North America aerospace superalloys market will account for highest share by the end of 2024. Substantial growth in aircraft deliveries across the region will primarily support the regional dominance. Moreover, presence of major engine part manufacturers will escalate the revenue generation.
Asia Pacific aerospace superalloys market size will grow at a rapid pace owing to continuously growing aviation industry across the region along with substantial growth in air passenger traffic, especially in developing countries. Increasing aircraft manufacturing in the region will further contribute significantly to the industry growth over the forecast timeline.
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Aerospace superalloys market is segmented based on materials into nickel-based, nickel-iron based, and cobalt based. Nickel based alloys is expected to dominate the industry over the coming years owing to their high usage in aerospace industry. High preference is attributed to provision of the benefits such as high resistance to extreme temperatures and physical stress, that results in surface stability, escalating the revenue generation. Nickel-iron based alloys will grow owing to their cost-effectiveness as compared to the other counterparts.
These alloys offer enhanced operating efficiency and reduction in environmental emissions. Extensive usage of these alloys owing to rising need for high strength materials will positively influence the industry. These materials possess the capability of withstanding extreme temperature and offering creep resistance & thermal stability in aircraft applications. These superior properties will push the aircraft manufacturers to use the components made of these alloys, inducing immense growth potential to the aerospace superalloys market size over the next eight years. However, excessive costs associated with these alloys may pose a challenge before the aerospace superalloys market participants.
The industry is segmented based on aircrafts into military, regional, helicopter, general, and commercial aircrafts. Commercial aircrafts will dominate the aerospace superalloys market over the coming years. It is attributed to rising number of aircraft deliveries due to increasing passengers opting for air travel. High need of strength in these aircrafts along with rising demand for wide-body commercial aircrafts will support the industry penetration. Regional aircraft is likely to grow rapidly owing to their high production across the globe. Military aircrafts will also grow considerably due to rising defense budgets of numerous countries. High requirement of lightweight components will further strengthen the industry penetration till 2024.
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Corrosion resistance and cost effectiveness offer the design engineers enhanced flexibility for customizing superalloys, making them ideal for various applications such as jet engines to power military and commercial aircrafts. Majority of the superalloys are used in aircraft engines. They are also used for hot spots in aircrafts where strength is required and development of gas turbine engines for military aircrafts. Their extensive usage in various applications will further impact the aerospace superalloys market positively over the coming years.
Rising demand for high strength, precision, and lightweight components in aerospace industry will primarily drive the industry growth. Superalloys offer enhanced chemical resistance, minimal maintenance, and high corrosion resistance. Moreover, they also help in weight reduction and enhancement of fuel efficiency. Provision of benefits such as easy handling, designing, and shaping will further contribute significantly to the aerospace superalloys market growth over the forecast timeframe.
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Alcoa, Carpenter Technology, Aperam, Allegheny Technologies Incorporated, Haynes International, Doncasters, and Precision Castparts Corp. are among the prominent participants in aerospace superalloys market. The industry players are making huge investments for the development of super alloys. For instance, in June 2015, Alcoa planned to invest USD 22 million in Hot Isostatic Pressing Technology (HIP) at Michigan for the development of nickel-based superalloys. Similarly, in June 2012, Haynes International invested USD 61 million for expansion of its portfolio and capacity.