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Superalloy Honeycomb Materials Market Report

RA08534

Superalloy Honeycomb Materials Market by Material Type (Nickel, Stainless Steel, and Others), Application (Aerospace & Defense, Automotive, Power, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08534

Pages: 170

Jan 2022

COVID-19

pandemic has shown to have an enormous impact on most
industries.

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Impact of covid-19 on Superalloy Honeycomb Materials Market

Global Superalloy Honeycomb Materials Market Analysis

The global superalloy honeycomb materials market size is predicted to garner $26,38,497.50 thousand in the 20212028 timeframe, growing from $14,66,666.70 thousand in 2020, at a healthy CAGR of 8.0%.

Market Synopsis

Superalloy honeycomb materials are used in aerospace & defense, automotive, power, and marine industries due to their superior properties. Growing R&D investment to develop technologically advanced aircraft is fueling the demand for superalloy honeycomb materials.

The process of manufacturing superalloy materials is lengthy, time consuming, and expensive. These factors are expected to hinder the superalloy honeycomb materials market growth over the forecast period.

According to the regional analysis, the Asia-Pacific superalloy honeycomb materials market is anticipated to grow during the review period generate a revenue of $7,15,032.80 thousand in 2028, with a CAGR of 9.0%. The growing importance of superalloy honeycomb materials in defense and automotive industry is the key factor driving the growth of superalloy honeycomb materials in the region.

Superalloy Honeycomb Materials Overview

Superalloy honeycomb materials have superior mechanical properties. These types of materials have high strength, corrosion resistance, and high thermal resistance and as a result they find application in turbine blades, jet engines, and advanced machineries.

Impact Analysis of COVID-19 on the Global Superalloy Honeycomb Materials Market

As the novel coronavirus continues spreading across the world, the aerospace & defense sector is feeling the impact during this unprecedented time. There is uncertainty about the economy's recovery, with many countries shut down and the shock of COVID-19 affecting global GDP and putting a significant strain on aerospace OEMs' and suppliers' revenue. In the aerospace industry, the impact is significant, especially for small and mid-size suppliers. Due to the necessary measures taken to contain the spread of novel coronavirus by the governing bodies, the companies have to work with a limited workforce, disturbing the production and supply chain. Additionally, due to restrictions on travel, there has been postponements in the delivery of new aircraft. As a result, the demand for spare parts and maintenance of aircraft plummeted, resulting in revenue losses.

However, the lockdown has been lifted in most countries, as well as companies have resumed operations. These activities are expected to fuel the demand for superalloy honeycomb materials in the coming years.

Growing Aerospace & Defense Activities across the World to Drive the Market Growth

The aviation sector in the U.S., Europe, China, and India is growing significantly. This is attributed to the growing investment by both, civil and defense sectors. The growing demand for advanced military aircraft and larger commercial aircraft is projected to fuel the demand for the superalloy honeycomb materials market. For instance, India Brand Equity Foundation, aerospace & defense market in India, is expected to reach $70 billion by 2030, driven by the increasing demand for advanced infrastructure and favorable government policies.

According to the International Civil Aviation Organization (ICAO), by 2035, passenger traffic and freight volume should be double. This is driven by the rising middle-class population, disposable income, and rise in low-cost airlines offering competitive prices on popular destinations. Due to growing air traffic and economic activities, the demand for commercial aircraft is steadily increasing. As per the Airbus press release, 13 November 2021, to meet growing demand, the world will require around 39,000 new-build passengers and freighter aircraft by 2040. These factors are expected to fuel the demand for the superalloy honeycomb materials market.

To know more about global superalloy honeycomb materials market drivers, get in touch with our analysts here.

