Nickel Superalloy Market Analysis

Nickel Superalloy Market Analysis

Alloy 718 is a nickel-chromium-molybdenum alloy and generated over USD 4 billion in 2019 as it provides excellent resistance against pitting and corrosive environments. The alloy offers excellent tensile strength and creep-rupture characteristics at high temperatures. The presence of niobium in the alloy aids in age hardening, thereby simplifying annealing & welding processes.
 

This nickel alloy can be readily fabricated and welded in either a precipitation-hardened or annealed condition. The superalloy is used in a variety of industries such as aerospace, chemical, marine, pollution-control, oil & gas, and power generation.
 

Nickel superalloys are available in different shapes, round bars, flat bars, rectangular bars, sheets, plates, wires, strips, etc. The nickel superalloy market share from bars segment will witness 6% CAGR through 2026, attributed to a wide range of applications. In aerospace, bars are used to produce shafts, gear components, struts, engine parts, etc.
 

Furthermore, these bars are useful in the power, oil & gas, and chemical sectors for various applications such as cryogenic storage tank components, nuclear fuel element spacers, pump bodies, wellhead parts & components, etc.
 

In the aerospace & defense sector, nickel superalloys are used in the manufacturing of gas turbine engine parts, turbine blades, discs, airframe components, rocket parts, etc. In 2019, the aerospace & defense sector captured approximately 40% volume share. Several developed and developing economies are investing continuously in space abilities and infrastructure to fulfill various national objectives such as development & resource management, military success & defense strategy, and leadership & prestige.
 

Investment in space development is a key parameter in economic growth and diversification as it enables services that boost the productivity of other sectors, i.e., right from agriculture to mining to the commerce of all types. Additionally, in 2018 alone, five new space agencies were launched globally including Luxembourg, Zimbabwe, Australia, Portugal, and Greece. The rising number of countries entering and investing in the space sector will positively influence the nickel superalloy market revenue.
 

The North America nickel superalloy market will hold over 35% share throughout the study timeframe. It is attributed to increasing consumption of these superalloys in various end-use sectors, particularly from the U.S. aerospace and energy sectors. Furthermore, the inflow of investments along with the transformation and implementation of policies in the aerospace sector will drive the regional market.
 

For instance, in 2019, the U.S. budget allocation for the space industry was around USD 22.16 billion. Such investments in the aerospace sector will positively encourage the nickel superalloy market sales across the region.