Global superalloys market size was valued at $6.2 billion in 2019 and is anticipated to generate $12.0 billion by 2027. The market is projected to experience growth at a CAGR of 8.6% from 2020 to 2027.
Superalloys are referred to as high-temperature alloys, as they maintain their strength and toughness at elevated temperature. These alloys possess properties such as high mechanical strength, creep resistance, significant surface stability, and corrosion & oxidation resistance at high temperature. They are used in range of applications such as petrochemical processing, power plants, and oil & gas industries. They are majorly applicable in commercial & military jet engines, auxiliary power units, power turbines, defense systems, locomotive engines, and others.
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The key players operating in the superalloys market: Allegheny Technologies Incorporate (ATI), Arconic, Inc., Beijing International Aeronautical Materials Corporation (BIAM), Carpenter Technology Corporation, Chromalloy Gas Turbine LLC (Chromalloy), Doncasters Group, Forged Solutions Group (Firth Rixson), Haynes International, Inc., Hitchiner Manufacturing Co., Inc., Howmet Aerospace, Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI), Treibacher Industrie AG, Cannon Muskegon, Western Australian Specialty Alloys (WASA) & more.
Rise in utilization of superalloys in the aviation and automotive industries acts as contributing factor toward the growth of the superalloys market. Superalloys facilitate improved operating efficiency and reduced environmental emissions, which lead to increase in use of these alloys in gas turbines and oil & gas equipment. The properties such as high-strength, ability to withstand high temperature, and resist creeping also acts as driving factor for the superalloys market growth. However, the high cost of base materials used for developing the superalloys restrains the market growth. Meanwhile, surging demand from emerging economies, owing to increased aerospace and manufacturing activities may offer lucrative opportunities for the growth of the superalloys industry.
