel-Based, Cobalt-Based, Iron-Based
Application：Aerospace and Defense, Energy, Industrial Gas turbine, Automotive, Oil and Gas, Others
Leading Company：Aperam, AMG Advanced Metallurgical Group, Doncasters Group Ltd, HAYNES INTERNATIONAL, Allegheny Technologies Inc