Industry Overview of Superalloys Market
Superalloys are a unique class of non-ferrous alloys recognized for their exceptional heat resistance and remarkable ability to maintain surface stability, stiffness, strength, and toughness even under extremely high temperatures. These alloys are manufactured using a two-phase heat treatment process, employing methods such as investment casting, powder metallurgy, vacuum induction melting, and secondary melting techniques like vacuum arc remelting and electro-slag remelting. The remarkable properties of superalloys make them highly sought after in both commercial and military jet engines, owing to their impressive mechanical strength, resistance to creep, and ability to withstand corrosion and oxidation at elevated temperatures. Consequently, they find extensive applications in industries such as chemical and petrochemical, aerospace, and oil and gas sectors on a global scale.
How Big Is the Superalloys Market?
The global superalloys market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
What Are the Growth Prospects and Trends In The Superalloys Industry?
The global superalloys market is experiencing significant growth, primarily driven by the increasing utilization of these alloys in jet engine manufacturing due to their operational efficiency and low environmental emissions. The market is also influenced by the rising demand for commercial and passenger vehicles equipped with powerful engines. Superalloys are extensively used in various automotive components such as ignition pre-chambers, exhaust gas cleaner fasteners, turbochargers, exhaust valves, and nozzles, further fueling the demand for these alloys. Moreover, the expanding application of high-performance alloys in oil and gas industry activities, including onshore and offshore exploration, drilling, and production, contributes to market growth. The increasing demand for power generation from nuclear power plants, driven by the global energy crisis, is another significant driver. Ongoing advancements in aluminum and magnesium mining processes, increased extraction of metals used for alloying, and the rapid growth of the aviation industry are additional factors expected to propel market growth in the coming years.
What Is Included in Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Base Material:
- Nickel-Based
- Iron-Based
- Cobalt-Based
Breakup by Application:
- Aerospace
- Commercial and Cargo
- Business
- Military
- Rotary
- Industrial Gas Turbine
- Electrical
- Mechanical
- Automotive
- Oil and Gas
- Industrial
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Who Are the Key Players Operating In The Industry?
The report covers the major market players including:
- 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
- Western Australian Specialty Alloys (Precision Castparts Corp.).
