Global Superalloys Market

Global Superalloys Market Size, Share, Growth Analysis, By Material(Nickel-Based Superalloys, Cobalt-Based Superalloys), By Application(Turbine Engines, Chemical Processing), By Product Form(Wrought Superalloys, and Cast Superalloys) - Industry Forecast 2023-2030


Report ID: SQMIG15J2038 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 89 | Figures: 76

Global Superalloys Market Insights

Global Superalloys Market size was valued at USD 6.20 Billion in 2022 and is poised to grow from USD 6.76 Billion in 2023 to USD 13.47 Billion by 2031, at a CAGR of 9.00% during the forecast period (2024-2031).

The global superalloys market is witnessing significant growth due to the increasing demand for high-performance materials in various industries such as aerospace, automotive, and power generation. Superalloys are a class of high-strength, heat-resistant alloys that exhibit excellent mechanical strength, corrosion resistance, and thermal stability at elevated temperatures. One of the key factors driving the market growth is the growing aviation industry, which requires superalloys for the manufacturing of gas turbine engines and other critical components.

Additionally, the rising demand for lightweight and fuel-efficient aircraft is further boosting the demand for superalloys. In the automotive sector, superalloys are used in the production of turbochargers, exhaust valves, and other engine components that require high-temperature resistance and superior mechanical properties. The increasing focus on reducing emissions and improving fuel efficiency is driving the adoption of superalloys in the automotive industry. Moreover, the power generation sector is another significant consumer of superalloys. Superalloys are utilized in gas turbines and nuclear power plants, where they can withstand extreme temperatures and corrosive environments. Geographically, North America dominated the global superalloys market, primarily due to the presence of major aerospace and automotive manufacturers in these regions. However, emerging economies in Asia Pacific, such as China and India, are witnessing rapid industrialization and urbanization, leading to increased demand for superalloys.

US Superalloys Market is poised to grow at sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 6.20 Billion

Largest Segment

Turbine Engines

Fastest Growth

Turbine Engines

Growth Rate

9.00% CAGR

Global Superalloys Market ($ Bn)
Country Share for North America Region (%)
Global Superalloys Market By Application ($ Bn)
Global Superalloys Market By Application (%)

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Global Superalloys Market Segmental Analysis

Global Superalloys Market is segmented by material, application, and region. Based on material, the market can be segmented into nickel-based superalloys, cobalt-based superalloys, and iron-based superalloys. Based on application, the market is segmented into turbine engines, chemical processing, and medical. Based on product form, the market can be segmented into wrought superalloys, and cast superalloys. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Superalloys Market Analysis by Material

By material, the market can be segmented into nickel-based superalloys, cobalt-based superalloys, and iron-based superalloys. Nickel-based superalloys dominated the market due to their exceptional combination of high-temperature strength, corrosion resistance, and excellent mechanical properties. These alloys have a wide range of applications across various industries, including aerospace, gas turbines, and automotive. In the aerospace industry, nickel-based superalloys are extensively used in the manufacturing of turbine blades, combustors, and other critical components. The increasing demand for lightweight, fuel-efficient aircraft with enhanced performance has propelled the growth of this segment. Additionally, the rising air travel and defense expenditures worldwide contribute to the dominance of nickel-based superalloys in this sector.

Cobalt-based superalloys are projected to be the fastest growing segment. These alloys exhibit exceptional heat resistance, strength, and resistance to wear and corrosion. They find extensive applications in gas turbines, particularly in the aerospace and power generation industries. Cobalt-based superalloys are being increasingly utilized in gas turbine components due to their ability to withstand high temperatures and harsh operating conditions. This trend is expected to drive the growth of cobalt-based superalloys in the power generation segment.

Superalloys Market Analysis by Application

By application, the market can be segmented into turbine engines, chemical processing, and medical. The turbine engines segment is the dominating application segment in the superalloys market. Superalloys play a crucial role in turbine engines due to their exceptional high-temperature strength, corrosion resistance, and mechanical properties. These alloys are widely used in both aircraft and industrial gas turbine engines.

The medical segment is the fastest growing application segment in the superalloys market. Superalloys offer exceptional biocompatibility, high strength, and resistance to corrosion, making them suitable for various medical applications, particularly in orthopedic implants and surgical instruments.

