Superalloys Market is Slated to Evolve at a Phenomenal 9% CAGR through 2031 | SkyQuest Technology
The global superalloys market is witnessing significant growth due to the increasing demand for high-performance materials in various industries such as aerospace, automotive, and power generation.
Westford, USA, Dec. 02, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Superalloys Market Size will attain a value of USD 13.47 billion by 2031, with a CAGR of 9% over the forecast period (2024-2031). Rising demand for lightweight and high-performance components in aerospace and automotive industries is slated to drive superalloys market growth over the coming years. Increasing use of superalloys in the power generation industry is also slated to present new business scope for superalloy providers going forward.
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Browse in-depth TOC on “Superalloys Market”
- Pages – 184
- Tables – 89
- Figures – 76
Superalloys Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 6.76 Billion |
| Estimated Value by 2031 | $ 13.47 Billion |
| Growth Rate | Poised to grow at a CAGR of 9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing demand for lightweight and high-performance components |
| Key Market Opportunities | Integration with additive manufacturing technologies |
| Key Market Drivers | Rising use of superalloys in power generation applications |
Superalloys Market Segmental Analysis
Global Superalloys Market is segmented by material, application, and region.
Based on material, the market can be segmented into nickel-based superalloys, cobalt-based superalloys, and iron-based superalloys.
Based on application, the market is segmented into turbine engines, chemical processing, and medical.
Based on product form, the market can be segmented into wrought superalloys, and cast superalloys.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
High Corrosion Resistance Allows Nickel-based Superalloys to Hold Sway Over Market Development
Nickel-based superalloys are estimated to bring in the most revenue for any superalloy supplier owing to the high mechanical strength and corrosion resistance offered by these products. Rapidly expanding application scope of nickel-based superalloys across multiple industry verticals ranging from marine to aerospace are also expected to bolster the high superalloys market share of this segment.
Exceptional Biocompatibility of Superalloys is Making Them Highly Popular in Medical Applications
Growing demand for advanced materials for medical devices and medical implants is allowing the medical application segment to emerge as highly opportune for superalloy providers. High biocompatibility, strength, and corrosion resistance offered by superalloys are also expected to make this the fastest-expanding application segment in the long run.
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Presence of Aerospace and Automotive Manufacturers Allows North America to Lead Market Growth
North America is home to some leading aerospace and automotive companies such as Boeing, General Motors, Tesla, and Lockheed Martin. The presence of these companies and growing investments in the development of novel material technologies are also cementing the dominance of North America. The United States and Canada are slated to be the top markets for superalloy companies operating in this region as per this superalloys market forecast.
Superalloys Market Insights:
Drivers
- High demand for lightweight components in aerospace and automotive industry verticals
- Rising use in power generation applications
- Emphasis on improving industrial component efficiency
Restraints
- High costs of production
- Fluctuations in raw material pricing and availability
- Environmental concerns regarding mining of raw materials
Prominent Players in Superalloys Market
- Precision Castparts Corp. (US)
- ATI (Allegheny Technologies Incorporated) (US)
- Haynes International Inc. (US)
- Carpenter Technology Corporation (US)
- VDM Metals GmbH (Germany)
- Special Metals Corporation (US)
- AMG Superalloys UK Limited (UK)
- Aperam Alloys Imphy (France)
- Nippon Yakin Kogyo Co., Ltd. (Japan)
- Doncasters Group Ltd. (UK)
- Nippon Steel Corporation (Japan)
- Thyssenkrupp AG (Germany)
- Voestalpine AG (Austria)
- Hitachi Metals, Ltd. (Japan)
- Haynes International, Inc. (US)
- Universal Stainless & Alloy Products, Inc. (US)
- Alcoa Corporation (US)
- Kobe Steel, Ltd. (Japan)
- Allegheny Technologies Incorporated (US)
- Rolled Alloys, Inc. (US)
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Key Questions Answered in Superalloys Market Report
- What drives the demand for superalloys?
- Which region leads the global superalloys market forecast?
- What restraints are expected to trouble companies?
- Which segment brings in the most revenue as per the superalloys market analysis?
This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of superalloys market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the superalloys market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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