Aerospace Superalloys 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, 2021 – 2027

Published Date: Feb 2021  |  Report ID: GMI2449  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 130   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

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.
 

Aerospace Superalloys Market

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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.
 

Exceptional strength and corrosion resistance to fuel nickel-based superalloys demand

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.
 

Aerospace Superalloys Market Report Coverage
Report Coverage Details
Base Year: 2020 Market Size in 2020: 1986 Billion (USD)
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2027
Forecast Period 2021 to 2027 CAGR: 9.2% 2027 Value Projection: 3.46 Billion (USD)
Pages: 130 Tables, Charts & Figures: 162
Geographies covered (18): U.S., Canada, France, Germany, Russia, UK, Italy, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, UAE, Israel
Segments covered: Product, Application, and Region
Companies covered (10): Allegheny Technologies Incorporate (ATI), VDM Metals GmbH., Arconic, Inc., Carpenter Technology Corporation, Doncasters Group, Haynes International, Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI), Hitachi Metals, and BaoSteel.
Growth Drivers:
  • Rising air travel demand in the emerging economies
  • Increasing aircraft MRO activities around the world
  • Rising expenditure towards aerospace and defense sector
Pitfalls & Challenges:
  • Fluctuating raw material prices

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Expenditure on defense modernization to drive growth in military applications

Aerospace Superalloys Market Size

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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.
 

Rising aerospace manufacturing activities to augment growth across Asia Pacific

Aerospace Superalloys Market Share

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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.
 

Joint ventures, partnerships, and acquisitions to propel competition in the industry

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 Allegheny Technologies Incorporate (ATI), VDM Metals GmbH, Arconic, Inc., Carpenter Technology Corporation, Doncasters Group, Haynes International, Inc., IHI Corporation (IMM), and Mishra Dhatu Nigam Limited (MIDHANI).
 

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:
 

Market, By Product

  • Nickel-based
  • Iron-based
  • Cobalt-based

Market, By Application

  • Commercial & Cargo
  • Business
  • Military
  • Rotary

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
       

Frequently Asked Questions (FAQ) :

Aerospace superalloys market size was recorded at USD 1.98 billion in 2020 and will expand at 9.2% CAGR through 2027.
Nickel-based aerospace superalloys segment is set to account for 75% of the overall industry share owing to their brilliant strength and corrosion resistance.
The industry was valued at more than USD 400 million in 2020 from military applications owing to the soaring demand for engine parts, manufacturing aerodynamically heated skins and various other accessories.
Asia Pacific market revenue is set to grow at a CAGR of more than 9.5% through 2027 driven by the surging manufacturing industry.

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Premium Report Details

  • Published Date: Feb 2021
  • Pages: 130
  • Tables: 144
  • Charts / Figures: 18
  • Companies covered: 10
  • Countries covered: 18

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