Superalloys Market Forecast 2023 - 2030

Report ID : CBI_1124 |  Category : Machinery and Equipment   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Material Nickel-based, Iron-Based, Cobalt-Based
By Application Automotive, Aerospace & Defense, Oil & Gas, and Industrial
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 8.7%
Forecast Year: 2023 - 2030
Revenue 2022: $6,351.87 Mn
Revenue 2030: $12,085.48 Mn

Superalloys Market Forecast 2023 - 2030

Market Overview :

Superalloys Market is estimated to reach over USD 12,085.48 Million by 2030 from a value of USD 6,351.87 Million in 2022, growing at a CAGR of 8.7% from 2023 to 2030.

Market Definition :

Superalloys are a class of high-performance alloys that exhibit excellent mechanical strength, corrosion resistance, and thermal stability at high temperatures. Superalloys have the ability to maintain their structural integrity at temperatures above 540 °C (1000 °F). Moreover, superalloys possess oxidation and corrosion resistance properties due to the formation of a protective oxide layer that encapsulates the material, thereby providing protection to the devices. Consequently, superalloys are extensively used in gas turbine engines, nuclear reactors, and chemical processing applications.

Superalloys Market :

Superalloys Market

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Market Dynamics :

Superalloys Market Dynamics

Drivers :

  • Increasing demand for superalloys from aerospace & defense industry is driving the market growth

    The rising demand for superalloys in aerospace & defense industry for the construction of aircraft engines, gas turbines, and other critical components is driving the growth of the market. The aforementioned components operate at extremely high temperatures and require materials that withstand thermal stress, oxidation, and corrosion. Thus, superalloys provide necessary mechanical strength, heat resistance, and durability to ensure reliable and efficient engine performance. For instance, in April 2023, NASA introduced 3D printable high-temperature superalloy called GRX-810 to build parts of aircraft and spacecraft to withstand high-temperature applications. Consequently, the increasing demand for high-performance engines in aerospace & defense industry is accelerating the growth of the market.

  • Increasing adoption of superalloys in power generation applications is propelling the market growth

    The application of superalloys in gas turbine power plants for power generation is propelling the growth of the market. Superalloys play a crucial role in turbine blades and vanes that operate at extremely high temperatures. Moreover, superalloys are used for the construction of combustion chambers that are exposed to hot gases and chemical reactions. Superalloys including nickel-based alloys are essential in power generation applications due to their corrosion resistance and high temperature resistance properties. For instance, in February 2023, National Technology and Engineering Solutions of Sandia, LLC revealed a high-performance metal alloy using 3-D printer that enables power plants to generate more electricity with minimal carbon production. Therefore, the increasing demand for electricity among consumers is driving the growth of superalloys market.

Restraint :

  • High cost of superalloys is hindering the market growth

    Superalloys are quite expensive in comparison to conventional alloys due to the complex composition and the use of rare and expensive alloying elements. Superalloys including cobalt-based alloys are expensive in comparison to the nickel-based alloys due to the limited availability of the base element. Moreover, the complex manufacturing processes of superalloys are further adding to the overall cost of superalloys, thereby restraining the growth of the market.

Opportunities :

  • Application of superalloys in 3D printing is expected to present growth opportunities for the market

    The application of superalloys in advanced manufacturing techniques including 3D printing is expected to present potential opportunities for the growth of the market during the forecast period. 3D printing with superalloys enables fabrication of complex geometries and the production of high-performance components for aerospace and industrial applications. Moreover, 3D printing with superalloys is expected to reduce material waste during the production process. Consequently, the application of superalloys in 3D printing is expected to drive market growth during the forecast period.

  • Adoption of superalloys for medical implants is expected to present growth opportunities

    The application of superalloys for medical implants including orthopedic and dental implants is expected to create growth opportunities for superalloys market during the forecast period. Superalloys provides a combination of strength, ductility, durability, and biological safety that is well-suited for biomedical applications. Consequently, the adoption of superalloys including nickel-based alloys for clinical applications is expected to drive the market growth during the forecast period.

 

Superalloys Market Report Coverage:

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 12,085.48 Million
CAGR (2023-2030) 8.7%
By Material Nickel-based, Iron-Based, Cobalt-Based
By Application Automotive, Aerospace & Defense, Oil & Gas, and Industrial
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Key Players Aubert & Duva, Precision Castparts Corp, VSMPO-AVISMA, Advanced Metallurgical Group, SuperAlloy Industrial Company, Doncasters, Haynes International, Special Metals Corporation, Aperam, Carpenter Technology, AMG Superalloys

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Market Segmentation :

By Material :

Based on the material, the market is trifurcated into nickel-based, iron-based, cobalt-based. Nickel-based segment accounted for the largest revenue share of 46.5% in the year 2022. The exceptionally high mechanical strength, corrosion resistance, and thermal stability of nickel-based superalloys is contributing to the growth of the market. Nickel-based superalloys consists of nickel as the primary element along with other elements such as chromium, molybdenum, and aluminum. For instance, in April 2023, Elementum 3D revealed new additive manufacturing parameters for enhanced nickel superalloy called IN625-RAM2 by developing 100 µm and 80 µm layer parameters to boost production capacity and reduce the build cost of components. Subsequently, the application of nickel-based superalloys in turbine blades, exhaust fans, turbochargers and other components is driving the growth of the market.

