Nickel Superalloy Market Size, Share, Growth Report 2032

The global nickel superalloy market size was worth around USD 7.89 billion in 2022 and is predicted to grow to around USD 14.60 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.00% between 2023 and 2030. The nickel superalloy market has grown rapidly due to demand from aerospace, power generation, and industrial equipment manufacturers. The latest research shows that nickel superalloys enable high-performance and dependability in harsh operating situations, making them a significant market.

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Global Nickel Superalloy Market: Overview

Nickel superalloys are corrosion-resistant high-temperature alloys that are generally used at service temperatures over 5000C. Nickel-based superalloys consist of a significant amount of 10 alloying elements that include light elements like carbon or boron and heavy refractory elements like rhenium, tungsten, or tantalum. These alloys are been widely used in automotive, power generation, and aerospace owing to their good properties at higher temperatures.

Global Nickel Superalloy Market: Growth Factors

The global nickel superalloy market is growing at a lucrative rate. Growing demand for energy, increase in usage of nickel superalloys in the chemical & aerospace industry, and rise in use of hybrid & electric vehicles are some of the predominant factors that are boosting the growth of the global nickel superalloy market. Nickel superalloys are a rare class of metallic materials exhibiting an exceptional combination of resistance to degradation in oxidizing & corrosive environments, toughness, and high-temperature strength. Thus, such materials are mostly used in rocket engines, aircraft & power generation turbines, nuclear power, chemical processing plants, and much more.

Nickel superalloys usually constitute around 40 to 50 percent of the total weight of an aircraft engine and are widely used in turbine and combustion sections of an engine where high temperatures are maintained during operation. In addition to this, nickel superalloys are also extensively used for valves in large shape diesel engines. All these factors are spurring the growth of the global market. Additionally, the growing demand for the nickel superalloys from the oil & gas industry for gas & oil exploration, in refining & transport is also driving the growth of the overall market. Moreover, growing concerns about greenhouse gas emission is also one of the key aspects augmenting the growth of the market. Furthermore, the growing focus of the manufacturers for the manufacture of nickel superalloys owing to its extensive demand by several industrial sectors may have lucrative opportunities for the growth of the global nickel superalloy market over the forecast period. However, inconsistency in the cost of the raw materials can hinder the growth of the global nickel superalloy market.

The global nickel superalloy market is negatively impacted by the outbreak of Covid-19. The government of most of the countries imposed nationwide lockdown, restrictions on movement, and stay-at-home orders. This led to the temporary shutdown of the manufacturing units in the first and second quarter of the year 2020. Thus, demand from its end-users including aerospace, oil & gas, power generation, and chemical industries declined substantially. The manufacturers of the nickel superalloys also experienced the adverse effect of a pandemic due to disruption in the supply chain and limitations on personnel movement.

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Global Nickel Superalloy Market: Segmentation

The global nickel superalloy market is classified into shape, type, application, and region. Based on the shape, the global nickel superalloy market is bifurcated into sheet & plate, wire, bar, and others. Based on the type, the global market is divided into waspaloy, Hastelloy c276/c22/x, alloy 925, alloy 825, alloy 718, alloy 625, alloy 600/601/602, and others. The application segment is fragmented into chemical, refinery, oil & gas, power generation, and aerospace & defense.

Nickel Superalloy Market: Report Scope

Global Nickel Superalloy Market: Regional Analysis

Geographically, North America is projected to dominate the global nickel superalloy market in terms of revenue over the forecast period. This is attributed to growing investment in the aerospace industry, rise in use of nickel superalloys in aerospace & power generation sectors, and increase in focus on the manufacture of nickel superalloys. Europe is expected to hold a second-most position in the market owing to factors such as growing demand for bar shape nickel superalloys and rise in use of nickel superalloys in the defense industry. Asia Pacific is projected to grow at the highest CAGR due to rapidly expanding oil & gas as well as refinery industry and growing environmental concerns of greenhouse gas emission.

Global Nickel Superalloy Market: Competitive Players

• Sandvik AB
• Rolled Alloys Inc
• Haynes International Inc.
• Allegheny Technologies Incorporated
• Voestalpine AG
• Precision Castparts Corporation
• VDM Metals GmbH
• Aperam S.A.
• Nippon Yakin Kogyo
• Eramet Group

Global Nickel Superalloy Market: Segment Analysis

By Shape

• Sheet & Plate
• Wire, Bar
• Others

By Type

• Waspaloy,
• Hastelloy c276/c22/x
• Alloy 925
• Alloy 825
• Alloy 718
• Alloy 625
• Alloy 600/601/602
• Others

By Application

• Chemical
• Refinery
• Oil & Gas
• Power Generation
• Aerospace & Defense

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa