The nickel-based superalloys market, valued at $8.06 billion in 2023, will reach $8.79 billion in 2024 at a CAGR of 9.1%. Market drivers include demand in automotive and electric vehicles, aviation fuel efficiency, lngot metallurgy, and improved fuel economy.
The nickel-based superalloys market is set for strong growth, reaching $12.65 billion by 2028 with a CAGR of 9.5%. Factors driving this include the growing demand from aerospace for lightweight alloys, a focus on renewable energy, the need for high-performance materials, the increased use of gas turbines in power generation, and demand for sophisticated materials. Key trends include technological advancements, innovations in 3D printing for complex superalloy components, next-gen aircraft development, and alloy design advancements.
Major Driver In The Nickel-Based Superalloys Market
The expansion of the aerospace industry is expected to enhance the nickel-based superalloy market due to the rising demand for fuel-efficient aircraft amid increasing global air travel. Nickel-based superalloys are vital for high-performance applications in extreme conditions. In 2022, the Aerospace Industries Association reported a 6.7% increase in the American aerospace and defense industry sales, reaching over $952 billion compared to 2021. Consequently, the aerospace industry's growth drives the nickel-based superalloys market.
Request A Free Sample Of The Nickel-Based Superalloys Market Report
Nickel-Based Superalloys Market Competitive Landscape
CMK Corporation, BaoSteel, Thyssenkrupp Aerospace, Sandvik Materials Technology, Outokumpu Oyj., Aperam S.A., Fushun Special Steel Co Ltd., Precision Castparts Corp., Howmet Aerospace Inc., Walsin Lihwa Corporation, Eramet S.A., Allegheny Technologies Incorporated, Beijing Cisri-Gaona Materials and Technology Co Ltd., Carpenter Technology Corporation, AMG Advanced Metallurgical Group, Nippon Yakin Kogyo Co Ltd., VSMPO-AVISMA Corporation, Special Metals Corporation, Haynes International Inc., Doncasters Group, Smiths Metal Centres Limited, AEETHER Inc., Mishra Dhatu Nigam Limited, Rosswag GmbH, QuesTek Innovations
Key Nickel-Based Superalloys Market Trend
Leading companies in the nickel-based superalloy market are developing advanced solutions like nickel ultra-high-temperature superalloys to cater to the increasing demand for high-performance materials in aerospace and power generation. These superalloys are engineered to withstand extreme conditions. For example, in July 2024, Alloyed and Aubert & Duval launched ABD-1000AM, a nickel superalloy designed for additive manufacturing, capable of withstanding temperatures over 1000°C in its age-hardened state. This alloy offers a relative density above 99.9%, a gamma prime phase fraction of 55%, and similar stress rupture life to the cast alloy Ni247LC, utilizing Alloyed's Alloys-by-Design platform and Aubert & Duval's powder feedstock.
Purchase The Global Nickel-Based Superalloys Market Report Directly And Get A Swift Delivery
Global Nickel-Based Superalloys Market Segmentation
The nickel-based superalloys market covered in this report is segmented –
1) By Type: Nickel-Copper, Nickel-Chromium, Nickel-Molybdenum, Other Types
2) By Form: Cast, Wrought
3) By Base Element: Cobalt, Rhenium, Tantalum, Tungsten
4) By Distribution Channel: Direct Sales, Distributors And Traders
5) By End-Use Industry: Aerospace, Electronics, Industrial, Automotive, Oil And Gas, Other End Use Industries
By Geography:The regions covered in the nickel-based superalloys market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the nickel-based superalloys market in 2023.
The Nickel-Based Superalloys Global Market Report 2024 furnishes information about the global nickel-based superalloys market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
