Superalloys Market Size
The Global Superalloys Market reached USD 6.5 billion in 2022 and is expected to reach USD 11.3 billion by 2031, growing with a CAGR of 7.9% during the forecast period 2024-2031.
The Global Superalloys Market has witnessed remarkably positive market trends in recent years, driven by factors such as the expanding aerospace and power generation industries and the increasing demand for high-performance materials. Superalloys can operate under extreme temperature, pressure, and mechanical stress conditions.
Such alloys exhibit excellent mechanical strength, creep resistance, corrosion resistance, and thermal stability, making them ideal for critical applications in aerospace, power generation, and automotive sectors. Further, with advancements in metallurgy and manufacturing techniques, the demand for superalloys is expected to witness major market opportunities.
Asia-Pacific is the largest region in the global superalloys market, covering almost 1/3rd of the market share due to its high mineral reserves and expanding end-user verticals such as automotive and aerospace industries. The region also has witnessed a surge in market opportunities and participation in superalloys due to the expansion of power requirements and generation. Further, the iron-based superalloys segment dominates the material segment in the global superalloys market, occupying almost 2/3rd of the market share. The respective fact is mainly due to its heavy utilization in the automotive and aerospace sectors.
Market Summary
| Metrics | Details |
| CAGR | 7.9% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Material, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Material Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Advancements in Additive Manufacturing
Superalloys are high-performance alloys that exhibit exceptional mechanical strength, resistance to corrosion, and heat resistance. The aforementioned properties make them indispensable in critical applications across aerospace, energy, and automotive industries. The Global Superalloys Market has experienced substantial growth in recent years, driven by several key factors. One of the major drivers of the Global Super Alloys Market is the advancements in additive manufacturing.
Additive manufacturing, or 3D printing, is revolutionizing the production of complex components, including those made from superalloys. The respective technology enables the creation of intricate designs with enhanced performance and reduced material waste. Government support and investments in additive manufacturing research and development are accelerating its adoption across industries. For example, the U.S. National Science Foundation (NSF) allocated USD 60 million in grants for advanced manufacturing research in 2020. The growth of additive manufacturing is expected to drive the demand for superalloys, further boosting the global market.
Rising Energy Demand and the Paradigm Shift towards Renewable Energy
The energy sector, particularly power generation, heavily relies on gas turbine systems that require superalloys for their high-temperature applications. With the increasing global energy demand, driven by population growth and industrialization, governments worldwide are investing in the expansion of power generation capacity.
For instance, the U.S. Energy Information Administration (EIA) reported that global electricity consumption is projected to grow by 1.9% per year from 2020 to 2050. The respective escalation in demand for energy is expected to drive the utilization of superalloys in gas turbines, contributing to the growth of the superalloys market.
Further, the global transition towards cleaner and sustainable energy sources, such as wind and solar power, presents new opportunities for the superalloys market. Superalloys are crucial in the manufacturing of components used in wind turbines, such as turbine blades and generator systems.
The Global Wind Energy Council (GWEC) reported that global installed wind capacity reached 743 gigawatts (GW) by the end of 2021, reflecting an increase of 53 GW from 2020. The growth in the renewable energy sector also plays a major role in driving the demand for superalloys, reinforcing the Global Superalloys Market..
Volatility in Raw Material Prices
Superalloys are high-performance materials designed to withstand extreme temperatures, stress, and corrosion. They find extensive applications in industries such as aerospace, energy, automotive, and defense. The global superalloys market has witnessed significant growth in recent years, driven by increasing demand from various end-use sectors. However, the market also faces several restraints that can hinder its growth potential.
One of the key restraints in the superalloys market is the volatility in raw material prices, particularly the prices of nickel, cobalt, and chromium. The respective metals are crucial components in the production of superalloys. According to the United States Geological Survey (USGS), the average price of nickel increased by 18% from 2020 to 2021. Fluctuating prices make it challenging for manufacturers to predict costs accurately, impacting their profitability and pricing strategies.
Market Segmentation Analysis
The Global Superalloys Market is segmented based on material, application, and region.
Increasing Demand in Aerospace Industry and Growth in Power Generation
Iron-based superalloys offer a combination of strength, heat resistance, and durability required for components such as turbine blades and discs in jet engines. The aerospace industry is a major consumer of superalloys, including iron-based alloys, due to the need for materials that can withstand extreme conditions.
According to data from the Federal Aviation Administration (FAA), global air passenger traffic is expected to grow at an average annual rate of 4.1% from 2020 to 2039. The respective growth, coupled with the increasing demand for fuel-efficient aircraft and advanced engines, is driving the need for high-performance materials like iron-based superalloys.
Further, the power generation sector, particularly gas turbines, relies on superalloys to withstand high temperatures and pressures. Iron-based superalloys have gained traction in this industry due to their cost-effectiveness and performance characteristics.
According to the International Energy Agency (IEA), the global electricity demand is projected to increase by 2.1% per year from 2020 to 2040. As the demand for electricity rises, there is a growing need for efficient and reliable power generation systems, leading to the increased adoption of iron-based superalloys in gas turbines for improved efficiency and extended operational life.
