WASHINGTON, May 27, 2022 (GLOBE NEWSWIRE) -- Recently, superalloys are successful as they have solved pressing demands for durability and strength in machines and systems that were barely imaginable a hundred years ago. Superalloys have helped in conquering air and space, plumb the depths of the earth and ocean, and address many other challenges of modern life. The increase in demand and technological advancements in metallurgy has demanded the Aerospace Super Alloy Market to flourish in coming years. Owing to these factors in acceptance, superalloys are gaining huge importance in the global market, states Vantage Market Research, in a report, titled “Aerospace Superalloy Market Size, Share & Trends Analysis Report by Product (Nickel-based, Iron-based, Cobalt-based), by Application (Commercial & Cargo, Business, Military, Rotary), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The Global Market size stood at USD 2,085.5 Million in the year 2021. The Global Aerospace Super Alloy Market size is expected to reach USD 3,478.3 Million by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.90% during the forecast period.
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Market Dynamics:
Driver: Rise in Expenditure in Aerospace & Defense Sector
The rise in global defense spending is expected to continue and create novel opportunities for defense contractors and their supply chains. However, to increase demand and improve production yields, defense companies are adapting to highly agile production that adapts to changes in demand, including the use of aerospace superalloys.
For instance, adopting smart material initiatives could drive 30% gains in strength and durability without major capital investment. Moreover, expenditure on defense is expected to grow at a Compound Annual Growth Rate (CAGR) of about 3% over the 2023–2028 period to reach USD 5.6 trillion by 2028. While the US administration’s increased focus on strengthening the military is expected to be a key growth driver for defense spending in 2022, other large nations, such as China, Russia, and India, are also likely to embark on higher spending on defense equipment.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Aerospace Super Alloy market is predicted to grow at a CAGR of roughly 8.90% during the forecast period.
- The Aerospace Super Alloy market was estimated to be worth roughly USD 2,085.5 Million in 2021 and is expected to reach USD 3,478.3 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Aerospace Super Alloy market.
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Segmentation of the Global Aerospace Super Alloy Market:
- Product
- Nickel-based
- Iron-based
- Cobalt-based
- Application
- Commercial & Cargo
- Business
- Military
- Rotary
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restrain: Increasing Raw Material Cost & Manufacturing Cost of Superalloy
Factors such as the high cost of production, unavailability of raw material, increasing crude oil prices are expected to hamper the market growth. The high costs of manufacturing using superalloys impact the ability of manufacturers to launch their products in the market, thus resulting in limited production. These are some of the major concerns which restrict various aircraft manufacturers to invest in superalloys. Additionally, the rising competition in the market and low awareness about the product are further limiting the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Aerospace Super Alloy Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Aerospace Super Alloy Market
North America held the largest market share in 2021. Most of the manufacturers are based in the United States. Increasing aircraft manufacturers and use of superalloy in space exploration have created a strong market in this region. This industry has witnessed a high rise in manufacturers and R&D owing to high demand in regions such as North America and Europe.
In Asia, higher defense R&D by major regional powers such as India, China, and Japan will likely contribute to global sector growth. In Europe, members of NATO are also researching superalloy thus embarking on the potential use of superalloy in space equipment and aircrafts.
List of Prominent Players in Aerospace Super Alloy Market:
- Technologies Incorporate (ATI)
- VDM Metals GmbH
- Arconic Inc.
- Carpenter Technology Corporation
- Doncasters Group
- Haynes International Inc.
- IHI Corporation (IMM)
- Mishra Dhatu Nigam Limited (MIDHANI)
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Aerospace Superalloy Market Size, Share & Trends Analysis Report by Product (Nickel-based, Iron-based, Cobalt-based), by Application (Commercial & Cargo, Business, Military, Rotary), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/aerospace-super-alloy-market-848461
Recent Developments:
In 2020, Hindustan Aeronautics Ltd. (HAL) stated that its underway manufacturing programs include the production of LCA, SU-30 MKI & DO-228 aircraft, in addition to ALH-Dhruv, Cheetal, Chetak & LCH Helicopters. Moreover, various Repair Overhaul (ROH) programs are being carried out at present to upgrade Jaguar, Mirage, Kiran, AN-32, HS-748, MiG 21, Hawk, Su-30 MKI, etc., which will provide an opportunistic line for product demand in the region.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Aerospace Super Alloy Market?
- How will the Aerospace Super Alloy Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Aerospace Super Alloy Market?
- What is the Aerospace Super Alloy market drivers and restrictions?
- What will be the CAGR and size of the Aerospace Super Alloy Market throughout the forecast period?
This market titled “Aerospace Super Alloy Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product • Nickel-based • Iron-based • Cobalt-based • Application • Commercial & Cargo • Business • Military • Rotary • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Technologies Incorporate (ATI) • VDM Metals GmbH • Arconic Inc. • Carpenter Technology Corporation • Doncasters Group • Haynes International Inc. • IHI Corporation (IMM) • Mishra Dhatu Nigam Limited (MIDHANI). |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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