Superalloys Market Forecast 2023 - 2030

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.

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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.

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.