The High Cost of Base Materials Used for Developing Superalloys to Restrain Market Growth

The nickel-based superalloy used in the aerospace industry has high strength, corrosion resistance, and can withstand temperatures as high as 700°C. The cost of a superalloy used in the aerospace industry continues to rise to a new high. For instance, Argus estimates that the total intrinsic value of Inconel 718 alloy, with 52pc nickel, 19pc chromium, 5pc niobium, and 3pc molybdenum, rose to $5.8355/lb on 30 July, up from $5.5996/lb at the start of the month. The rising cost of nickel superalloy is expected to discourage buyers, thereby hampering the market growth.

Growing Investment in the Electric Vertical Take-off and Landing (eVTOL) Aircraft to Generate Huge Opportunities

Owing to the advancement in aerostructure, the concept of eVTOL is gaining popularity as the sustainable mobility solution for the future generation. The significant advantage of these aircrafts lies in inaccessible transit between the vertical landing and horizontal thrust. Moreover, uncompromised speed and endurance eliminate the need for long runways, imparting space-efficiency.

The eVTOL startups prefer to collaborate with leading aircraft manufacturers to develop prototypes that can efficiently deal with existing mobility problems such as noise, urban commuting, affordability, operating efficiency, reliability, and safety. Many giants such as Boeing, Lockheed Martin, and Airbus are making considerable investments in eVTOL military, intercity, intra-city, and cargo transportation to increase operational efficiency. Furthermore, increasing trade volumes is one of the vital factors for surging the demand for superalloy honeycomb market during the forecast period.

To know more about global superalloy honeycomb materials market opportunities, get in touch with our analysts here.

Superalloy Honeycomb Materials Market
By Material Type

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Based on type, the market has been divided into Nickel, stainless steel, and others. Among these, Nickel sub-segment accounted for highest market share in 2020 and it is estimated to show the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The nickel superalloy honeycomb materials sub-type is anticipated to have a dominant market share and generate a revenue of $20,09,151.00 thousand by 2028, growing from $10,93,802.90 thousand in 2020. The nickel materials have superior mechanical properties such as high strength, corrosion resistance, and high thermal resistance. In addition, nickel superalloy is cost-effective, withstands high temperatures, and is resistant to most chemical solvents. As a result, the nickel superalloy material finds application in the space and aviation industry.

Superalloy Honeycomb Materials Market
By Application

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Based on application, the market has been divided into Aerospace & Defense, automotive, power, and others. Among these, the Aerospace & Defense sub-segment accounted for the highest revenue share in 2020.

Source: Research Dive Analysis

The aerospace & defense sub-segment is anticipated to have a dominant market share and generate a revenue of $13,30,465.70 thousand by 2028, growing from $7,42,048.90 thousand in 2020. Declining cost, advancement in technology, and growing government interest in space exploration are driving investment in the space industry. The growing interest in satellite broadband, human travel to space, and high-speed product delivery have resulted in increasing private sector investment in the space industry. These factors are expected to drive the demand for superalloy honeycomb materials in the aerospace & defense application.

Superalloy Honeycomb Materials Market
By Region

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The superalloy honeycomb materials market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Superalloy Honeycomb Materials in North America to be the Most Dominant

North America superalloy honeycomb materials market accounted for the highest market share in 2020. The region accounted for $5,42,666.70 thousand in 2020 and is estimated to reach $9,34,028.10 thousand by 2028, with a CAGR of 7.4%. Growing investment in the aerospace & defense industry is the main factor driving the demand for superalloy honeycomb materials in North America. Besides, North America, is among the top consumer of automobile in the world. Superalloys are used in manufacturing turbocharger. Growing investment in developing electric vehicle is propelling the market in the North America.

The Market for Superalloy Honeycomb Materials in Asia-Pacific is projected to grow with the Highest CAGR

Asia-Pacific superalloy honeycomb materials market is estimated to reach $7,15,032.8 thousand by 2028, at a significant CAGR of 9.0%. The superalloy honeycomb materials are used in heat-resistant turbochargers. The growing investment in automotive industry, especially in China and India, is driving the demand for superalloys in the Asia-Pacific region.

