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.
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.
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.
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Business expansion is another strategy adopted by the aerospace superalloys market players to gain competitive edge. For instance, in May 2014, Alcoa invested USD 100 million to expand its facility in Indiana for the production of nickel-based superalloy jet engine components. These huge investments are likely to offer stable growth prospects for the industry over the coming years.
Methodology Used in The Aerospace Superalloys Market Report –
Our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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