Future Market Insights
Superalloys or high performance alloys are the metallic alloys that possess high strength, significant surface stability, corrosion resistance and creep resistance at high temperature. Superalloys are generally utilized in products and applications operating at high pressure, radiation, force and temperature under the impact of corrosive media. They have austenitic face-centered cubic (FCC) crystal with alloying element of cobalt, iron or nickel as a base. Presently, there is escalation in demand of superalloys due to its high-strength that can resist creeping and high temperature in various applications like aerospace and aircraft.
Superalloys are used in various application such as aerospace, oil and gas, industrial and gas turbine. Combustion chambers, shafts, blades of aircraft gas turbine, turbocharger and exhaust valve of reciprocating engines, bolts, fans and pumps of chemical and petrochemical industries, rocket engine parts of space vehicles, bolts, blades of steam turbine power plants are some of the prominent end-use products / applications where superalloys are extensively used. Furthermore, superalloys are widely used in automotive sector due to their capability to retain its strength at higher temperature. Additionally, due to their light weight, it helps in improving the fuel efficiency of automotive as well as aircraft. Superalloys can be nickel-based, iron-based and cobalt-based. Among these, the nickel based superalloys are highly preferred in aerospace sector as it can resist physical stress and extremely high temperatures, which in turn helps to maintain high surface stability. Industrial nickel-based superalloys contain alloying elements such as aluminum, chromium, titanium, tungsten, niobium, tantalum, cobalt etc. Some of the key players in the market are focused on development of cost effective light weight superalloys.
Superalloys Market: Market Dynamics
Increasing adoption of superalloys or high performance alloys in power and aerospace industry is expected to drive the growth of superalloys market over the forecast period. Moreover, increasing use of light weight components in automotive sector is also anticipated to upsurge the demand of superalloys across the globe. Additionally, excellent cryogenic temperature property, resistance to corrosion, oxidation resistant, high toughness and ductility are the properties of superalloys which are expected to fuel the demand of global superalloys market during the forecast period.
High cost of the alloy metals is one of the major factor which is anticipated to hamper the growth of superalloys market. Moreover, specialty machines are used to manufacture superalloys and high price of these machines is further expected to restrict the growth of superalloys market. Furthermore, lack of skilled labors coupled with complex process involved in maintaining these specialty machines is further anticipated to affect the positive growth of the global superalloys market in near future.
Superalloys Market: Segmentation
The global superalloys market can be segmented on the basis of base material and applications.
On the basis of base material, the global superalloys market can be segmented as:
On the basis of applications, the global superalloys market can be segmented as:
Superalloys Market: Region-Wise Outlook
During the forecast period, North America is expected to witness rich growth in superalloys market due to increased utilization of aircraft and prominent growth in aerospace industry in this region. Asia Pacific, in particulars, is estimated to witness growth in superalloys market owing to growth in automotive industries and existence of developing economics. Japan is anticipated to grow at a significant CAGR during the forecast period due to growing automotive industry and related industry in these region. Middle East and Africa is projected to support the growth of superalloys market due to rapid industrialization in upcoming years.
Superalloys Market: Market Participants
Some of the market participants identified across the value chain of the global superalloys market include:
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