Competitive Scenario in the Global Superalloy Honeycomb Materials Market

Acquisition and investment are common strategies followed by major market players.

Competitive Scenario in the Global Superalloy Honeycomb Materials Market

Source: Research Dive Analysis

Some of the leading superalloy honeycomb materials market players are Allegheny Technologies Incorporated (ATI), Chromalloy Gas Turbine LLC, OC Oerlikon Management AG, HAYNES INTERNATIONAL, AMETEK Inc., Hi Tech Honeycomb, Indy Honeycomb, Quality Honeycomb, JSC ROTEC, and Howmet Aerospace.

Porter’s Five Forces Analysis for the Global Superalloy Honeycomb Materials Market:

  • Bargaining Power of Suppliers: Raw materials such as nickel, steel, and others used to produce superalloy honeycomb materials. However, presence of large number of suppliers reduces their profits as the buyer can switch from one supplier to another based on the basis of cost factor and demand.
    Thus, the bargaining power of suppliers is low.
  • Bargaining Power of Buyers: There are significant number of suppliers in the market. Buyers can easily switch from one supplier to another.
    Thus, buyer’s bargaining power will be high.
  • Threat of New Entrants: Manufacturing superalloy honeycomb materials is complex process and capital intensive. Furthermore, aircraft manufacturers are shifting towards the innovative materials such as carbon fiber. However, companies that are in the superalloy honeycomb materials market are much more globalized.
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: No substitute is available.
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The companies operating in this market are focusing on bringing innovative technologies in superalloy honeycomb materials which increase the industry competition.
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Material Type

  • Nickel
  • Stainless Steel
  • Others

  Segmentation by Application

  • Aerospace & Defense
  • Automotive
  • Power
  • Others

  Key Companies Profiled

  • Allegheny Technologies Incorporated (ATI)
  • Chromalloy Gas Turbine LLC
  • OC Oerlikon Management AG
  • HAYNES INTERNATIONAL
  • AMETEK Inc.
  • Hi Tech Honeycomb
  • Indy Honeycomb
  • Quality Honeycomb
  • JSC ROTEC
  • Howmet Aerospace

Frequently Asked Questions
 

A. The size of the global superalloy honeycomb materials market was over $14,66,666.70 thousand in 2020 and is projected to reach $26,38,497.50 thousand by 2028.

A. North America and Europe collectively accounted for around 65.6% market share in 2020, with the former constituting around 37.0% of superalloy honeycomb materials market share.

A. Rising demand for large aircraft is driving the market for superalloy honeycomb materials during the forecast period.

A. The global superalloy honeycomb materials is growing at a CAGR of 8.0% from 2021 – 2028.

A. The global outbreak of COVID-19 continues to impact the global superalloy honeycomb materials market.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Material Type trends
2.3.By Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.by Product
3.8.2.by Application product

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Application analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Superalloy Honeycomb Material Market, by Material Type

4.1.Nickel 

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Stainless Steel

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Others

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Superalloy Honeycomb Material Market, by Application

5.1.Aerospace & Defense

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Automotive

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Power

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4.Others

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

6.Superalloy Honeycomb Material Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Material Type, 2020-2028
6.1.2.Market size and forecast, by Application , 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Material Type, 2020-2028
6.1.5.2.Market size and forecast, by Application , 2020-2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by Material Type, 2020-2028
6.1.6.2.Market size and forecast, by Application , 2020-2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Material Type, 2020-2028
6.1.7.2.Market size and forecast, by Application , 2020-2028

6.2.Europe

6.2.1.Market size and forecast, by Material Type, 2020-2028
6.2.2.Market size and forecast, by Application , 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028

6.2.4.Germany 

6.2.4.1.Market size and forecast, by Material Type, 2020-2028
6.2.4.2.Market size and forecast, by Application , 2020-2028

6.2.5.UK

6.2.5.1.Market size and forecast, by Material Type, 2020-2028
6.2.5.2.Market size and forecast, by Application , 2020-2028