Global Superalloys Market By Application, 2023 (%)

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Global Superalloys Market Regional Insights

North America dominated the global market attributed to the presence of major aerospace manufacturers, such as Boeing and Lockheed Martin, and automotive giants like General Motors and Ford. These industries have a strong demand for superalloys due to their critical applications in gas turbine engines, aircraft structures, and high-performance automotive components. The region also benefits from advanced research and development facilities and a well-established manufacturing infrastructure, which further strengthens its position in the superalloys market.

On the other hand, APAC is witnessing rapid growth in the superalloys market due to several factors. The region's booming industrialization and urbanization have led to increased investments in sectors such as aerospace, automotive, and power generation. Countries like China and India have emerged as major manufacturing hubs, attracting multinational companies and driving the demand for superalloys. Additionally, the rising disposable income and expanding middle-class population in APAC are fueling the demand for automobiles and air travel, further bolstering the need for superalloys.

Global Superalloys Market By Region, 2024-2031
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  • Fastest

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Global Superalloys Market Dynamics

Superalloys Market Drivers

Increasing demand for lightweight and fuel-efficient aircraft

  • One significant driver for the global superalloys market is the increasing demand for lightweight and fuel-efficient aircraft in the aviation industry, which requires the use of high-performance materials like superalloys. The push for reduced emissions and improved fuel efficiency has led to a growing need for superalloys in the production of gas turbine engines and other critical components, propelling the market forward.

Superalloys Market Restraints

High cost associated with the production and processing

  • One key restraint for the global superalloys market is the high cost associated with the production and processing of these specialized alloys. Superalloys require precise manufacturing techniques and the use of expensive raw materials, such as nickel, chromium, and cobalt. This cost-intensive nature limits their widespread adoption, particularly in price-sensitive industries. Additionally, stringent regulations and environmental concerns surrounding the mining and extraction of raw materials for superalloys pose challenges to the market's growth and sustainability.

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Global Superalloys Market Competitive Landscape

Global superalloys market is characterized by intense competition among various manufacturers and suppliers. Companies operating in the market focus on product development, technological advancements, and strategic collaborations to gain a competitive edge. Additionally, there is a strong emphasis on expanding production capacities and geographical reach to cater to the growing demand. Furthermore, continuous research and development activities play a crucial role in maintaining competitiveness and meeting the evolving requirements of end-users across different industries.

Superalloys Market Top Player’s Company Profiles

  • ATI (Allegheny Technologies Incorporated) (US)
  • Haynes International Inc. (US)
  • Special Metals Corporation (US)
  • AMG Superalloys UK Limited (UK)
  • Aperam Alloys Imphy (France)
  • Nippon Yakin Kogyo Co., Ltd. (Japan)
  • Doncasters Group Ltd. (UK)
  • Nippon Steel Corporation (Japan)
  • Thyssenkrupp AG (Germany)
  • Voestalpine AG (Austria)
  • Hitachi Metals, Ltd. (Japan)
  • Haynes International, Inc. (US)
  • Universal Stainless & Alloy Products, Inc. (US)
  • Alcoa Corporation (US)
  • Kobe Steel, Ltd. (Japan)
  • Allegheny Technologies Incorporated (US)
  • Rolled Alloys, Inc. (US)

Superalloys Market Recent Developments

  • Allegheny Technologies Inc. (ATI) announced in July 2023 that it will be expanding its titanium melting business in Richland, Washington by investing in brand-new, cutting-edge equipment. In order to help satisfy the high demand for titanium, the expansion will raise ATI's production of aerospace and defense-grade titanium by around 35% over the baseline levels in 2022. By the end of 2024, the expansion is expected to be online, and product validation will take place in 2025.

  • Aperam Recycling, via its American subsidiary ELG Utica Alloys ("ELG"), and IperionX Limited signed a contract in July 2023 to establish a 100% closed-loop, low-carbon titanium supply chain. For a more sustainable and fully circular supply chain, IperionX will employ its patented titanium processing technology to produce low-carbon titanium metal, while ELG will supply clean titanium scrap metal.

  • In June 2023, Rolls-Royce and Safran announced a joint venture to develop next-generation low-emission aircraft engines, including the use of advanced superalloy materials.

Global Superalloys Key Market Trends

  • One key market trend in the global superalloys market is the increasing demand for additive manufacturing or 3D printing technology. Superalloys offer excellent properties for additive manufacturing, such as high strength and heat resistance. This trend is driven by the need for complex and customized components in industries like aerospace and healthcare. Additive manufacturing allows for efficient production, reduced material waste, and design flexibility, thereby positively impacting the growth of the superalloys market.

