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Aerospace Superalloys Market to exceed $3 Bn by 2027
- Published Date: February 22, 2021
Aerospace Superalloys Market size to exceed USD 3 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing aerospace Maintenance, Repair, and Overhaul (MRO) activities owing to the replacement of aging aircraft coupled with rising air freight and air travel demand across the globe will primarily drive the growth of superalloys in the aerospace sector. Air travel and air freight demand in the emerging economies of India, China and South Korea have grown exponentially over recent years. Demand is due to increasing population and rise in middle-class income across the region.
Cobalt-based aerospace superalloys market volume is anticipated to grow at around 9% from 2021 to 2027 propelled by its application in various aircraft gas turbine components, which mainly include combustors, afterburner, disks, bolts, cases, shafts, vanes, and blades. Higher melting point, weldability, and superior resistance to thermal fatigue & corrosion compared to iron or nickel-based alloys will further drive demand for various applications in the sector.
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Rising air freight and air travel activities to support market growth
The usage of aerospace superalloys in commercial and cargo aircraft applications will account for around 60% of the aerospace superalloys market share by 2027. The extensive use of the product to make turbine blades, discs, and other critical engine components are fueling the segment growth. Furthermore, increasing air freight and air travel activities globally owing to rising middle-class income and growing consumer spending toward air travel will have an opportunistic line for product demand.
Browse key industry insights spread across 130 pages with 144 market data tables & 18 figures & charts from the report, “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” in detail along with the table of contents:
Proliferating demand in North America will surge product penetration
North America is projected to observe above 7.5% CAGR through 2027 owing to the growth in military manufacturing will have a positive impact on the regional market. Rising government expenditure in the developing aerospace industry will also induce significant growth across the region. In 2019, the U.S. aerospace and defense industry generated around USD 150 billion from exports across the globe. Additionally, the U.S. aerospace industry also received a Foreign Direct Investment (FDI) of around USD 22 billion in 2018. The presence of a large number of aircraft manufacturers and MRO service providers will drive the market growth.
Product innovation to enhance competition in the industry
Prominent manufacturers in the aerospace superalloys market 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).
Industry players are focusing on product innovation to attain a competitive edge in the market. For instance, in July 2020, VDM Metals launched Super Alloy N10675. The nickel-molybdenum superalloy provides high resistance against corrosion, hydrochloric acid, and other reducing media in a wide range of temperatures and concentrations, which makes it suitable for high-speed and high-friction applications that generate heat.