6.2.6.France

6.2.6.1.Market size and forecast, by Material Type, 2020-2028
6.2.6.2.Market size and forecast, by Application , 2020-2028

6.2.7.Spain

6.2.7.1.Market size and forecast, by Material Type, 2020-2028
6.2.7.2.Market size and forecast, by Application , 2020-2028

6.2.8.Italy 

6.2.8.1.Market size and forecast, by Material Type, 2020-2028
6.2.8.2.Market size and forecast, by Application , 2020-2028

6.2.9.Rest of Europe

6.2.9.1.Market size and forecast, by Material Type, 2020-2028
6.2.9.2.Market size and forecast, by Application , 2020-2028

6.3.Asia Pacific

6.3.1.Market size and forecast, by Material Type, 2020-2028
6.3.2.Market size and forecast, by Application , 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028

6.3.4.China

6.3.4.1.Market size and forecast, by Material Type, 2020-2028
6.3.4.2.Market size and forecast, by Application , 2020-2028

6.3.5.Japan

6.3.5.1.Market size and forecast, by Material Type, 2020-2028
6.3.5.2.Market size and forecast, by Application , 2020-2028

6.3.6.India 

6.3.6.1.Market size and forecast, by Material Type, 2020-2028
6.3.6.2.Market size and forecast, by Application , 2020-2028

6.3.7.South Korea 

6.3.7.1.Market size and forecast, by Material Type, 2020-2028
6.3.7.2.Market size and forecast, by Application , 2020-2028

6.3.8.Australia 

6.3.8.1.Market size and forecast, by Material Type, 2020-2028
6.3.8.2.Market size and forecast, by Application , 2020-2028

6.3.9.Rest of Asia Pacific

6.3.9.1.Market size and forecast, by Material Type, 2020-2028
6.3.9.2.Market size and forecast, by Application , 2020-2028

6.4.LAMEA

6.4.1.Market size and forecast, by Material Type, 2020-2028
6.4.2.Market size and forecast, by Application , 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028

6.4.4.Latin America  

6.4.4.1.Market size and forecast, by Material Type, 2020-2028
6.4.4.2.Market size and forecast, by Application , 2020-2028

6.4.5.Middle East 

6.4.5.1.Market size and forecast, by Material Type, 2020-2028
6.4.5.2.Market size and forecast, by Application , 2020-2028

6.4.6.Africa

6.4.6.1.Market size and forecast, by Material Type, 2020-2028
6.4.6.2.Market size and forecast, by Application , 2020-2028

7.Company profiles

7.1.Allegheny Technologies Incorporated (ATI) 

7.1.1.Company overview
7.1.2.Key executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.R&D expenditure
7.1.7.Business performance
7.1.8.Key strategic moves and developments

7.2.Chromalloy Gas Turbine LLC 

7.2.1.Company overview
7.2.2.Key executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.R&D expenditure
7.2.7.Business performance
7.2.8.Key strategic moves and developments

7.3.OC Oerlikon Management AG

7.3.1.Company overview
7.3.2.Key executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.R&D expenditure
7.3.7.Business performance
7.3.8.Key strategic moves and developments

7.4.HAYNES INTERNATIONAL

7.4.1.Company overview
7.4.2.Key executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.R&D expenditure
7.4.7.Business performance
7.4.8.Key strategic moves and developments

7.5.AMETEK Inc.

