Aerospace Superalloys Market to exceed $3 Bn by 2027
Aerospace Superalloys Market size to exceed USD 3 billion by 2027, according to a new research report by Global Market Insights, Inc.
SELBYVILLE, Del. - February 24, 2021 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the aerospace superalloy market which estimates the market valuation for aerospace superalloy will cross US $3 billion by 2027. A rapid increase in aerospace Maintenance, Repair, and Overhaul (MRO) activities will surge the industry growth.
Increasing production of aircraft, owing to growing air passenger traffic and requirements for the replacement of aging aircraft fleets, will boost the market penetration. For instance, in December 2020, Ryanair, the prime discount airline in Europe, declared a purchase of 75 more 737 Max jets to replace its older Boeing fleet. Additionally, in June 2019, American Airlines announced the purchase of 50 new Airbus planes for replacing old widebody aircraft. These factors will have an opportunistic line for product demand in aerospace equipment manufacturing.
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Iron-based superalloys are likely to witness around an 8% CAGR from 2021 to 2027, propelled by increasing usage of the product to make blades, discs, and casings for jet engines that require low thermal expansion and high-temperature properties. Additionally, iron-based superalloys also offer high resistance to corrosion, creep, oxidation & wear, which make them suitable for various aerospace applications such as aircraft turbine disks, shafts, cases, bolts, blades, and vanes.
Aerospace superalloy demand from business aircraft applications is projected to grow at over a 7.5% CAGR through 2027. Rising globalization and inter-continental business activities are expected to drive the segment demand. Increasing business activities along with a geographic expansion of major companies require employees to travel to multiple destinations around the globe, thereby positively influencing the market share.
The Europe aerospace superalloys market revenue will be primarily driven by the demand from Western European countries such as Germany, France, and the UK. The mature aerospace manufacturing industry in the region is expected to boost product demand for replacement, maintenance, repair, and overhaul of the existing aircraft with low fuel efficiency. Moreover, the rising export of aerospace products in the overseas market coupled with an increase in air freight & air travel activities in the region will drive the European aerospace industry.
Some major findings of the aerospace superalloys market report include:
- Rising air freight and air travel activities globally will positively influence industry expansion.
- A positive outlook for the installation of aerodynamically heated skins across multirole transport aircraft is expected to drive aerospace superalloys demand in the market.
- Expenditure on defense modernization will positively influence market growth.
- Aerospace superalloys industry participants include Allegheny Technologies Incorporate (ATI), VDM Metals GmbH, Arconic, Inc., Carpenter Technology Corporation, Haynes International, Inc., IHI Corporation (IMM), and Mishra Dhatu Nigam Limited (MIDHANI).
- Aerospace superalloys market players are primarily focusing on product innovation, joint venture, and merger & acquisition strategies for the long-run.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Aerospace superalloys industry 360⁰ synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.5 Regional trends
Chapter 3 Aerospace Superalloys Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on industry size
3.3 Industry ecosystem analysis
3.3.1 Value chain disruptions due to COVID-19
3.3.2 Vendor matrix
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Rising air travel demand in the emerging economies
3.4.1.2 Increasing aircraft MRO activities around the world
3.4.1.3 Rising expenditure toward the aerospace and defense sector
3.4.2 Industry pitfalls & challenges
3.4.2.1 Fluctuating material prices
3.5 Technology landscape
3.6 Raw material analysis
3.7 Regulatory landscape
3.8 Industry megatrends
3.9 Cost structure analysis
3.9.1 R&D cost
3.9.2 Manufacturing & equipment cost
3.9.3 Raw material cost
3.9.4 Distribution cost
3.9.5 Operating cost
3.9.6 Miscellaneous cost
3.10 Pricing analysis (including COVID-19 impact)
3.11 Growth potential analysis, 2020
3.12 Porter's analysis
3.12.1 Threat of new entrants
3.12.2 Supplier power
3.12.3 Buyer Power
3.12.4 Industrial rivalry
3.12.5 Threat of substitutes
3.13 Company market share, 2020
3.13.1 Strategy dashboard
3.14 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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Original Source: Global Aerospace Superalloy Market to Hit $3B by 2027, Global Market Insights, Inc.
