According to the report published
by Allied Market Research, the global superalloys
market generated $6.2 billion in 2019, and is anticipated to garner
$12.0 billion by 2027, experiencing a CAGR of 8.6% from 2020 to 2027. The
report offers a detailed analysis of changing market trends, top winning
strategies, major segments, key investment pockets, business performance, and
competitive scenario.
Surge in demand from industrial
gas turbine and increase in applications from the aerospace and automotive
industries drive the growth of the global superalloys market. However,
expensive cost of base alloys hinders the market growth. On the other hand,
untapped potential from emerging economies create new opportunities in the
coming years.
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The Covid-19 outbreak impacted
the global manufacturing industry due to sudden lockdown of production facilities.
In addition, the suppliers and distributors are unable to function with full
workforce due to lockdown, which hampers the supply of components and raw
materials. The impact resulted in immense loss of operational efficiency in
various sectors including aerospace & defense, oil & gas, and
automotive.
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Market: https://www.alliedmarketresearch.com/request-for-customization/2088?reqfor=covid
The report offers a detailed
segmentation of the global superalloys market based on base material,
application, and region. Based on base material, the nickel-based segment
contributed to the highest share in 2019, accounting for nearly four-fifths of
the total share, and is estimated to continue its dominant position during the
forecast period. However, the cobalt-based segment is projected to register the
highest CAGR of 10.0% from 2020 to 2027.
Based on application, the
aerospace segment contributed for the largest share in 2019, accounting for
more than half of the total share, and is estimated to maintain the highest
share throughout the forecast period. However, the automotive segment is
estimated to witness the fastest CAGR of 9.7% during the forecast period.
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Based on region, North America
held the highest share, contributing to more than two-fifths of the total
market share in 2019, and will maintain its highest share throughout the
forecast period. However, Asia-Pacific is estimated to register at the highest
CAGR of 9.2% from 2020 to 2027. The research also analyzes regions including
Europe and LAMEA.
Leading players operating in the
global superalloys market include Allegheny Technologies Incorporate (ATI),
Beijing International Aeronautical Materials Corporation (BIAM), Arconic, Inc.,
Chromalloy Gas Turbine LLC (Chromalloy), Carpenter Technology Corporation,
Forged Solutions Group (Firth Rixson), Doncasters Group, Hitchiner
Manufacturing Co., Inc., Haynes International, Inc., and others.
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