7.5.1.Company overview
7.5.2.Key executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.R&D expenditure
7.5.7.Business performance
7.5.8.Key strategic moves and developments

7.6.Hi Tech Honeycomb

7.6.1.Company overview
7.6.2.Key executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.R&D expenditure
7.6.7.Business performance
7.6.8.Key strategic moves and developments

7.7.Indy Honeycomb

7.7.1.Company overview
7.7.2.Key executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.R&D expenditure
7.7.7.Business performance
7.7.8.Key strategic moves and developments

7.8.Quality Honeycomb

7.8.1.Company overview
7.8.2.Key executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.R&D expenditure
7.8.7.Business performance
7.8.8.Key strategic moves and developments

7.9.JSC ROTEC

7.9.1.Company overview
7.9.2.Key executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.R&D expenditure
7.9.7.Business performance
7.9.8.Key strategic moves and developments

7.10.Howmet Aerospace

7.10.1.Company overview
7.10.2.Key executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.R&D expenditure
7.10.7.Business performance
7.10.8.Key strategic moves and developments

Superalloy honeycomb materials are a group of nickel and cobalt alloys that are widely used in high-temperature applications. These materials deliver excellent heat-resistant properties, possess greater toughness, and have higher strength. Mostly, the nickel-based superalloy honeycomb materials which mainly contain chromium, iron, cobalt, titanium, and other alloying elements, are having the capability to operate for longer periods at high temperatures around 800-1000 degree Celsius. Because of these properties, these are highly used in jet engines, turbine blades, advanced types of machinery.

Forecast Analysis of Global Superalloy Honeycomb Materials Market

With the increasing demand for advanced military aircraft, larger commercial aircraft, and various other defense activities, the superalloy honeycomb materials market is expected to witness significant growth over the estimated timeframe. Besides, the growing air traffic, several economic activities, increasing middle-class population, and rising low-cost airlines, are some major factors expected to fuel the growth of the market during the analysis period. Moreover, increasing investment in the electric vertical take-off and landing (eVTOL) aircraft is expected to foster the growth of the market throughout the estimated period. However, the high cost of base materials used for developing superalloys may hinder the growth of the market during the forecast period.

According to the report published by Research Dive, the global superalloy honeycomb materials market is anticipated to generate a revenue of $26,38,497.50 thousand and grow at a CAGR of 8.0% during the analysis timeframe from 2021-2028. Regionally, the North-America region is expected to hold the maximum share of the market owing to the increasing investment in the aerospace and defense industry and in developing an electric vehicle.

The major players of the superalloy honeycomb materials market include HAYNES INTERNATIONAL, Hi-Tech Honeycomb, Chromalloy Gas Turbine LLC, AMETEK Inc., OC Oerlikon Management AG, Indy Honeycomb, Allegheny Technologies Incorporated (ATI), Quality Honeycomb, Howmet Aerospace, JSC ROTEC, and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global superalloy honeycomb materials market to grow exponentially.

For instance, in December 2021, Meltio, a leading producer of metal-wire and metal powder, announced its strategic partnership with Bharat Fritz Werner (BFW), an Indian-based leading solution provider of machine tools. With this partnership, BFW is aiming to expand its product portfolio by integrating Meltio’s advanced technology.

In September 2020, Honylite, a leading manufacturer of various types of laminated composite panels and aluminum honeycomb cores, launched its new product named HONYLITE SS-ALU, which is a lightweight sandwich panel. This product is also known as stainless steel honeycomb and made up of aluminum superalloys honeycomb material and is widely used for decorative purposes for interiors.

In November 2021, Hexagon, a leading publicly listed global IT company specializing in hardware and software digital reality solutions, announced its collaboration with CADS Additive, a renowned producer of specialized software for 3D metal printing. With this collaboration, Hexagon is aiming to introduce a powerful support structure that will help organizations to minimize their preparation effort, material costs, and build time with the help of Metal AM build simulation software.

Covid-19 Impact on the Superalloy Honeycomb Materials Market

With the rise of the novel coronavirus, likewise, in several industries, the superalloy honeycomb materials market has experienced a negative impact. To check the transmission of the virus, many countries have imposed stringent lock-down and this has interrupted the supply chain of the aerospace industry. Further, the strict guidelines made by governing bodies have disturbed the production and allowed companies to work with a limited workforce. This led to the postponement in the deliveries of new aircraft, and the unavailability of spare parts have further resulted in revenue losses. All these factors have declined the growth of the market during the period of crisis.

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