Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Superalloys Market by Application, Base Material: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the superalloys market was valued at $6.8 billion in 2021, and is estimated to reach $15.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.
Superalloys are non-ferrous alloys that exhibit excellent heat resistance and maintain their surface stability, stiffness, strength, and toughness even at very high temperatures. They are created using a two-phase heat treatment process that involves secondary melting techniques such as vacuum arc re-melting and electro slag re-melting, investment casting, powder metallurgy, and induction melting under vacuum.
They are utilized at high temperatures in both commercial and military jet engines, where they display good mechanical strength, creep resistance, and corrosion and oxidation resistance. Superalloys are therefore widely utilized in the oil and gas, aerospace, and chemical and petrochemical industries. They are also used in defense systems, power turbines, locomotive engines, and auxiliary power units.
The significant growth of the aerospace industry and the increase in the use of superalloys in the manufacture of jet engines is one of the main factors positively influencing the market. The reason is also the increasing attractiveness of superalloys due to their efficiency and low environmental emissions. In addition, the market is driven by the growing demand for passenger cars and commercial vehicles with powerful engines across the globe.
The increased use of high-performance alloys in vehicle turbochargers, exhaust valves, ignition chambers, exhaust cleaner brackets, and nozzles also offers favorable market prospects. In addition, the deepening global energy crisis is catalyzing demand for nuclear power generation, which in turn offers profitable growth opportunities for industrial investors.
Additionally, the increasing use of high-performance alloys in the onshore oil and gas industry and offshore exploration, drilling, and production activities is fueling the market growth. In addition, the market growth is accelerated by the continuous development of the aluminum and magnesium mining process and a significant increase in the mining of metals used for alloying.
Key Benefits For Stakeholders
Market Dynamics
Drivers
Restraints
Opportunities
Key Market Segments
By Application
By Base Material
By Region
Key Market Players
Key Attributes:
Report AttributeDetailsNo. of Pages304Forecast Period2021 - 2031Estimated Market Value (USD) in 2021$6.8 billionForecasted Market Value (USD) by 2031$15.1 billionCompound Annual Growth Rate8.3%Regions CoveredGlobal
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SUPERALLOYS MARKET, BY APPLICATION
CHAPTER 5: SUPERALLOYS MARKET, BY BASE MATERIAL
CHAPTER 6: SUPERALLOYS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/n0dud2
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