Superalloys Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 27.51 Billion |
| Market Size (2029) | USD 37.25 Billion |
| CAGR (2024 - 2029) | 6.25 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Superalloys Market Analysis
The Superalloys Market size is estimated at USD 27.51 billion in 2024, and is expected to reach USD 37.25 billion by 2029, at a CAGR of 6.25% during the forecast period (2024-2029).
The superalloys market faced setbacks due to COVID-19. Global lockdowns and stringent government regulations led to widespread shutdowns of production hubs. However, the market rebounded in 2021 and is projected to grow significantly in the upcoming years.
- Over the short term, the increasing demand from the aerospace and defense industry and the growing adoption of superalloys in power generation are the major factors driving the demand for the market studied.
- However, high costs associated with the production and processing are expected to hinder the market's growth.
- Nevertheless, innovation and research towards the development of advanced superalloys is expected to create new opportunities for the market studied.
- North America is expected to dominate the market across the world, with the majority of demand coming from the United States and Canada.
Superalloys Market Trends
Aerospace and Defense Segment to Dominate the Market Demand
- Superalloys play a critical role in the aerospace and defense industries due to their exceptional properties, which enable them to withstand extreme temperatures, corrosion, and mechanical stress.
- Superalloys are used in the aerospace industry to build jet engines that require high mechanical strength at elevated temperatures.
- The use of high-strength-to-weight-ratio alloys improves the thrust-to-weight ratio performance of jet engines.
- The military and defense industry utilizes equipment such as tanks, jets, and ships. Superalloys, owing to their desirable temperature resistance and high strength, are used in gas turbine engines used by tanks, jets, and ships.
- The demand for new aircraft is increasing globally, and the aerospace industry aims to introduce innovative solutions to improve manufacturing time and save costs. Thus, hafnium superalloys are gaining popularity as they offer high fuel efficiency and thermal stability.
- The aerospace industry is undergoing rapid technological advancements and innovation, creating upswings for aircraft manufacturing. According to the Boeing Commercial Outlook 2023-2042, with a resurgence in international traffic and domestic air travel back to pre-pandemic levels, the company has projected global demand for 48,575 new commercial jets by 2042. Moreover, Boeing’s statistics indicate that in 2023, the company delivered 528 aircraft and booked 1,314 net new orders, up from 480 deliveries and 774 net new orders in 2022. It delivered 396 narrowbody 737 jets in 2022, meeting its revised goal of at least 375 single-aisle planes but falling short of the initial target of 400 to 450 jets.
- Further, as per the data provided by Airbus, in 2023, the company delivered 735 commercial aircraft to 87 customers around the world, demonstrating strong performance despite a complex operating environment. The company’s “Commercial Aircraft” business registered 2,319 gross new orders during the same year.
- China stands out in the global aerospace arena, leading in aircraft manufacturing and domestic air travel. The nation's aircraft parts and assembly sector is rapidly expanding, boasting over 200 small parts manufacturers.
- As per the data from the International Trade Administration (ITA), China is the second-largest civil aerospace market globally. As of January 2024, the National Bureau of Statistics of China and the Civil Aviation Administration of China reported 7,351 civil aircraft, an increase of over 550 airplanes from 2022.
- The United States anticipates a 25% surge in demand for new commercial planes in 2024. This uptick is largely driven by airlines' preference for newer, more advanced aircraft, underscoring the market's vitality.
- On the defense front, the United States holds the top spot globally, both in manufacturing and exports. In 2023, the United States's military spending, as reported by the Stockholm International Peace Research Institute (SIPRI), reached USD 916 million, marking a 2.3% uptick from the previous year. This reaffirms the United States's dominance, with its military expenditure accounting for a substantial 40% of the global total.
- The European defense market is projected to grow substantially as The North Atlantic Treaty Organization (NATO) members have aimed to increase the defense budget by targeting a spending of 2 percent of the GDP. Germany is the third largest aerospace-exporting nation after the United States and France and is 2nd largest aerospace-exporting European country. Furthermore, the German aerospace industry includes more than 2,300 firms located across the country, with northern Germany recording the highest concentration of firms.
- Germany hosts many production bases for aircraft interior components and materials, mainly in Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern. In 2023, German arms producer Rheinmetall announced the construction of its new manufacturing unit in Weeze, Germany. The new facility will be equipped with state-of-the-art infrastructure capable of manufacturing parts for F-35 stealth aircraft starting in 2025. Additionally, around USD 19.8 billion (EUR 18.5 billion) has been earmarked for the Future Combat Air System project, which will see Airbus and Dassault Aviation manufacture Europe’s most extensive aerospace combat system.
- Therefore, considering the growth trends in aerospace and defense industry in the global market, the segment is likely to dominate the market, which, in turn, is expected to enhance the demand for superalloys during the forecast period.
