LONDON--(BUSINESS WIRE)--Technavio's latest research report estimates the global superalloys market to register an incremental growth of USD 2.65 billion, at a CAGR of over 8% during 2020-2024. According to the report, the market will have a negative impact due to the spread of the COVID-19 pandemic. The pandemic created a lot of uncertainties for end-users in the construction and automotive industries. Many automobile manufacturers had suspended most of their production operations. This has adversely affected the demand for superalloys. However, the rising demand for lightweight materials in the automotive sector coupled with increasing sales of passenger cars will open several opportunities for vendors during the forecast period.
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The market is fragmented, and the degree of fragmentation will increase during the forecast period. Allegheny Technologies Inc., AMG Advanced Metallurgical Group NV, Aperam, Carpenter Technology Corp., Eramet Group, Haynes International Inc., Heraeus Holding GmbH, IHI Corp., Nippon Yakin Kogyo Co. Ltd., and VDM Metals International GmbH are among some of the major market participants. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Superior properties of superalloys have been instrumental in driving the growth of the market. Superalloys exhibit high mechanical strength, high tensile strength, high heat resistance, and are resistant to corrosion and oxidation even in extreme environmental conditions. Such properties have increased the application areas of superalloys across industries such as aerospace, power generation, petrochemicals, automobile, construction, and others. However, the harmful effects of superalloys on the environment might challenge the market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. The report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
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Superalloys Market 2020-2024: Segmentation
Superalloys Market is segmented as below:
- North America
- South America
The market witnessed increased demand for nickel-based superalloys in 2019. Nickel-based superalloys are extensively used in applications such as aerospace and boiler tanks due to their creep strength and hot corrosion resistance in frequently changing temperature environments. The demand for nickel-based superalloys is expected to further increase with growing investments in power generation worldwide.
Based on geographic segmentation, North America is expected to lead the market with over 37% share during the forecast period. The growth of the superalloys market in North America will be driven by factors such as the rapid expansion of manufacturing industry and the presence of well-established automakers.
Superalloys Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The superalloys market report covers the following areas:
- Superalloys Market Size
- Superalloys Market Trends
- Superalloys Market Industry Analysis
This study identifies the high demand for superalloys in the aerospace and power industries as one of the key trends driving the superalloys market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Superalloys Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist superalloys market growth during the next five years
- Estimation of the superalloys market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the superalloys market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of superalloys market, vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Nickel-based - Market size and forecast 2019-2024
- Cobalt-based - Market size and forecast 2019-2024
- Iron-based - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End user
- Market segments
- Comparison by End user
- Aerospace - Market size and forecast 2019-2024
- IGT - Market size and forecast 2019-2024
- Industrial components - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End user
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver-Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Allegheny Technologies Inc.
- AMG Advanced Metallurgical Group NV
- Carpenter Technology Corp.
- Eramet Group
- Haynes International Inc.
- Heraeus Holding GmbH
- IHI Corp.
- Nippon Yakin Kogyo Co. Ltd.
- VDM Metals International GmbH
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.