A nickel-based superalloy is a type of high-performance material primarily composed of nickel, designed to maintain its strength and stability at extremely high temperatures, often more than 1,000°C (1,832°F). These alloys are known for their exceptional mechanical strength, resistance to thermal creep deformation, and excellent corrosion and oxidation resistance. Nickel-based superalloys are widely used in demanding applications where materials are exposed to harsh environments and high stresses, such as gas turbine engines, jet engines, and power generation.
Nickel-Based Superalloys Global Market Report 2024 provides data on the global nickel-based superalloys market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The nickel-based superalloys market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The nickel-based superalloys market has grown strongly in recent years. It is expected to expand from $8.06 billion in 2023 to $8.79 billion in 2024, reflecting a CAGR of 9.1%. This growth has been driven by increased demand in the automotive industry, the rise of electric vehicles, advancements in aviation fuel efficiency, greater demand for ingot metallurgy in various sectors, and improvements in fuel economy and performance. The market is projected to reach $12.65 billion by 2028, growing at a CAGR of 9.5%. Growth in the forecast period is attributed to rising demand for lightweight alloys in aerospace, increased focus on renewable energy, a growing need for high-performance materials, and the expanding use of gas turbines in power generation. Major trends include technological innovations, advances in 3D printing for complex superalloy components, development of complex geometries, the evolution of next-generation aircraft, and enhancements in alloy design.
The expansion of the aerospace industry is expected to drive the growth of the nickel-based superalloy market. The aerospace industry, which involves the design, production, and maintenance of aircraft and spacecraft, is experiencing increased demand due to rising global air travel and the push for more fuel-efficient aircraft to comply with stricter environmental regulations. Nickel-based superalloys are critical in the aerospace industry for their exceptional properties that ensure high performance in extreme conditions. The Aerospace Industries Association reported a 6.7% increase in U.S. aerospace and defense sales, reaching $952 billion in 2022, compared to the previous year. As such, the growing aerospace industry is contributing to the demand for nickel-based superalloys.
Get Your Free Sample of the Global Nickel-Based Superalloys Market ReportThe 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
Major companies in the nickel-based superalloy market are developing advanced materials like nickel ultra-high-temperature superalloys to meet the increasing demand for high performance in critical applications such as aerospace and power generation. For instance, in July 2024, Alloyed and Aubert & Duval, a France-based metallurgical company, introduced ABD-1000AM, a nickel superalloy for additive manufacturing that can endure temperatures exceeding 1000°C in its age-hardened state. Utilizing Alloyed's Alloys-by-Design platform and Aubert & Duval's powder feedstock, this alloy boasts high density, durability, and a significant gamma prime phase fraction, meeting rigorous performance standards.
Asia-Pacific was the largest region in the nickel-based superalloys market in 2023. The regions covered in the nickel-based superalloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.