Increase in demand in the aerospace & defense industry and rise in applications in the automotive sector drive the growth of the global superalloy honeycomb materials market
PORTLAND, Ore., Aug. 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Superalloy Honeycomb Materials Market by Material Type (Nickel, Stainless Steel, and Others) and Application (Aerospace & Defense, Automotive, Power, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global superalloy honeycomb materials industry generated $1.4 billion in 2019, and is estimated to garner $2.4 billion by 2027, witnessing a CAGR of 7.6% from 2020 to 2027.
Prime determinants of growth
Increase in demand in the aerospace & defense industries and rise in applications in the automotive sector to reduce emissions drive the growth of the global superalloy honeycomb materials market. However, expensive nature of base materials restrains the market growth. On the other hand, demand from emerging countries and advancements in 3D printing technologies create new opportunities in the coming years.
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The nickel segment to maintain its dominant position by 2027
Based on material type, the nickel segment accounted for the highest share in 2019, contributing to nearly four-fifths of the global superalloy honeycomb materials market, and is expected to maintain its dominant position based on revenue throughout the forecast period. This is attributed to its wide range of applications, cost-effectiveness, ability to withstand temperatures ranging from −148° to 176° Fahrenheit, and resistance to many chemical solvents. However, the stainless-steel segment is expected to witness the highest CAGR of 9.4% from 2020 to 2027, owing to stability offered by this material in harsh chemical, thermal, and ultraviolet environments.
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The aerospace & defense segment to continue its highest contribution during the forecast period
Based on application, the aerospace & defense segment accounted for more than half of the global superalloy honeycomb materials market in 2019, and is expected to continue its highest contribution during the forecast period. This is attributed to its characteristics such as the ability to sustain high levels of stress, provide resistance to creeping, and possess high-temperature tolerance. However, the automotive segment is estimated to portray the largest CAGR of 8.9% during the forecast period. This is due to surge in applications in turbochargers to increase efficiency of engines.
North America to maintain its lead position during the forecast period
North America accounted for more than two-fifths of the global superalloy honeycomb materials market in 2019, and is expected to maintain its lead position during the forecast period. This is due to demand from the automotive, aerospace & defense, and energy sectors in the region. However, Asia-Pacific is expected to witness the highest CAGR of 8.2% from 2020 to 2027, owing to demand from emerging countries such as China, Australia, India, and South Korea from the region.
Leading market players
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