Market Overview:
Global Superalloys are having significant application in numerous industries owing to its good oxidization, corrosion resistance, and surface stability. Market is driven by growing application of Superalloys in reaction vessels, piping and pumps of chemical industry. For instance, United Nation Industrial Development Organization (UNDIO) has reported that in 2018, world chemical growth rate was around 3.1%. Total chemical production volume is projected to rise at around 3.6% by 2019. Furthermore, according to American Chemistry Council, the United States chemical manufacturing sector is expected to grow owing to demand for polymer in automotive and packaging industries. Thus, rise in chemical industry is positively impacting the Superalloys products demand by 2023.
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Superalloys find significant application in automotive turbochargers. The automotive industry plays a vital role in the growth of the Global Superalloys Market as the sale of vehicles across the globe is increasing. In 2016, the Organisation Internationale des Constructeurs d’Automobiles (OICA) reported a sale of 93,905,634 vehicles, which increased to 96,804,390 in 2017. The growing population is the prime factor driving the growth of the automotive industry. Growing trend of buying luxurious and sport vehicles is also projected to favor the application of Superalloys in automotive industry.
Competitive Analysis:
The leading players in the global Haynes International, Ltd. (U.S.), ATI (U.S.), Special Metal (U.S.), VDM Metals GmbH (U.S.), Aperam (Luxemburg), Carpenter Technology Corporation (U.S.), Doncasters Group Ltd (UK), AMG Advanced Metallurgical Group (Netherlands), Supreme Engineering Ltd. (India), UNIVERSAL STAINLESS (U.S.), AcmeCast (India), TI STEELS PRIVATE LIMITED (India), BALAJI SUPER ALLOYS (India), thyssenkrupp AG (Germany) and Arconic (U.S.).
Market Segmentation:
The Global Superalloys Market has been segregated on the basis of Products, End-Use Industries, and Region.
By Products, the Global Superalloys Market is divided into nickel, iron and cobalt. The nickel segment held significant market share in 2017 and is expected to lead during the forecast period owing to its creep resistance and high temperature structural application.
On the Basis of End-Use Industries, the Global Superalloys Market has been divided into aerospace, automotive, oil and gas, industrial and others. In 2017, the aerospace segment held the largest share of this market owing to its high melting point which makes it ideal for application for aerospace engine.
Regional Analysis:
North America contributes the largest share in the Global Superalloys Market due to high investment in aerospace industry. Asia Pacific is significantly growing with healthy CAGR owing to rising consumption of agrochemicals, thus the agrochemical market is growing over a CAGR of 4.5%. Increase in demand for agrochemicals is positively influencing the application of Superalloys products during assessment period.
The regional market in Latin America and Middle East & Africa is projected to have steady growth owing to application of Superalloys for exploration of oil & gas.
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