North America Region to Dominate the Market
- North America is poised to lead the superalloys market, emerging as the region with the fastest growth during the forecast period. This surge is primarily fueled by increasing demands from various industries, including automotive, power generation, oil and gas, electronics, and aerospace and defense, particularly in the United States and Canada.
- In the automotive sector, superalloys are pivotal, especially for high-performance and high-temperature applications. Their distinct properties are invaluable in situations demanding temperature resistance, mechanical strength, and corrosion resistance. With rising vehicle production in the region, the demand for superalloys is anticipated to grow.
- The United States boasts the world's second-largest automotive industry, trailing only China, and plays a pivotal role in both regional and global markets. Data from The International Organization of Motor Vehicle Manufacturers (OICA) indicates that United States automotive production reached 10.61 million units in 2023, marking a 5.56% increase from 2022, bolstering the demand for superalloys.
- As reported by the Automotive Industries Association of Canada, the automotive sector contributes over USD 19 billion to Canada's GDP. Projections suggest this contribution will rise to USD 40.1 billion in 2024, presenting growth opportunities for the superalloys market. OICA data shows Canada produced 1.55 million units vehicles in 2023, a 25.92% increase from the prior year.
- Due to their outstanding high-temperature performance, corrosion resistance, and mechanical strength, superalloys are widely utilized in the aerospace and defense sectors. As this sector continues to expand in North America, the demand for superalloys is set to increase in the coming years.
- The United States not only has the largest aviation market in North America but also boasts one of the world's most extensive fleet sizes. Strong exports of aerospace components to nations like France, China, and Germany are propelling the industry's manufacturing activities, positively influencing the superalloys market.
- According to the Federal Aviation Administration (FAA), boosted by the sharp recovery in demand for air travel and cargo, the number of aircraft in the commercial fleet grew by 0.2% in 2022-23. Additionally, United States airline enplanements are estimated to grow 2.4% per year over the next 20 years to USD 1.32 trillion in 2044 compared to USD 922 billion in 2023 and projects the United States mainline jet fleet to grow from 4,832 in 2023 to 6,894 in 2044.
- While the electronics sector uses superalloys less frequently than other industries, their role in specific high-performance applications is crucial. Nickel-based superalloys, known for their excellent conductivity and corrosion resistance, are utilized in electrical connectors and contacts. As the electronics sector expands in North America, so too will the demand for superalloys in the coming years.
- The United States electronics sector is on a moderate growth trajectory, driven by a surge in demand for advanced technological products and rapid innovation spurred by robust R&D activities.
- In April 2024, under President Biden's Bipartisan Infrastructure Law, the Department of Energy (DOE) unveiled its intention to invest up to USD 331 million in a new transmission line, emphasizing the use of union labor. Furthermore, the administration, in partnership with leaders from both the public and private sectors, is spearheading an initiative to bolster the nation's transmission network, with a goal of upgrading 100,000 miles of transmission lines over the next five years.
- Superalloys play a crucial role in power generation, enabling the development of high-performance systems that withstand extreme temperatures, corrosion, and mechanical stress. Their distinct characteristics render them essential for a wide array of applications, including gas turbines and nuclear reactors. With the growth of the power generation sector in North America, the demand for superalloys is set to rise correspondingly.
- The United States, trailing only China, boasts the world's second-largest wind power capacity and leads in North America. In 2023, the U.S. wind industry added 148,020 megawatts (MW) of capacity, marking a 4.5% annual growth.
- Additionally, in April 2024, the United States government greenlit the New England Wind offshore project, projected to produce 2,600 megawatts of electricity, sufficient to power over 900,000 homes with renewable energy.
- Data from the Canadian Renewable Energy Association (CanREA) reveals that Canada's wind, solar, and energy-storage sectors experienced a steady 11.2% growth in 2023. The industry introduced 2.3 GW of new installed capacity, comprising over 1.7 GW of utility-scale wind, nearly 360 MW of utility-scale solar, 86 MW of on-site solar, and 140 MW / 190 MWh of energy storage.
- In the oil and gas sector, superalloys are crucial, enabling systems to endure extreme temperatures, corrosion, and mechanical stress. Their unique properties make them vital for applications spanning drilling, extraction, refining, and processing. With the oil and gas sector's expansion in North America, the demand for superalloys is projected to rise in the coming years.
- Statistique Canada reports that the Canada's crude oil production rose for the third consecutive year in 2023, hitting 286.4 million cubic meters, a 1.4% increase from the previous year. Moreover, with projections from the Canadian Association of Energy Contractors anticipating 6,229 wells to be drilled in 2024, up 481 from 2023, it's evident that oil sand producers are in an expansion phase.
- Given these dynamics, North America is primed for a surge in superalloy demand during the forecast period.
Superalloys Industry Overview
The superalloys market is partially consolidated in nature. The major players (not in any particular order) include Cannon Muskegon, Doncasters Group, Mishra Dhatu Nigam Limited (MIDHANI), PROTERIAL, Ltd., and thyssenkrupp AG, among others.
