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The global superalloys market size reached US$ 5.4 Billion in 2021. By 2027, it will reach a value of US$ 7.8 Billion, CAGR of 6.12% during 2022-2027
SHERIDAN, WYOMING, USA, September 16, 2022 /EINPresswire.com/ -- The latest research study “Superalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global superalloys market size reached US$ 5.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.8 Billion by 2027 exhibiting a growth rate (CAGR) of 6.12% during 2022-2027.
Superalloys represent non-ferrous alloys with excellent heat-resistant properties that retain their stiffness, strength, toughness, and surface stability under extreme conditions. They are produced via two-phase heat treatment, including vacuum induction melting, investment casting, powder metallurgy, and secondary melting, such as vacuum arc re-melting or electro slag re-melting. Superalloys exhibit enhanced mechanical strength and creep resistance. In line with this, they can withstand oxidation and corrosion when used at high temperatures in commercial and military jet engines. As such, superalloys find extensive applications in several industries, including chemical and petrochemical, aerospace, oil and gas, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Superalloys Market Trends and Drivers:
The escalating demand for passenger and commercial automobiles is primarily driving the superalloys market. Additionally, the growing energy crisis across countries is propelling the need for power generation using nuclear power plants, which is further catalyzing the market growth.
Besides this, the widespread adoption of superalloys in auxiliary power units, power turbines, defense systems, locomotive engines, etc., owing to their operational efficiency and minimal environmental emissions, is acting as another significant growth-inducing factor. Moreover, the rising utilization of high-performance alloys in turbochargers, exhaust valves, ignition prechamber, exhaust gas cleaner fasteners, nozzles of vehicles, etc., is also positively influencing the global market.
Apart from this, numerous advancements in the aluminum and magnesium mining processes are anticipated to fuel the superalloys market over the forecasted period.
The report has been segmented the market into following categories:
Breakup by Base Material: • Nickel-Based • Iron-Based • Cobalt-Based
Breakup by Application: • Aerospace o Commercial and Cargo o Business o Military o Rotary • Industrial Gas Turbine o Electrical o Mechanical • Automotive • Oil and Gas • Industrial • Others
By Geography: •North America (United States, Canada) • Europe (Germany, France, United Kingdom, Italy, Spain, Others) • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) • Latin America (Brazil, Mexico, Others) • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
• 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 • Western Australian Specialty Alloys (Precision Castparts Corp.).
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Key highlights of the report:
• Market Performance (2016-2021) • Market Outlook (2022-2027) • Porter’s Five Forces Analysis • Market Drivers and Success Factors • SWOT Analysis • Value Chain • Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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