What Has Been the Growth of the Nickel Based Superalloys Market So Far?
The nickel based superalloys market has seen considerable growth due to a variety of factors.
• In recent years, the nickel-based superalloys market has seen substantial growth. It's projected to increase from $8.79 billion in 2024 to $9.65 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.8%.
The growth observed in the historical period can be attributed to factors such as the expansion of the automotive industry, a heightened demand for electric vehicles, improved aviation fuel efficiency, increased interest in lngot metallurgy across various sectors, as well as improvements in fuel economy and performance.
What Are the Future Growth Projections for the Nickel Based Superalloys Market?
The nickel based superalloys market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for nickel-based superalloys is projected to undergo substantial growth in the coming years. It is predicted to surge to $13.84 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.4%.
The projected growth during this period can be linked to increased demand from the aerospace industry for lighter alloys, sharpened focus on renewable energy, increasing requirement for high-performance materials, expanding usage of gas turbines in the power generation sector, and rising demand for intricate materials. Key trends during this period encompass technological progression, advancements in 3D printing technology for complex superalloy components, creation of elaborate geometries, development of next-gen aircraft, and progress in alloy design.
What Are The Core Factors Supporting Growth In The Nickel Based Superalloys Market?
The growth of the nickel-based superalloy markets is anticipated to be driven by the expanding aerospace industry. This industry comprises businesses that design, produce, maintain and develop aircraft, spacecraft, and associated systems and equipment. Rising global air travel, due to a growing middle class and the need for fuel-efficient aircraft to comply with stringent environmental rules, is boosting demand in the aerospace sector. Nickel-based superalloys, with their superior properties, play a crucial role in this industry, facilitating high performance even in harsh conditions. For example, data from the Aerospace Industries Association (AIA) in September 2023 indicated that sales in the American aerospace and defense industry rose by 6.7% in 2022, surpassing $952 billion – an increase from the previous year. Consequently, the growth of the aerospace and power industries is fuelling the expansion of the nickel-based superalloy market.
What Are The Major Segments Within The Global Nickel Based Superalloys Market?
The nickel-based superalloysmarket 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
Subsegments:
1) By Nickel-Copper: Monel Alloys, K-500 Alloys
2) By Nickel-Chromium: Inconel Alloys, Hastelloy Alloys
3) By Nickel-Molybdenum: Hastelloy B, Alloy C-276
4) By Other Types: Nickel-Iron, Nickel-Titanium
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Which Emerging Market Trends Are Altering The Nickel Based Superalloys Industry?
Prominent enterprises in the nickel-based superalloy industry are concentrating on creating technologically superior solutions like nickel ultra-high-temperature superalloy to satisfy the escalating demand for improved performance in vital sectors such as aerospace and power generation. Nickel ultrahigh-temperature superalloys are avant-garde materials that resist intense temperatures and severe conditions. For example, in July 2024, both Alloyed and Aubert & Duval, a metallurgical firm based out of France, introduced a new nickel superalloy called ABD-1000AM, intentionally crafted for additive manufacturing and has the capacity to endure temperatures above 1000°C in its age-hardened state. This ultra-high-temperature alloy flaunts a relative density of more than 99.9%, an important gamma prime phase fraction of 55%, and a stress rupture life similar to the cast alloy Ni247LC. This development implemented Alloyed's Alloys-by-Design platform, while Aubert & Duval supplied the essential powder feedstock.
Who Are the Key Players In The Nickel Based Superalloys Market?
Major companies operating in the nickel-based superalloys market are:
• 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
What Is The Most Dominant Region In The Nickel Based Superalloys Market?
Asia-Pacific was the largest region in the nickel-based superalloys market in 2024. The regions covered in the nickel-based superalloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
