Technological advancements and rising demand from the aerospace industry are encouraging the growth of the Super Alloys market.
Market Size – USD 7.39 Billion in 2020, Market Growth - CAGR of 4.3%, Market Trends – Rising demand for lightweight and durable materials
The Super Alloys Market is forecast to reach USD 10.39 Billion by 2028, according to a new report by Reports and Data. Super Alloys are known by excellent surface durability, unique mechanical strength, and corrosion resistance. There is a considerable demand for these materials that is ideal for several manufacturing applications. However, there are some restricting factors of the market, such as high cost associated with manufacturing machining complexities.
The factors that are responsible for the growth of the global market are the demand for lightweight alloys to decrease aircraft weight, usage of super alloys aluminum alloys in jet engines, rise in air traffic, and high corrosion resistance.
The North American region is expected to account for the largest share of 35.3% of the market in 2020. The region is one of the significant contributors to the overall aircraft industry. Higher consumer spending, along with the growing age of commercial aircraft are among the key factors determining product penetration for the market. Conventional innovations for reducing weight, coupled with a high demand for fuel efficiency, will boost the overall product demand. Moreover, expanded defence spending in the U.S. will boost the market growth in North America.
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Top Companies: Precision Castparts Corporation, Aperam SA, AMG, Alcoa Inc., Allegheny Technologies Incorporated, Carpenter Technology, Haynes International Inc., Hitachi Metals Ltd., Outokumpu, Timken Company, and VSMPO-AVISMA Corporation
Further key findings from the report suggest:
The shifting inclination toward lightweight, cost-effective alternatives, strong component demand and processing performance will drive the industry growth.
By application, the market is segmented as commercial aircraft, military aircraft, business general aviation aircraft, and others.
The commercial aircraft segment is leading the overall market. The segment is valued at USD 3.64 Billion in 2020 and is estimated to have a CAGR of 4.3% during the forecast period.
The business and general aviation aircraft type is anticipated to witness the highest CAGR of 4.6% during the forecast period.
The large-scale production of these aircraft and an increase in air travel globally is the primary reason for the highest growth.
The super alloy product is anticipated to grow at the highest CAGR of 4.9% during the forecast period.
Super alloys, also recognized as high-performance alloys, are the type of alloys that show superior mechanical strength at high temperatures, excellent surface stability, and oxidation and corrosion resistance. They generally have an austenitic face-cantered cubic crystal structure with a base alloying element of cobalt, nickel, or nickel-iron.
The aerospace and power industries have primarily driven the development of super alloys.
Rising need for high lightweight and performance composites due to the security concerns and stringent laws will encourage the growth of the market.
The fixed-wing aircraft type is valued at USD 3.50 billion in 2020 and is estimated to have the highest CAGR of 4.5% during the forecast period. It is invented and developed mainly for travel purpose.
Fixed wing military aircrafts usually have a long life span, but they need to enhance continuously in terms of power, speed, ejection, and stealth mode.
The growth is accelerated by other factors also, such as territorial integrity, national security, and a sovereign state.
Various companies have adopted several strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
The Asia Pacific region, led by countries such as India, China, and Japan, is expected to witness the highest CAGR of 4.5% during the forecast period.
Growing demand for commercial aircraft along with the rising number of flights is anticipated to encourage market demand.
The growing population, coupled with technological advancement is the major factor influencing the overall market demand in this region.
Also, several governments promoting private investments in defense and civil aerospace sector will spur the industry growth.
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Market Segmentation:
Product Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Aluminum alloy
- Super alloy
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Commercial aircraft
- Military aircraft
- General aviation
- Others
Aircraft Type Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Fixed Wing
- Rotary Wing
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Super Alloys Market report:
- What is the expected market size of the global Super Alloys Market during the forecast period?
- What factors are expected to hamper global Super Alloys Market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Super Alloys Market?
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