Market Geographical Share
Robust Industrialization and Growing Investments in Aerospace and Defense
Superalloys are high-performance alloys known for their exceptional mechanical strength, corrosion resistance, and thermal stability, making them essential materials in aerospace, energy, and automotive industries. The Asia-Pacific region has emerged as a dominant player in the global superalloys market, driven by various factors such as robust industrialization, increasing investment in aerospace and defense sectors, and growing demand for energy.
Asia-Pacific's rapid industrialization, particularly in countries such as China and India, has fueled the demand for superalloys. According to the World Bank, Asia accounted for 43.8% of global manufacturing value-added in 2020. The respective industrial growth has resulted in increased demand for superalloys in sectors such as power generation, oil and gas, and automotive, propelling the region's dominance in the global market.
Further, Asia-Pacific has witnessed significant investments in the aerospace and defense sectors, driving the demand for superalloys. Countries such as China, India, and Japan are expanding their aerospace capabilities and increasing defense spending. For instance, the Stockholm International Peace Research Institute (SIPRI) reported that China's military expenditure increased by 76% between 2011 and 2020. The respective market trend highlights the rising demand for superalloys for critical applications in aircraft engines, gas turbines, and defense equipment, contributing to the region's dominance in the global market.
Major Key players
The major global players include IHI Corporation, HAYNES INTERNATIONAL, Allegheny Technologies Incorporated (ATI), CRS Holdings Inc., Doncasters, Aviva Metals, Cannon-Muskegon, Mikron Tool SA, AMG Advanced Metallurgical Group and UNIVERSAL STAINLESS.
COVID-19 Impact on Market
The outbreak of the COVID-19 pandemic in late 2019 has significantly disrupted global economies and industries, including the superalloys market. The pandemic caused disruptions across global supply chains due to lockdowns, travel restrictions, and temporary closures of manufacturing facilities. Superalloys are complex materials that require specialized manufacturing processes, including alloying, melting, and precision machining.
The disruptions in the supply chain led to a shortage of raw materials, delayed production, and increased lead times. Companies faced challenges in sourcing critical alloying elements and securing reliable transportation, impacting the overall production capacity and delivery timelines.
The aerospace industry, a major consumer of superalloys, experienced a significant decline in demand due to travel restrictions and reduced air travel during the pandemic. The closure of borders, grounding of flights, and financial constraints faced by airlines resulted in a decrease in new aircraft orders and maintenance activities.
The respective decline in aerospace demand directly impacted the superalloys market, leading to reduced orders and revenue for superalloy manufacturers. Nonetheless, as economies recover and industries rebound, the superalloys market is expected to regain momentum, driven by the demand for high-performance materials in critical sectors.
Russia- Ukraine War Impact
The ongoing conflict between Russia and Ukraine has far-reaching consequences across various sectors, and the global superalloys market is no exception. Superalloys, known for their exceptional strength, resistance to high temperatures, and corrosion resistance, are widely used in critical industries such as aerospace, energy, and automotive.
With both Russia and Ukraine being significant players in the superalloys market, the war between the two nations has created significant disruptions and uncertainties. Russia and Ukraine are major producers of key raw materials for superalloys, such as nickel, chromium, and cobalt. The conflict has led to disruptions in the supply of these critical inputs, resulting in a shortage of raw materials for superalloy production globally.
Further, the Russia-Ukraine war has introduced geopolitical uncertainties, affecting business confidence and investment decisions in the superalloys market. The tense relationship between the two countries, coupled with the potential for further escalations, has created a volatile environment. Such uncertainty has made market participants cautious, leading to a decline in investment in the superalloys sector and a slowdown in the development of new projects and technologies. The conflict between Russia and Ukraine also has disrupted this equilibrium, causing fluctuations in both supply and demand patterns.
By Material
- Iron-based Superalloys
- Nickel-based Superalloys
- Cobalt-based Superalloys
By Application
- Aerospace
- Oil and gas
- Automotive
- Power Generation
- Electronics
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- AMETEK Specialty Metal Products (SMP) is set to present its extensive collection of precision metal tubes, strips, powders, and thermal management materials during the Space Tech Expo Europe, scheduled for November 9, 2022.
- Hyperion Materials & Technologies, a prominent materials science company specializing in the development of hard and super-hard materials across various industries, unveiled its latest product offering on March 10, 2022. The company introduced grade AM110 tungsten carbide rod blanks, specifically designed for exceptional performance in machining superalloys like INCONEL.
- Velo3D, Inc., a renowned company specializing in metal additive manufacturing technology for critical parts, achieved a significant milestone on January 06, 2022. The company successfully qualified the nickel-based superalloy powder Amperprint 0233 Haynes 282, manufactured by Höganäs AB, for utilization in its advanced Sapphire series of 3D printers. This particular powder offers exceptional attributes such as high creep strength, thermal stability, weldability, and fabricability, setting it apart from other alloys commonly available in the market.
Why Purchase the Report?
- To visualize the Global Superalloys Market segmentation based on material, application and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of superalloys market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Superalloys Market Report Would Provide Approximately 53 Tables, 50 Figures And 193 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
