Aerospace Superalloys Market Size

Aerospace Superalloys Market Size

Aerospace Superalloys Market size valued at USD 1.98 billion in 2020 and will grow at a CAGR of 9.2% from 2021 to 2027. Increasing product demand for aerodynamically heated skins along with maintenance, repair, and overhaul operations of various turbine & engine components, such as disks, bolts, shafts, cases, blades, and vanes, to prolong the system life cycle will primarily drive superalloys penetration in the aerospace industry.

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Superalloys include, high-performance alloys, formed using two-phase heat treatment, which can be achieved through vacuum induction melting, investment casting, powder metallurgy, and secondary melting such as vacuum arc re-melting/electro slag re-melting. Several key characteristics of these alloys include superior mechanical strength and creep resistance at high temperatures, good surface stability, and resistance to corrosion or oxidation, which makes them primarily suitable for aerospace and power industries applications.
 

Radical improvements in advanced avionics with impressive component designs to prolong the system life cycle by reducing structure fault capabilities will provide an opportunistic line for product demand in the sector. Moreover, rapidly aging fleets in the developed markets will further support product demand for technologically advanced fuel-efficient next-generation aircraft to replace older fleets.
 

Volatile raw material prices coupled with an extended period of low fuel prices will encourage aircraft operators to accept the substitutes of high fuel consuming aircraft without incurring higher operations costs, hampering market growth in the near term. Nevertheless, a positive outlook for aerospace & defense manufacturing and increasing competencies among global manufacturers to improve efficiency and effectiveness of the aircraft will catalyze aerospace superalloys industry growth.