Global Superalloys Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global superalloys market analysis, the market is experiencing significant growth driven by the increasing demand for high-performance materials in industries such as aerospace, automotive, and power generation. The market is dominated by North America, primarily due to the presence of major aerospace and automotive manufacturers. However, the Asia Pacific region is emerging as the fastest-growing market, fueled by rapid industrialization and urbanization. The key drivers include the need for lightweight and fuel-efficient aircraft, while high production costs and stringent regulations act as restraints. Additionally, the market is witnessing trends such as the adoption of additive manufacturing for superalloys.

Report Metric Details
Market size value in 2023 USD 6.20 Billion
Market size value in 2031 USD 13.47 Billion
Growth Rate 9.00%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Material
    • Nickel-Based Superalloys, Cobalt-Based Superalloys, and Iron-Based Superalloys
  • Application
    • Turbine Engines, Chemical Processing, and Medical
  • Product Form
    • Wrought Superalloys, and Cast Superalloys
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ATI (Allegheny Technologies Incorporated) (US)
  • Haynes International Inc. (US)
  • Special Metals Corporation (US)
  • AMG Superalloys UK Limited (UK)
  • Aperam Alloys Imphy (France)
  • Nippon Yakin Kogyo Co., Ltd. (Japan)
  • Doncasters Group Ltd. (UK)
  • Nippon Steel Corporation (Japan)
  • Thyssenkrupp AG (Germany)
  • Voestalpine AG (Austria)
  • Hitachi Metals, Ltd. (Japan)
  • Haynes International, Inc. (US)
  • Universal Stainless & Alloy Products, Inc. (US)
  • Alcoa Corporation (US)
  • Kobe Steel, Ltd. (Japan)
  • Allegheny Technologies Incorporated (US)
  • Rolled Alloys, Inc. (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Superalloys Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Superalloys Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Superalloys Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Superalloys Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Superalloys Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Superalloys Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Superalloys Market size was valued at USD 6.20 Billion in 2022 and is poised to grow from USD 6.76 Billion in 2023 to USD 13.47 Billion by 2031, at a CAGR of 9.00% during the forecast period (2024-2031).

Global superalloys market is characterized by intense competition among various manufacturers and suppliers. Companies operating in the market focus on product development, technological advancements, and strategic collaborations to gain a competitive edge. Additionally, there is a strong emphasis on expanding production capacities and geographical reach to cater to the growing demand. Furthermore, continuous research and development activities play a crucial role in maintaining competitiveness and meeting the evolving requirements of end-users across different industries. 'Precision Castparts Corp. (US)', 'ATI (Allegheny Technologies Incorporated) (US)', 'Haynes International Inc. (US)', 'Carpenter Technology Corporation (US)', 'VDM Metals GmbH (Germany)', 'Special Metals Corporation (US)', 'AMG Superalloys UK Limited (UK)', 'Aperam Alloys Imphy (France)', 'Nippon Yakin Kogyo Co., Ltd. (Japan)', 'Doncasters Group Ltd. (UK)', 'Nippon Steel Corporation (Japan)', 'Thyssenkrupp AG (Germany)', 'Voestalpine AG (Austria)', 'Hitachi Metals, Ltd. (Japan)', 'Haynes International, Inc. (US)', 'Universal Stainless & Alloy Products, Inc. (US)', 'Alcoa Corporation (US)', 'Kobe Steel, Ltd. (Japan)', 'Allegheny Technologies Incorporated (US)', 'Rolled Alloys, Inc. (US)'

One significant driver for the global superalloys market is the increasing demand for lightweight and fuel-efficient aircraft in the aviation industry, which requires the use of high-performance materials like superalloys. The push for reduced emissions and improved fuel efficiency has led to a growing need for superalloys in the production of gas turbine engines and other critical components, propelling the market forward.

One key market trend in the global superalloys market is the increasing demand for additive manufacturing or 3D printing technology. Superalloys offer excellent properties for additive manufacturing, such as high strength and heat resistance. This trend is driven by the need for complex and customized components in industries like aerospace and healthcare. Additive manufacturing allows for efficient production, reduced material waste, and design flexibility, thereby positively impacting the growth of the superalloys market.

North America dominated the global market attributed to the presence of major aerospace manufacturers, such as Boeing and Lockheed Martin, and automotive giants like General Motors and Ford. These industries have a strong demand for superalloys due to their critical applications in gas turbine engines, aircraft structures, and high-performance automotive components. The region also benefits from advanced research and development facilities and a well-established manufacturing infrastructure, which further strengthens its position in the superalloys market.

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Global Superalloys Market

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