The global superalloys market is expected to reach 706.22 TMT by 2022, according to the latest market research report by Technavio.
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A key factor driving the growth of the market is the high demand for superalloys in the aerospace and power industries. The ever-rising demand for critical gas turbines has increased the consumption of efficient, cost-efficient parts. Advanced superalloys and coatings reduce the temperature capability gap between superalloys and CMCs in aero turbines. The aerospace industry is shifting to alloys for aircraft manufacturing. The engine is the most complex element of any aircraft. Heat-resistant superalloys, such as nickel alloys, and some nonmetal composite materials, such as ceramics, help withstand the fluctuating temperatures in the engine. They enhance the fuel efficiency of aircraft and reduce errors.
This market research report on the global superalloys market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increased demand for new jet aircraft engines as one of the key emerging trends in the global superalloys market:
Global superalloys market: Increased demand for new jet aircraft engines
Globally, the demand for new fuel-efficient jet aircraft engines is increasing. Equipment made of superalloys improves the efficiency of these engines. Discs, ducts, fans, and front bearing housing in aircraft turbine engines are heavy and additional weight cannot be put on these parts. Manufacturers use superalloys for producing lightweight aircraft equipment.
“Superalloys provide strength and structural reliability at high temperatures. New jet aircraft engines operate at high operating temperatures and require components that exhibit superior performance. High strength, creep resistance, corrosion resistance, and oxidation resistance of superalloys drive their use in jet engines. The increasing demand for new jet engines accelerates the consumption of superalloys,” says a senior analyst at Technavio for research on metals and minerals.
Global superalloys market: Segmentation analysis
This market research report segments the global superalloys market by end-user (aerospace, IGT, and industrial components) and geographical regions (APAC, EMEA, and the Americas).
The aerospace segment held the largest market share in 2017, accounting for nearly 55% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 36%. However, by 2022, APAC is expected to become the region with the highest market share of nearly 37%.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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