Aerospace Superalloys Market Size & Share 2021 to 2027
Market Size by Product (Nickel-based, Iron-based, Cobalt-based), by Application (Commercial & Cargo, Business, Military, Rotary), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI2449
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Published Date: February 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Aerospace Superalloys Market Size
Aerospace Superalloys Market size valued at USD 1.98 billion in 2020 and will grow at a CAGR of 9.2% from 2021 to 2027. Increasing product demand for aerodynamically heated skins along with maintenance, repair, and overhaul operations of various turbine & engine components, such as disks, bolts, shafts, cases, blades, and vanes, to prolong the system life cycle will primarily drive superalloys penetration in the aerospace industry.
Superalloys include, high-performance alloys, formed using two-phase heat treatment, which can be achieved through vacuum induction melting, investment casting, powder metallurgy, and secondary melting such as vacuum arc re-melting/electro slag re-melting. Several key characteristics of these alloys include superior mechanical strength and creep resistance at high temperatures, good surface stability, and resistance to corrosion or oxidation, which makes them primarily suitable for aerospace and power industries applications.
Radical improvements in advanced avionics with impressive component designs to prolong the system life cycle by reducing structure fault capabilities will provide an opportunistic line for product demand in the sector. Moreover, rapidly aging fleets in the developed markets will further support product demand for technologically advanced fuel-efficient next-generation aircraft to replace older fleets.
Volatile raw material prices coupled with an extended period of low fuel prices will encourage aircraft operators to accept the substitutes of high fuel consuming aircraft without incurring higher operations costs, hampering market growth in the near term. Nevertheless, a positive outlook for aerospace & defense manufacturing and increasing competencies among global manufacturers to improve efficiency and effectiveness of the aircraft will catalyze aerospace superalloys industry growth.
Aerospace Superalloys Market Analysis
Nickel-based superalloys are characterized by a significant amount of nickel in the material, which is based on the properties that need to emerge from the alloy. Nickel-based superalloys are likely to account for around 75% of the aerospace superalloys market share in 2027 owing to their wide usage in the production of engine parts and accessories for aircraft & aerospace equipment. Nickel-based superalloys provide exceptional strength and resistance to high-temperature & corrosion, which make them suitable for high-speed and high-friction applications that generate heat.
High growth in the aerospace & defense industry along with the increasing production of commercial & cargo aircraft will propel the growth of nickel-based superalloys in the industry.
The aerospace superalloys market from military applications will generate over USD 400 million in 2020. Increasing demand for manufacturing aerodynamically heated skins, engine parts, and other accessories that include combustors, afterburners, shafts, blades are poised to fuel the market revenue.
Growing territorial claims and cross-border tension across the globe will primarily boost the demand for military aircraft equipment manufacturing. Thereby, both developed and developing countries have successively increased their spending on defense modernization with shifting focus toward advanced next-generation aircraft. In April 2020, the German defense minister, Annegret Kramp-Karrenbauer stated that the country will order 45 fighter aircraft from Boeing Co. to replace Luftwaffe’s aging Tornado jets. The order will include 15 EA-18G Growlers and 30 F/A-18 Super Hornets.
Asia Pacific predominantly strengthened by the demand from Japan and China will witness over 9.5% CAGR from 2021 to 2027. The global aerospace manufacturing industry shift toward the emerging economies of China, India, South Korea, and Southeast Asia will signify high aerospace superalloys demand in the region. In 2020, Commercial Aircraft Corporation of China, Ltd. (COMAC) delivered the second ARJ21 aircraft to Air China.
The fast-developing military equipment industry in India will further spur the aerospace superalloys market through 2027. In 2020, Hindustan Aeronautics Ltd. (HAL) stated that its underway manufacturing programs include the production of LCA, SU-30 MKI & DO-228 aircraft, in addition to ALH-Dhruv, Cheetal, Chetak & LCH Helicopters. Moreover, various Repair Overhaul (ROH) programs are being carried out at present to upgrade Jaguar, Mirage, Kiran, AN-32, HS-748, MiG 21, Hawk, Su-30 MKI, etc., which will provide an opportunistic line for product demand in the region.
Aerospace Superalloys Market Share
Aerospace superalloys manufacturers are constantly investing in geographic expansion through joint ventures, partnerships, and mergers & acquisitions to attain a competitive edge in the Industry. In November 2019, Aperam S.A. entered into a joint venture with Tekna to create an innovative venture in nickel and specialty alloy spherical powder. The joint venture will not only increase its geographic presence but will also foster innovation in the regional market.
The key aerospace superalloys market participants include :
This market research report on aerospace superalloys includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo tons and revenue in USD Million from 2017 to 2027 for the following segments:
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Market, By Product
Nickel-based
Market, By Application
Commercial & Cargo
The above information is provided on a regional and country basis for the following:
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