Aerospace Superalloys Market Analysis

Aerospace Superalloys Market Analysis

Nickel-based superalloys are characterized by a significant amount of nickel in the material, which is based on the properties that need to emerge from the alloy. Nickel-based superalloys are likely to account for around 75% of the aerospace superalloys market share in 2027 owing to their wide usage in the production of engine parts and accessories for aircraft & aerospace equipment. Nickel-based superalloys provide exceptional strength and resistance to high-temperature & corrosion, which make them suitable for high-speed and high-friction applications that generate heat.

High growth in the aerospace & defense industry along with the increasing production of commercial & cargo aircraft will propel the growth of nickel-based superalloys in the industry.

The aerospace superalloys market from military applications will generate over USD 400 million in 2020. Increasing demand for manufacturing aerodynamically heated skins, engine parts, and other accessories that include combustors, afterburners, shafts, blades are poised to fuel the market revenue.
 

Growing territorial claims and cross-border tension across the globe will primarily boost the demand for military aircraft equipment manufacturing. Thereby, both developed and developing countries have successively increased their spending on defense modernization with shifting focus toward advanced next-generation aircraft. In April 2020, the German defense minister, Annegret Kramp-Karrenbauer stated that the country will order 45 fighter aircraft from Boeing Co. to replace Luftwaffe’s aging Tornado jets. The order will include 15 EA-18G Growlers and 30 F/A-18 Super Hornets.
 

Asia Pacific predominantly strengthened by the demand from Japan and China will witness over 9.5% CAGR from 2021 to 2027. The global aerospace manufacturing industry shift toward the emerging economies of China, India, South Korea, and Southeast Asia will signify high aerospace superalloys demand in the region. In 2020, Commercial Aircraft Corporation of China, Ltd. (COMAC) delivered the second ARJ21 aircraft to Air China.
 

The fast-developing military equipment industry in India will further spur the aerospace superalloys market through 2027. 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.