PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437532
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437532
Nickel Superalloy Market size was valued at USD 8,123.60 Million in 2023, expanding at a CAGR of 7.9% from 2024 to 2032.
Superalloys made of nickel are high-temperature, corrosion-resistant alloys that are often utilized at temperatures above 5000C. A substantial portion of ten alloying elements, including light elements like carbon or boron and heavy refractory elements like rhenium, tungsten, or tantalum, make up nickel-based superalloys. Because of these alloys' excellent characteristics at higher temperatures, they are frequently employed in the automotive, power generation, and aerospace industries.
Nickel Superalloy Market- Market Dynamics
Growing oil& gas industry propels the market growth
One of the main issues facing the oil and gas sector is corrosion resistance control. Because of their excellent mechanical and physical qualities and great corrosion resistance, nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy are used in oil and gas industries' equipment and components. Process piping systems, separators, scrubbers, pumps, manifolds, Christmas tree components, flowlines, and pipelines carrying corrosive fluids are among the applications for nickel base superalloys and nickel base corrosion-resistant alloys. The output of oil rose by 0.2% in the Asia Pacific region, from 361.0 million tonnes in 2018 to 361.8 million tonnes in 2019, as reported in the BP Statistical Review of World Energy 2020. While North America had a 7.1% growth in oil output, rising from 1042.2 million tonnes in 2018 to 1116.5 million tonnes in 2019. In addition, new initiatives are being built to meet the growing demand for gas and oil. For example, Eni S.p.A. anticipates beginning natural gas extraction from its Indonesian offshore project, Merakes, in 2021. With the BP-operated LNG export facility in Indonesia adding 3.8 MTPA to the present facility's capacity, Tangguh Train 3 is almost finished, bringing the plant's total capacity to 11.4 MTPA. Thus, this is expected to drive the market growth.
Nickel Superalloy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.9% over the forecast period (2024-2032)
Based on shape segmentation, the Sheet & Plate category dominates the market
Based on application segmentation, the Power Generation segment is expected to dominate the market over the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Nickel Superalloy Market is segmented based on Shape, Type, Application, and Region.
The market is divided into five categories based on shape: Wire, Sheet & Plate, Bar and Others. The Sheet & Plate category dominates the market. Nickel superalloy sheets and plates find extensive use in the aerospace sector for manufacturing components like turbine blades, combustors, and structural elements. The high-temperature resistance and mechanical strength of these alloys make them essential for ensuring the reliability and performance of aircraft engines. Thereby, driving the market growth.
The market is divided into four categories based on application: Chemical, Power Generation, Oil & Gas, Refinery and Aerospace & Defense. The Power Generation segment is expected to dominate the market over the forecast period. In the power generation sector, particularly in gas and steam turbines, nickel superalloy sheets and plates are employed for manufacturing critical components that operate in high-temperature and high-stress conditions.
Nickel Superalloy Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The expansion of the oil and gas, aerospace, automotive, energy, pharmaceutical, and industrial sectors in the area is propelling the growth of the North American superalloys market. However, throughout the projection period, the Asia Pacific market is anticipated to grow at a noticeably higher rate. The presence of rising economies in the Asia Pacific area, such as China and India, is responsible for the market's growth in industries including marine, aerospace, automotive, oil and gas, and industrial.
The key players operating in the market are Aperam S.A., Voestalpine AG, Haynes International Inc, Allegheny Technologies Incorporated, Rolled Alloys Inc, Precision Castparts Corporation, VDM Metals GmbH, Sandvik AB, Nippon Yakin Kogyo and Eramet Group. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In April 2023, a new high-speed Additive Manufacturing parameter set for Elementum 3D's IN625-RAM2 improved nickel superalloy has been made available for pilot testing. The company is based in Erie, Colorado, USA. to increase production capacity and lower the build cost of components made additively using the material, the business has developed 80 µm and 100 µm layer parameters that optimize the build speed and mechanical qualities of IN625-RAM2.
GLOBAL NICKEL SUPERALLOY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aperam S.A.
Voestalpine AG
Haynes International Inc.
Allegheny Technologies Incorporated
Rolled Alloys Inc
Precision Castparts Corporation
VDM Metals GmbH
Sandvik AB
Nippon Yakin Kogyo
Eramet Group