Superalloys Market Leaders
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Cannon Muskegon
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Doncasters Group
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Mishra Dhatu Nigam Limited (MIDHANI)
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PROTERIAL, Ltd.
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thyssenkrupp AG
*Disclaimer: Major Players sorted in no particular order
Superalloys Market News
- June 2024: Aubert & Duval, and Alloyed Ltd. introduced the high-temperature Ni superalloy ABD-1000AM. This nickel-based superalloy boasts exceptional environmental resistance and high-temperature strength, making it ideal for the extreme conditions prevalent in metal additive manufacturing (AM). The launch of ABD-1000AM signifies a pivotal advancement in the realm of high-temperature nickel superalloys tailored for metal additive manufacturing.
- July 2023: Doncasters and Safran Aircraft Engines have renewed and expanded their agreement, enhancing the supply of large superalloy structural castings and hot section airflow castings for the LEAP-1A and LEAP-1B platforms. This contract extension underscores the strengthening partnership between the two companies, encompassing precision investment castings and superalloy supplies.
Superalloys Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Demand from the Aerospace and Defense Industry
4.1.2 Growing Adoption of Superalloys in Power Generation
4.1.3 Other Drivers
4.2 Market Restraints
4.2.1 High Costs Associated with the Production and Processing
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Base Materials
5.1.1 Nickel-based
5.1.2 Iron-based
5.1.3 Cobalt-based
5.1.4 Others (Titanium-based and Niobium-Based)
5.2 End-User Industry
5.2.1 Automotive
5.2.2 Power Generation
5.2.3 Oil and Gas
5.2.4 Electronics
5.2.5 Aerospace and Defense
5.2.6 Others (Medical Devices, Marine, Chemical, Electronics)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Nordic Countries
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Qatar
5.3.5.3 United Arab Emirates
5.3.5.4 Nigeria
5.3.5.5 Egypt
5.3.5.6 South Africa
5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Allegheny Technologies Inc. (ATI)
6.4.2 Aubert & Duval
6.4.3 Cannon Muskegon
6.4.4 CRS Holdings, LLC.
6.4.5 Doncasters Group
6.4.6 HAYNES INTERNATIONAL
6.4.7 High Performance Alloys, Inc.
6.4.8 Kymera International
6.4.9 Mishra Dhatu Nigam Limited (MIDHANI)
6.4.10 PROTERIAL, Ltd.
6.4.11 Shanghai HY Industry Co., Ltd
6.4.12 SUN FLAG GROUP
6.4.13 thyssenkrupp AG
6.4.14 Ulbrich Stainless Steels and Special Metals Inc.
6.4.15 VDM Metals
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation and Research Towards Development of Advanced Superalloys
7.2 Other Opportunities
Superalloys Industry Segmentation
Superalloys, a specialized group of high-performance alloys, are engineered to endure extreme conditions, especially elevated temperatures and mechanical stress. Typically made from nickel, cobalt, or iron, these alloys are crafted to uphold their mechanical integrity while resisting oxidation and corrosion, even in the most challenging environments. As a result, superalloys are extensively utilized across various industries, including medical, aerospace, and chemical processing, where they face demanding conditions.
The superalloys market is segmented by base material, end-user industry, and geography. By base material, the market is segmented into nickel-based, iron-based, cobalt-based, and others (titanium-based and niobium-based). By end-user industry, the market is segmented into automotive, power generation, oil and gas, electronics, aerospace and defense, and other industries (medical devices, marine, chemical, and electronics). The report also covers the market sizes and forecasts for the global superalloys market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD).
| Base Materials | |
| Nickel-based | |
| Iron-based | |
| Cobalt-based | |
| Others (Titanium-based and Niobium-Based) |
| End-User Industry | |
| Automotive | |
| Power Generation | |
| Oil and Gas | |
| Electronics | |
| Aerospace and Defense | |
| Others (Medical Devices, Marine, Chemical, Electronics) |
| Geography | |||||||||||
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Superalloys Market Research Faqs
How big is the Superalloys Market?
The Superalloys Market size is expected to reach USD 27.51 billion in 2024 and grow at a CAGR of 6.25% to reach USD 37.25 billion by 2029.
What is the current Superalloys Market size?
In 2024, the Superalloys Market size is expected to reach USD 27.51 billion.
Who are the key players in Superalloys Market?
Cannon Muskegon, Doncasters Group, Mishra Dhatu Nigam Limited (MIDHANI), PROTERIAL, Ltd. and thyssenkrupp AG are the major companies operating in the Superalloys Market.
Which is the fastest growing region in Superalloys Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Superalloys Market?
In 2024, the North America accounts for the largest market share in Superalloys Market.
What years does this Superalloys Market cover, and what was the market size in 2023?
In 2023, the Superalloys Market size was estimated at USD 25.79 billion. The report covers the Superalloys Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Superalloys Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Superalloys Industry Report
Statistics for the 2024 Superalloys market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Superalloys analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
