Aerospace Super Alloy Market to Reach Valuation of USD 3,478.3 Million by 2028 - The increasing demand for superalloys, as well as the outstanding strength and corrosion resistance properties of nickel-based superalloys, present an opportunity for the Aerospace Super Alloy industry

Vantage Market Research

May 17, 2022

From the period of 2022 to 2028, the Global Aerospace Super Alloy Market is expected to reach USD 3,478.3 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.90%.

Increased aircraft production will increase market penetration, air passenger traffic, and the requirement to replace obsolete aircraft assets. Radical advances in sophisticated aircraft and exceptional component design that extend system life cycle by lowering structural failure possibilities will provide a market opportunity for product demand. An optimistic outlook for aerospace and military manufacturing, as well as enhanced competency among worldwide producers, will drive the aerospace superalloys market. The increasing use of superalloys in aviation and the automotive industries is likely to be a prominent driver pushing the global market during the forecast period. Superalloys are becoming more popular due to their great operational efficiency and minimal environmental emissions. The increasing use of lightweight components in the vehicle industry is likely to fuel the global demand for superalloys. Furthermore, superalloys offer outstanding cryogenic temperature properties, corrosion resistance, oxidation resistance, high toughness, and ductility, all of which are expected to fuel the global superalloys market expansion during the forecast period.

Key Highlights from the Report

  • On the basis of Product, the market is segmented into Nickel-based, Iron-based, and Cobalt-based. Nickel-based superalloys are distinguished by the presence of a significant amount of nickel in the material, which is determined by the qualities that must emerge from the alloy. Because of their widespread use in the production of engine parts and accessories for aircraft and aerospace equipment, nickel-based superalloys are expected to account for approximately 75% of the aerospace superalloys market share in 2027. Nickel-based superalloys have excellent strength and resistance to heat and corrosion, making them ideal for high-speed and high-friction applications that create heat. High expansion in the aerospace and defense industries, as well as increased manufacturing of commercial and cargo aircraft, will drive the industry's demand for nickel-based superalloys.

  • On the basis of Application, the market is segmented into Commercial & Cargo, Business, Military, and Rotary. In the forecast period, the aircraft superalloys market from military applications will acquire a significant share. Increasing demand for aerodynamically heated skins, engine parts, and other accessories such as combustors, afterburners, shafts, and blades is expected to drive market revenue. Growing territorial claims and cross-border tensions around the world will enhance the demand for military aviation equipment manufacture. As a result, both industrialized and emerging countries have boosted their defense modernization investment, with a trend toward advanced next-generation aircraft.

  • Asia Pacific is the fastest regional segment in terms of growth. Japan and China's demand has bolstered the Asia Pacific region. Increased demand for aircraft superalloys would emerge from a shift in global aerospace production toward emerging nations such as China, India, South Korea, and Southeast Asia. The rapidly expanding military equipment market in India will help the aerospace superalloys market grow even faster.

Some of the key players in the Aerospace Super Alloy Market include, Technologies Incorporate (ATI), VDM Metals GmbH, Arconic Inc., Carpenter Technology Corporation, Doncasters Group, Haynes International Inc., IHI Corporation (IMM), Mishra Dhatu Nigam Limited (MIDHANI)..

Market Dynamics:

Demand for superalloys in the aerospace industry is increasing.

The growing use of superalloys in aircraft and the aerospace industry is projected to drive the global market. Superalloys are gaining popularity due to their great operating efficiency and minimal environmental emissions. Apart from the aforementioned industries, superalloys are also utilized in gas turbines, jet engines, and coal conversion plants, which is expected to increase their demand and boost the market over the assessment period. Rising demand for specialty materials in industries such as energy, defense, and marine is likely to drive demand for the alloy, helping the market over the evaluation period.

Global airplane MRO activity is increasing.

Due to the huge expenditure necessary, airlines prefer to keep their fleet in good condition and acquire new aircraft only as a last resort. Several government programs have also been developed to encourage airports to embrace MRO as a strategic activity. Governments are currently pursuing a variety of holistic measures to guarantee that appropriate space for MRO is granted at various airports throughout the country, which may boost commercial aircraft MRO activity throughout the predicted period. Because the notion of predictive maintenance enabled by novel technology such as digital twins is still in its early stages, considerable improvements and expansion are anticipated in the near future.

North America is likely to be the leading region during the forecast period due to the growth in aircraft deliveries and the presence of major aircraft engine part manufacturers in this region. That's because of a variety of sources. Some examples include the fact that an increasing number of people are flying by plane. The aerospace industry, on the other hand, is quickly expanding. Many large corporations have already established themselves in the region, and many more are likely to follow. The United States of America is predicted to have a rapid growth rate in the superalloys industry. The primary reason is that the American government is aggressively spending in its defense sector.