Global Superalloys Market is valued at approximately USD 6.8 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.5% over the forecast period 2022-2029. Superalloys can be defined as a group of nickel, iron–nickel and cobalt alloys that are widely used in jet engines. Due to their excellent heat-resistant properties as well as stiffness, toughness, and dimensional stability at temperatures, these alloys are considered ideal for aerospace structural materials. Additionally, superalloys are employed in the automobile industry in engine assembly to withstand elevated temperatures. Moreover, their low weight improves the fuel efficiency of automobiles and aircraft. The increasing growth of automotive component market and growing usage in aerospace and aircraft applications are key factors driving the market growth.
The growing expansion of automotive components industry is contributing towards the growth of the Global Superalloys Market, as these alloys are used in the manufacturing of auto parts such as turbochargers, exhaust valves, ignition prechamber, exhaust gas cleaners fasteners, nozzles &, etc. For instance – according to Statista – in fiscal year 2021, the market size for auto components in India was estimated at USD 46 billion, and it further reached USD 56.5 billion in fiscal year 2022. Additionally, in financial year 2022, around USD 18.3 billion worth of automobile components were imported into India, witnessing a significant increase from the previous year. Also, rise in oil & gas exploration activities and growing development of new generations of superalloys would create a lucrative growth prospectus for the market over the forecast period. However, the volatile cost of base materials used in Superalloys stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Superalloys Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of leading market players and increasing demand for super alloys from aerospace and defense manufacturing industry in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising FDI in defense manufacturing industry as well as presence of well-established auto component manufacturing industry in the region.
Major market players included in this report are:
Beijing International Aeronautical Materials Corporation
Carpenter Technology Corporation
Chromalloy Gas Turbine LLC
Forged Solutions Group
Hitchiner Manufacturing Co., Inc.
Recent Developments in the Market:
In February 2019, Arconic invested around USD 100 million to expand its hot mill capability and added downstream equipment capabilities in its Tennessee operations facility.
In April 2019, ATI announced extension of its partnership with Rolls Royce to supply rotating disc quality nickel alloys for Trent engine family. Under this agreement, ATI would manufacture critical components for Rolls-Royce’s next-generation jet engines as well as spare parts for in-service engines.
Global Superalloys Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Base Material, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Base Material
Industrial Gas Turbine
Oil and gas
Rest of the World