According to the global superalloys market report by IMARC Group, the market reached a value of US$ 5.4 Billion in 2021, and it is projected to reach a value of US$ 7.8 Billion by 2027, exhibiting a CAGR of 6.12% during 2022-2027.

Superalloys are non-ferrous alloys that exhibit excellent heat resistance and maintain their surface stability, stiffness, strength, and toughness even at very high temperatures. They are manufactured using a two-phase heat treatment method that includes investment casting, powder metallurgy, vacuum induction melting, and secondary melting, such as vacuum arc re-melting and electro-slag re-melting. They are used in commercial and military jet engines as they offer good mechanical strength, creep resistance, and corrosion and oxidation resistance at high temperatures. As a result, superalloys find extensive applications in the chemical and petrochemical, aerospace, and oil and gas industries across the globe.

Market Trends

The global superalloys market is primarily driven by rising product utilization in manufacturing jet engines due to their operational efficiency and minimal environmental emissions. Moreover, the rising demand for commercial and passenger vehicles with strong engines is positively influencing the market growth. Additionally, the increasing use of high-performance alloys in ignition pre-chamber, exhaust gas cleaner fasteners, turbochargers, exhaust valves, and nozzles of vehicles has augmented the product demand.

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Besides this, the expanding use of high-performance alloys for onshore and offshore exploration, drilling, and production activities in the oil and gas industry has catalyzed market growth. Furthermore, the escalating demand for power generation using nuclear power plants owing to the global energy crisis is contributing to market growth. Other factors, including ongoing developments in the aluminum and magnesium mining process, rising extraction of metals used for alloying, and rapid growth in the aviation industry, are also anticipated to drive the market further.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Allegheny Technologies Inc, AMG Superalloys, Aperam S.A., Cannon-Muskegon Corporation, Carpenter Technology Corporation, Doncasters Group, Haynes International Inc, IHI Corporation, IMET Alloys, Mishra Dhatu Nigam Limited, Special Metals Corporation and Western Australian Specialty Alloys (Precision Castparts Corp.).

Key Market Segmentation

Breakup by Base Material:

• Nickel-Based
• Iron-Based
• Cobalt-Based

Breakup by Application:

• Aerospace
• Commercial and Cargo
• Business
• Military
• Rotary
• Industrial Gas Turbine
• Electrical
• Mechanical
• Automotive
• Oil and Gas
• Industrial
• Others

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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