Superalloys are also referred to as high-temperature alloys, as they maintain their strength and toughness at elevated temperature.
The global www.researchbeam.com/superalloys-marketmarket was valued at $4,158 million in 2016, and is projected to reach $7,677 million by 2023, growing at a CAGR of 8.9% from 2017 to 2023.
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.
In 2016, North America and Europe were the leading regions, in terms of both value and volume, owing the rise in utilization of aircrafts and significant growth in aerospace industry. Superalloys facilitate improved operating efficiency and reduced environmental emissions that, which lead to increase in use of these alloys in gas turbines and oil & gas equipment.
The market is driven by the rise in need for high strength materials in aerospace and oil & gas industries that can withstand high temperature and resist creeping.
The superalloys market is segmented based on base material, application, and geography. On the basis of base material, the market is divided nickel-based, cobalt-based, and iron-based superalloys.
Applications covered in the study include aerospace, industrial gas turbine, automotive, oil & gas, industrial, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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On June 17, 2015, Allegheny Technologies Incorporated expanded its nickel-based superalloy’s manufacturing capacity to cater to the growing demands from aerospace jet engine and oil & gas markets. The company has invested around $70 million for this expansion which helped the company to strengthen its position in the global market.
Major market players are as follows:
- Allegheny Technologies Incorporated (ATI)
- Haynes International
- Special Metals Corporation
- Carpenter Technology
- AMG Superalloys
- Nippon Yakin Kogyo
- Universal Stainless
- Danyang City Kaixin Alloy Material Co. Ltd.
- Supreme Special Steel Pvt. Ltd.
- TI Steel Private Ltd.
- Balaji Superalloys
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