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5 prominent trends stimulating the growth curve of aerospace superalloys market

Author : Rahul Varpe | Published Date : 2021-04-01 

Thriving global aviation industry has enabled the demand for aerospace superalloys to soar to all new heights over the span of 2021 to 2027. This can be ascribed to the rising air freights and air travel activities. According to a report by International Civil Aviation Organization, 2019 recorded about 4.397 billion air passengers and carriers worldwide.

It has been estimated that the global aerospace superalloys market would record an annual valuation of USD 3 billion over the forthcoming years, driven by a rapid surge in aerospace Maintenance, Repair, and Overhaul (MRO) activities.

Given below is a brief summary of the eminent trends that are poised to transform the overall outlook of the aerospace superalloys industry:

Increasing production of aircrafts

Given that the air passenger traffic across the globe is continuously rising, there stands an innate need for augmenting the production of aircraft, paving the way for development and demand for aerospace superalloys. Moreover, the requirement for replacement of ageing aircraft fleet is likely to bolster the aerospace superalloys market penetration in the years to come.

For instance, Ryanair, had in December 2020, announced the purchase of 75 more 737 Max jets to replace its older Boeing fleet. In yet another instance, American Airlines had in June 2019, declared purchase of 50 new Airbus planes for substituting old widebody aircraft.

Novel innovations by industry conglomerates

The global aerospace superalloys market is highly concentrated and boasts the presence of some of the prominent names in the business space including VDM Metals GmbH, Allegheny Technology Incorporate, Haynes International, Inc., Carpenter Technology Corporation, Mishra Dhatu Nigam Limited, and IHI Corporation. These behemoths have been engaging in vivid strategic initiatives such as product diversifications, mergers and acquisitions, and collaborations to score a competitive edge in overall industry.

In April 2020, Sweden-based Sandvik Additive Manufacturing had reportedly announced receiving AS9100D aerospace certification for Ni and Ti-based superalloy powders. Through this accomplishment, the firm believes that this move would potentially accelerate the adoption of additively manufactured titanium components, as well as a paradigm shift towards sustainable production. Such initiatives are likely to offer a positive glimpse of the impending scenario of aerospace superalloys industry in the upcoming years.

Rising prominence of iron-based superalloys

Iron-based superalloys have been observing an extensive adoption across various commercial aircrafts as these are being largely used for production of discs, blades, and casings for jet engines which require low thermal expansion and increased-temperature properties.

Estimates claim that iron-based superalloys are poised to exhibit a CAGR of 8% through 2027 as these products offer enhanced resistance to creep, corrosion, and oxidation and wear, which makes them highly suitable for diverse aerospace applications like turbine disks, cases, shafts, blades, and vanes.

Expanding usage of superalloys in business aircrafts

Considering the applications of aerospace superalloys, it is crucial to note that demand for these products is gradually expanding in business aircraft applications. That said, the application segment is anticipated to grow at a rate of 7.5% over the foreseeable time frame. This growth is attributable to be rising globalization and inter-continental business activities. Besides, proliferation of business activities in tandem with a geographic expansion of major companies requires employees to travel to diverse destinations around the globe

Increasing air travel activities across the European economies

With more than 1,034 million people preferring air modes of transport across Europe in 2019, the region has come out to be a strong regional leader in the overall aerospace superalloy industry. The prospering aerospace manufacturing industry in the continent is projected to bolster the demand for replacement, repair, maintenance, and overhaul of the existing aircraft with relatively lower fuel efficiency.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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