The cobalt-based segment is anticipated to witness the fastest CAGR growth during the forecast period. Superalloys based on cobalt are more stable and possess high mechanical strength. Moreover, cobalt-based superalloys exhibit high sulfidation resistance properties in comparison to nickel-based alloys. Consequently, the application of cobalt-based superalloys in rocket motors, nuclear reactors, and power plants is propelling the growth of the market.

Global Superalloys Market, By Material, 2022

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By Application:

Based on the application, the market is separated into automotive, aerospace & defense, oil & gas, and industrial. The aerospace & defense sector accounted for the largest revenue share in the year 2022. Superalloys play a crucial role in gas turbine engines in both commercial and military aircraft. Superalloys are employed in turbine blades, vanes, and combustors providing extremely high strength and corrosion resistance. Moreover, the ability of superalloys to enable engines to operate at high temperatures and withstand harsh environments is contributing to the growth of the market.

The industrial sector is anticipated to emerge as the fastest-growing segment during the forecast period. The increasing demand for electricity among consumers is driving the growth of superalloys market. Superalloys are utilized in electricity generation due to the excellent properties of superalloys. Moreover, the application of superalloys in chemical processing applications is propelling the growth of the market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
Asia Pacific Superalloys Market Size, 2022 (USD Million)

Regional Growth Insights

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North America accounted for the largest revenue share in the year 2022. The increasing adoption of superalloys for the generation of electricity is driving the growth of the market. Superalloys play a crucial role in wind turbines for efficient generation of electricity. Moreover, government of United States is implementing significant investments in aerospace & defense sector for manufacturing for various parts using advanced technologies.

Asia-Pacific accounted for the largest revenue share of USD 2,007.19 million in 2022 and is expected to reach USD 3,889.11 million in 2030, registering a CAGR of 9.0% during the forecast period. Additionally, in the region, China accounted for the largest revenue share of 27.60% in the year 2022. The wide availability of raw materials including nickel, cobalt, and iron in Asia-Pacific region is driving the growth of the market. For instance, in January 2023, China accounted for 2,100,000 metric tons of nickel reserves in manganese crusts and nodules on the ocean floor. Moreover, the growing manufacturing industry in countries such as India, China, and Japan are driving the demand for high-performance alloys for the production of automotive parts, aircraft components, and industrial power plants. For instance, in April 2021, Defence Research and Development Organization (DRDO) developed single crystal blades using a nickel-based super alloy as a part of helicopter development program. Furthermore, the high rate of energy consumption in Asia-Pacific region is driving the demand for efficient superalloys, resulting in the market growth.

Asia Pacific Superalloys Market, By Countries (2022)

Details Countries Growth Insights

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Superalloys Market Competitive Landscape:

The Superalloys market is characterized by the presence of major players offering high performance superalloys with excellent properties. Key players are adopting various business strategies such as product innovation, research, and development (R&D), and application launches to accelerate the growth of the superalloys market. Key players in the market include -

Recent Developments :

  • In June 2020, Protolabs launched new cobalt chrome superalloy 3D printing material for its metal laser sintering process in oil & gas industry due to its heat, wear, and corrosion resistant properties.
  • In October 2021, BEAMIT group developed printing process for new René 80-RAM1 featuring high melting point and excellent oxidation resistance at high temperatures.
 

Frequently Asked Question

What are Superalloys?+

Superalloys are the high-performance alloys that possess high mechanical properties at high temperatures. Superalloys are widely used in aerospace & defense and industrial applications.

What specific segmentation details are covered in the superalloys report, and how is the dominating segment impacting the market growth?+

By material segment has witnessed nickel-based as the dominating segment in the year 2022, due to the high mechanical strength, corrosion resistance, and thermal stability of nickel-based superalloys.

What specific segmentation details are covered in the superalloys market report, and how is the fastest segment anticipated to impact the market growth?+

By application segment has witnessed aerospace & defense as the fastest-growing segment during the forecast period due to its ability to operate at high temperaturess and withstand harsh environments.

Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030? +

Asia-Pacific is expected to register fastest CAGR growth during the forecast period due to the large manufacturing base in Asia-Pacific region.